Baker Avenue Asset Management LP Buys 8,988 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Baker Avenue Asset Management LP grew its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 14.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 72,194 shares of the wireless technology company’s stock after purchasing an additional 8,988 shares during the quarter. Baker Avenue Asset Management LP’s holdings in QUALCOMM were worth $12,277,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Alan B Lancz & Associates Inc. increased its stake in QUALCOMM by 3.6% during the third quarter. Alan B Lancz & Associates Inc. now owns 15,672 shares of the wireless technology company’s stock worth $2,665,000 after acquiring an additional 550 shares during the last quarter. Sigma Planning Corp grew its stake in QUALCOMM by 6.1% during the 3rd quarter. Sigma Planning Corp now owns 22,473 shares of the wireless technology company’s stock worth $3,822,000 after buying an additional 1,294 shares during the last quarter. Summit Wealth & Retirement Planning Inc. raised its holdings in QUALCOMM by 3.7% during the third quarter. Summit Wealth & Retirement Planning Inc. now owns 2,380 shares of the wireless technology company’s stock worth $405,000 after purchasing an additional 85 shares during the last quarter. Mesirow Financial Investment Management Inc. increased its stake in QUALCOMM by 2.3% in the third quarter. Mesirow Financial Investment Management Inc. now owns 9,757 shares of the wireless technology company’s stock valued at $1,659,000 after purchasing an additional 219 shares during the last quarter. Finally, GSG Advisors LLC lifted its position in shares of QUALCOMM by 5.9% during the third quarter. GSG Advisors LLC now owns 1,303 shares of the wireless technology company’s stock worth $216,000 after purchasing an additional 73 shares in the last quarter. Hedge funds and other institutional investors own 74.35% of the company’s stock.

QUALCOMM Stock Performance

Shares of QUALCOMM stock traded down $2.00 on Friday, reaching $170.91. 10,736,646 shares of the stock were exchanged, compared to its average volume of 9,039,770. The company has a quick ratio of 1.78, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $190.39 billion, a price-to-earnings ratio of 19.01, a PEG ratio of 1.76 and a beta of 1.28. The business has a 50 day moving average price of $168.53 and a two-hundred day moving average price of $182.15. QUALCOMM Incorporated has a twelve month low of $119.85 and a twelve month high of $230.63.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, November 6th. The wireless technology company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.25. The firm had revenue of $10.24 billion during the quarter, compared to analysts’ expectations of $9.90 billion. QUALCOMM had a return on equity of 39.70% and a net margin of 26.03%. Analysts anticipate that QUALCOMM Incorporated will post 8.62 earnings per share for the current fiscal year.

QUALCOMM Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.99%. QUALCOMM’s dividend payout ratio (DPR) is presently 37.82%.

Insiders Place Their Bets

In related news, insider Alexander H. Rogers sold 3,245 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $166.15, for a total value of $539,156.75. Following the transaction, the insider now directly owns 32,231 shares in the company, valued at $5,355,180.65. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other QUALCOMM news, insider Alexander H. Rogers sold 3,245 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $166.15, for a total value of $539,156.75. Following the completion of the transaction, the insider now owns 32,231 shares in the company, valued at approximately $5,355,180.65. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO James H. Thompson sold 8,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $169.80, for a total value of $1,358,400.00. Following the completion of the transaction, the chief technology officer now directly owns 213,364 shares in the company, valued at approximately $36,229,207.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,146 shares of company stock valued at $2,709,186 over the last ninety days. 0.08% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have commented on the company. HSBC downgraded QUALCOMM from a “buy” rating to a “hold” rating and set a $200.00 target price for the company. in a research note on Wednesday, July 17th. Rosenblatt Securities lifted their price target on QUALCOMM from $240.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, August 1st. TD Cowen upgraded QUALCOMM to a “strong-buy” rating in a report on Monday, September 16th. KeyCorp cut QUALCOMM from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of QUALCOMM from $155.00 to $170.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, QUALCOMM has an average rating of “Moderate Buy” and an average price target of $212.16.

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.