Summit Securities Group adds QUALCOMM (QCOM) to its portfolio

QUALCOMM (QCOM) : Summit Securities Group added new position in QUALCOMM during the most recent quarter end. The investment management firm now holds 75,926 shares of QUALCOMM which is valued at $4,685,393 , the company said in a statement filed on Aug 12, 2016 with the SEC.QUALCOMM makes up approximately 2.46% of Summit Securities Group’s portfolio.

Other Hedge Funds, Including , Bank Of The Ozarks boosted its stake in QCOM in the latest quarter, The investment management firm added 2,065 additional shares and now holds a total of 14,630 shares of QUALCOMM which is valued at $902,817. QUALCOMM makes up approx 0.33% of Bank Of The Ozarks’s portfolio.Camarda Financial Advisors boosted its stake in QCOM in the latest quarter, The investment management firm added 7,268 additional shares and now holds a total of 31,434 shares of QUALCOMM which is valued at $1,939,792. QUALCOMM makes up approx 1.18% of Camarda Financial Advisors’s portfolio. Hap Trading sold out all of its stake in QCOM during the most recent quarter. The investment firm sold 21,021 shares of QCOM which is valued $1,303,302.Tortoise Investment Management boosted its stake in QCOM in the latest quarter, The investment management firm added 73 additional shares and now holds a total of 894 shares of QUALCOMM which is valued at $54,543. QUALCOMM makes up approx 0.02% of Tortoise Investment Management’s portfolio.First Midwest Bank Trust Division reduced its stake in QCOM by selling 339 shares or 6.51% in the most recent quarter. The Hedge Fund company now holds 4,869 shares of QCOM which is valued at $304,361. QUALCOMM makes up approx 0.04% of First Midwest Bank Trust Division’s portfolio.

QUALCOMM opened for trading at $62.42 and hit $63.085 on the upside on Monday, eventually ending the session at $62.98, with a gain of 0.02% or 0.01 points. The heightened volatility saw the trading volume jump to 53,54,712 shares. Company has a market cap of $92,810 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.

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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