Byrne Asset Management LLC Grows Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Byrne Asset Management LLC lifted its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 2.2% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 6,255 shares of the wireless technology company’s stock after acquiring an additional 135 shares during the period. Byrne Asset Management LLC’s holdings in QUALCOMM were worth $961,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Nordea Investment Management AB increased its holdings in shares of QUALCOMM by 39.7% in the fourth quarter. Nordea Investment Management AB now owns 1,841,103 shares of the wireless technology company’s stock valued at $284,708,000 after purchasing an additional 523,244 shares during the period. China Universal Asset Management Co. Ltd. increased its holdings in QUALCOMM by 21.9% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 27,596 shares of the wireless technology company’s stock worth $4,239,000 after buying an additional 4,955 shares during the period. FNY Investment Advisers LLC purchased a new position in QUALCOMM during the 4th quarter worth approximately $2,058,000. Burney Co. lifted its stake in QUALCOMM by 665.6% during the 4th quarter. Burney Co. now owns 146,911 shares of the wireless technology company’s stock valued at $22,568,000 after acquiring an additional 127,722 shares during the period. Finally, Wedge Capital Management L L P NC boosted its holdings in shares of QUALCOMM by 17.1% in the 3rd quarter. Wedge Capital Management L L P NC now owns 354,389 shares of the wireless technology company’s stock valued at $60,264,000 after acquiring an additional 51,879 shares during the last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

Analysts Set New Price Targets

QCOM has been the subject of several recent research reports. Loop Capital started coverage on shares of QUALCOMM in a report on Monday, November 11th. They set a “hold” rating and a $180.00 target price for the company. Wells Fargo & Company boosted their price objective on QUALCOMM from $170.00 to $175.00 and gave the company an “underweight” rating in a report on Thursday, November 7th. Benchmark restated a “buy” rating and issued a $240.00 target price on shares of QUALCOMM in a research note on Friday. Evercore ISI reduced their price target on QUALCOMM from $199.00 to $179.00 and set an “in-line” rating for the company in a research report on Thursday. Finally, Mizuho dropped their price objective on shares of QUALCOMM from $245.00 to $215.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, QUALCOMM presently has an average rating of “Moderate Buy” and an average target price of $205.32.

Insider Activity at QUALCOMM

In related news, insider Alexander H. Rogers sold 10,373 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $160.59, for a total value of $1,665,800.07. Following the completion of the transaction, the insider now directly owns 33,383 shares in the company, valued at approximately $5,360,975.97. This represents a 23.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Ann C. Chaplin sold 2,587 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $158.12, for a total transaction of $409,056.44. Following the transaction, the general counsel now directly owns 19,739 shares of the company’s stock, valued at $3,121,130.68. This trade represents a 11.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,981 shares of company stock valued at $4,000,870 over the last quarter. Insiders own 0.08% of the company’s stock.

QUALCOMM Trading Down 0.8 %

Shares of QUALCOMM stock opened at $167.96 on Friday. The stock’s 50 day simple moving average is $161.96 and its 200-day simple moving average is $166.04. The stock has a market cap of $185.76 billion, a P/E ratio of 17.94, a P/E/G ratio of 2.80 and a beta of 1.25. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.79. QUALCOMM Incorporated has a 1-year low of $146.29 and a 1-year high of $230.63.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. Analysts predict that QUALCOMM Incorporated will post 9.19 EPS for the current fiscal year.

QUALCOMM Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 6th will be given a $0.85 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $3.40 annualized dividend and a dividend yield of 2.02%. QUALCOMM’s dividend payout ratio is presently 36.32%.

QUALCOMM Company 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.