Viking Fund Management LLC Has $15.07 Million Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Viking Fund Management LLC decreased its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 9.2% in the 1st quarter, Holdings Channel.com reports. The fund owned 89,000 shares of the wireless technology company’s stock after selling 9,000 shares during the quarter. QUALCOMM makes up 2.7% of Viking Fund Management LLC’s holdings, making the stock its 4th largest holding. Viking Fund Management LLC’s holdings in QUALCOMM were worth $15,068,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of QCOM. Financial Gravity Asset Management Inc. lifted its position in QUALCOMM by 102.5% during the third quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock worth $26,000 after acquiring an additional 122 shares during the last quarter. CarsonAllaria Wealth Management Ltd. lifted its position in QUALCOMM by 327.1% during the fourth quarter. CarsonAllaria Wealth Management Ltd. now owns 205 shares of the wireless technology company’s stock worth $30,000 after acquiring an additional 157 shares during the last quarter. DiNuzzo Private Wealth Inc. acquired a new stake in QUALCOMM during the fourth quarter worth approximately $32,000. Cherry Tree Wealth Management LLC lifted its position in QUALCOMM by 95.0% during the fourth quarter. Cherry Tree Wealth Management LLC now owns 236 shares of the wireless technology company’s stock worth $34,000 after acquiring an additional 115 shares during the last quarter. Finally, Fortitude Family Office LLC acquired a new stake in QUALCOMM during the fourth quarter worth approximately $35,000. Institutional investors own 74.35% of the company’s stock.

QUALCOMM Price Performance

Shares of NASDAQ QCOM traded down $2.09 during midday trading on Thursday, reaching $195.24. 8,720,199 shares of the company were exchanged, compared to its average volume of 9,294,689. The company has a quick ratio of 1.98, a current ratio of 2.65 and a debt-to-equity ratio of 0.59. QUALCOMM Incorporated has a one year low of $104.33 and a one year high of $230.63. The stock has a market cap of $217.89 billion, a P/E ratio of 26.17, a PEG ratio of 2.46 and a beta of 1.30. The stock’s 50-day moving average price is $194.32 and its 200-day moving average price is $168.60.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.11. QUALCOMM had a net margin of 23.03% and a return on equity of 37.09%. The company had revenue of $9.39 billion for the quarter, compared to analysts’ expectations of $9.32 billion. On average, sell-side analysts anticipate that QUALCOMM Incorporated will post 7.85 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Thursday, May 30th were paid a $0.85 dividend. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $3.40 annualized dividend and a dividend yield of 1.74%. QUALCOMM’s payout ratio is currently 45.70%.

Analyst Ratings Changes

Several brokerages have issued reports on QCOM. Morgan Stanley raised their price objective on shares of QUALCOMM from $158.00 to $172.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 2nd. Tigress Financial lifted their price target on shares of QUALCOMM from $238.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, June 21st. JPMorgan Chase & Co. lifted their price target on shares of QUALCOMM from $170.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. TD Cowen lifted their price target on shares of QUALCOMM from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, June 4th. Finally, KeyCorp lifted their price target on shares of QUALCOMM from $180.00 to $205.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, QUALCOMM has a consensus rating of “Moderate Buy” and an average target price of $192.13.

Insider Buying and Selling

In related news, Director Sylvia Acevedo sold 744 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $181.52, for a total value of $135,050.88. Following the sale, the director now owns 54 shares of the company’s stock, valued at $9,802.08. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CAO Neil Martin sold 1,116 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $196.11, for a total value of $218,858.76. Following the transaction, the chief accounting officer now owns 358 shares in the company, valued at $70,207.38. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Sylvia Acevedo sold 744 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $181.52, for a total transaction of $135,050.88. Following the completion of the transaction, the director now owns 54 shares in the company, valued at approximately $9,802.08. The disclosure for this sale can be found here. Insiders have sold a total of 45,185 shares of company stock valued at $8,206,875 over the last 90 days. 0.08% of the stock is owned by insiders.

QUALCOMM Profile

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on 3G/4G/5G and other technologies for use in wireless voice and data communications, networking, computing, multimedia, and position location products.