1832 Asset Management L.P. Buys 1,729 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

1832 Asset Management L.P. boosted its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 13.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,862 shares of the wireless technology company’s stock after purchasing an additional 1,729 shares during the quarter. 1832 Asset Management L.P.’s holdings in QUALCOMM were worth $2,516,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in QUALCOMM by 8.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock valued at $3,664,418,000 after purchasing an additional 1,909,025 shares in the last quarter. Norges Bank acquired a new stake in shares of QUALCOMM during the 4th quarter valued at $2,507,978,000. Matrix Capital Management Company LP bought a new stake in shares of QUALCOMM during the first quarter worth about $1,171,516,000. Putnam Investments LLC grew its holdings in QUALCOMM by 4.3% during the 4th quarter. Putnam Investments LLC now owns 6,340,667 shares of the wireless technology company’s stock worth $917,051,000 after acquiring an additional 263,482 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of QUALCOMM by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,317,857 shares of the wireless technology company’s stock worth $913,752,000 after purchasing an additional 259,403 shares during the last quarter. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO Neil Martin sold 1,116 shares of the stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $196.11, for a total transaction of $218,858.76. Following the completion of the sale, the chief accounting officer now directly owns 358 shares in the company, valued at approximately $70,207.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Neil Martin sold 1,116 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $196.11, for a total value of $218,858.76. Following the completion of the sale, the chief accounting officer now owns 358 shares of the company’s stock, valued at $70,207.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sylvia Acevedo sold 2,056 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $178.21, for a total transaction of $366,399.76. Following the completion of the sale, the director now directly owns 54 shares of the company’s stock, valued at $9,623.34. The disclosure for this sale can be found here. Over the last three months, insiders have sold 45,185 shares of company stock valued at $8,552,835. 0.08% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on QCOM shares. Bank of America lifted their price target on QUALCOMM from $180.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Wells Fargo & Company boosted their price target on shares of QUALCOMM from $120.00 to $140.00 and gave the stock an “underweight” rating in a report on Thursday, May 2nd. Tigress Financial lifted their target price on shares of QUALCOMM from $238.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. Hsbc Global Res lowered QUALCOMM from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Benchmark reissued a “buy” rating and issued a $200.00 price objective on shares of QUALCOMM in a research report on Friday, May 3rd. One analyst has rated the stock with a sell rating, eight have given a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, QUALCOMM currently has a consensus rating of “Moderate Buy” and a consensus price target of $199.63.

QUALCOMM Price Performance

Shares of QCOM stock traded up $4.66 during trading hours on Friday, reaching $180.05. The stock had a trading volume of 6,567,842 shares, compared to its average volume of 8,034,185. The stock’s fifty day simple moving average is $204.19 and its 200 day simple moving average is $177.26. The company has a current ratio of 2.65, a quick ratio of 1.98 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $200.94 billion, a PE ratio of 24.20, a PEG ratio of 2.19 and a beta of 1.27. QUALCOMM Incorporated has a 12 month low of $104.33 and a 12 month high of $230.63.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.11. The company had revenue of $9.39 billion for the quarter, compared to the consensus estimate of $9.32 billion. QUALCOMM had a return on equity of 37.09% and a net margin of 23.03%. On average, equities research analysts predict that QUALCOMM Incorporated will post 7.84 EPS for the current year.

QUALCOMM Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 5th will be paid a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 1.89%. The ex-dividend date is Thursday, September 5th. QUALCOMM’s dividend payout ratio is presently 45.70%.

About QUALCOMM

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.