Canandaigua National Bank Trust Co Lowers stake in QUALCOMM (QCOM)

QUALCOMM (QCOM) : Canandaigua National Bank Trust Co reduced its stake in QUALCOMM by 5.89% during the most recent quarter end. The investment management company now holds a total of 40,795 shares of QUALCOMM which is valued at $2,550,095 after selling 2,553 shares in QUALCOMM , the firm said in a disclosure report filed with the SEC on Jul 26, 2016.QUALCOMM makes up approximately 0.73% of Canandaigua National Bank Trust Co’s portfolio.

Other Hedge Funds, Including , Patriot Wealth Management boosted its stake in QCOM in the latest quarter, The investment management firm added 1,853 additional shares and now holds a total of 79,016 shares of QUALCOMM which is valued at $4,939,290. QUALCOMM makes up approx 0.95% of Patriot Wealth Management’s portfolio.Daiwa Securities Group boosted its stake in QCOM in the latest quarter, The investment management firm added 111,000 additional shares and now holds a total of 195,670 shares of QUALCOMM which is valued at $12,231,332. QUALCOMM makes up approx 0.07% of Daiwa Securities Group’s portfolio.Rockefeller Financial Services Inc reduced its stake in QCOM by selling 1,624 shares or 1.78% in the most recent quarter. The Hedge Fund company now holds 89,682 shares of QCOM which is valued at $5,484,054. QUALCOMM makes up approx 0.11% of Rockefeller Financial Services Inc’s portfolio.Lodestar Investment Counselil reduced its stake in QCOM by selling 6,200 shares or 5.3% in the most recent quarter. The Hedge Fund company now holds 110,846 shares of QCOM which is valued at $6,135,326. QUALCOMM makes up approx 0.85% of Lodestar Investment Counselil’s portfolio.

QUALCOMM opened for trading at $62.6 and hit $62.82 on the upside on Friday, eventually ending the session at $62.58, with a gain of 0.24% or 0.15 points. The heightened volatility saw the trading volume jump to 82,91,025 shares. Company has a market cap of $92,221 M.

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.

Investors should note that on Jul 12, 2016, QUALCOMM announced a cash dividend of $0.5300. The company’s management has announced Aug 29, 2016 as the ex-dividend date and fixed the record date on Aug 31, 2016. The payable date has been fixed on Sep 21, 2016.

Many Wall Street Analysts have commented on QUALCOMM. QUALCOMM was Downgraded by Standpoint Research to ” Hold” on Jul 25, 2016. Company shares were Reiterated by Mizuho on Jul 21, 2016 to “Neutral”, Firm has raised the Price Target to $ 56 from a previous price target of $50 .Company shares were Reiterated by Cowen on Jul 21, 2016 to “Outperform”, Firm has raised the Price Target to $ 62 from a previous price target of $60 .

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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