Hexavest Lowers stake in QUALCOMM (QCOM)

QUALCOMM (QCOM) : Hexavest reduced its stake in QUALCOMM by 7.5% during the most recent quarter end. The investment management company now holds a total of 931,090 shares of QUALCOMM which is valued at $61,535,738 after selling 75,452 shares in QUALCOMM , the firm said in a disclosure report filed with the SEC on Oct 12, 2016.QUALCOMM makes up approximately 1.12% of Hexavest’s portfolio.

Other Hedge Funds, Including , Fox Run Management L.l.c. sold out all of its stake in QCOM during the most recent quarter. The investment firm sold 9,100 shares of QCOM which is valued $601,419.Oregon Public Employees Retirement Fund reduced its stake in QCOM by selling 27,051 shares or 7.98% in the most recent quarter. The Hedge Fund company now holds 311,849 shares of QCOM which is valued at $20,971,845. QUALCOMM makes up approx 0.45% of Oregon Public Employees Retirement Fund’s portfolio.Headinvest boosted its stake in QCOM in the latest quarter, The investment management firm added 4,150 additional shares and now holds a total of 59,646 shares of QUALCOMM which is valued at $4,011,194. QUALCOMM makes up approx 1.43% of Headinvest’s portfolio. Curbstone Financial Management Corp added QCOM to its portfolio by purchasing 6,100 company shares during the most recent quarter which is valued at $407,724. QUALCOMM makes up approx 0.13% of Curbstone Financial Management Corp’s portfolio.

QUALCOMM closed down -1.16 points or -1.72% at $66.09 with 89,10,597 shares getting traded on Tuesday. Post opening the session at $67, the shares hit an intraday low of $65.45 and an intraday high of $67.09 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, QUALCOMM reported $1.16 EPS for the quarter, beating the analyst consensus estimate by $ 0.19 according to the earnings call on Jul 20, 2016. Analyst had a consensus of $0.97. The company had revenue of $6000.00 million for the quarter, compared to analysts expectations of $5578.82 million. The company’s revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.99 EPS.

Many Wall Street Analysts have commented on QUALCOMM. Company shares were Reiterated by RBC Capital Mkts on Oct 3, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 70 from a previous price target of $59 .Mizuho Upgraded QUALCOMM on Sep 30, 2016 to ” Buy”, Price Target of the shares are set at $75.Company shares were Reiterated by Cowen on Sep 30, 2016 to “Outperform”, Firm has raised the Price Target to $ 74 from a previous price target of $62 .

Qualcomm Incorporated (Qualcomm) is engaged in providing third-generation (3G) fourth-generation (4G) and next-generation wireless technologies. The Company’s products include 2net AllPlay Brew Gobi Halo HealthyCircles Hy-Fi IPQ IZat Pixtronix Powerline QChat QLearn Small Cells Snapdragon Vive RaptorQ Vuforia and WiPower. AllPlay helps manufacturers create devices and services. It also helps developers create Android and iPhone operating system (iOS) music streaming applications. The Company’s Brew platform enables feature phone applications such as gaming messaging Web browsing and social networking. Qualcomm Gobi modems connect users devices to 3G 4G and 4G long-term evolution (LTE) networks. Qualcomm Halo technology eliminates the need for plug-in cords for recharging in electric and hybrid vehicles. Qualcomm Powerline solutions turn electrical outlets into broadband connection points creating networks by plugging in.

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