Baker Avenue Asset Management LP Purchases 6,076 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Baker Avenue Asset Management LP raised its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 8.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 78,270 shares of the wireless technology company's stock after purchasing an additional 6,076 shares during the quarter. Baker Avenue Asset Management LP's holdings in QUALCOMM were worth $12,024,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Banque Transatlantique SA bought a new stake in QUALCOMM during the fourth quarter valued at approximately $26,000. Banque de Luxembourg S.A. purchased a new position in shares of QUALCOMM during the 4th quarter worth $218,000. Bayesian Capital Management LP bought a new stake in shares of QUALCOMM during the 4th quarter valued at $5,985,000. Benjamin Edwards Inc. increased its stake in shares of QUALCOMM by 2.0% in the 4th quarter. Benjamin Edwards Inc. now owns 298,489 shares of the wireless technology company's stock worth $45,870,000 after purchasing an additional 5,914 shares in the last quarter. Finally, Algert Global LLC raised its holdings in QUALCOMM by 8.9% in the 4th quarter. Algert Global LLC now owns 36,981 shares of the wireless technology company's stock worth $5,681,000 after purchasing an additional 3,037 shares during the period. Hedge funds and other institutional investors own 74.35% of the company's stock.

Insiders Place Their Bets

In other news, insider Alexander H. Rogers sold 19,287 shares of QUALCOMM stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $169.83, for a total transaction of $3,275,511.21. Following the completion of the sale, the insider now owns 20,762 shares of the company's stock, valued at approximately $3,526,010.46. The trade was a 48.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Heather S. Ace sold 1,600 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $137.74, for a total value of $220,384.00. Following the completion of the transaction, the insider now directly owns 22,793 shares in the company, valued at approximately $3,139,507.82. This trade represents a 6.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,266 shares of company stock worth $5,267,436 over the last quarter. Company insiders own 0.08% of the company's stock.

QUALCOMM Stock Up 3.4 %

NASDAQ QCOM opened at $139.81 on Friday. QUALCOMM Incorporated has a 52 week low of $120.80 and a 52 week high of $230.63. The firm has a market capitalization of $154.63 billion, a price-to-earnings ratio of 14.94, a PEG ratio of 2.01 and a beta of 1.28. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49. The company has a fifty day moving average of $147.74 and a two-hundred day moving average of $158.44.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, beating the consensus estimate of $2.82 by $0.03. QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. The company had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $10.58 billion. During the same period in the prior year, the firm posted $2.44 EPS. The firm's revenue was up 17.0% compared to the same quarter last year. On average, analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be given a $0.89 dividend. This represents a $3.56 annualized dividend and a yield of 2.55%. The ex-dividend date is Thursday, June 5th. This is an increase from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's dividend payout ratio is 36.25%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on QCOM shares. Cantor Fitzgerald restated a "neutral" rating and issued a $150.00 price target on shares of QUALCOMM in a research report on Thursday. Loop Capital decreased their target price on shares of QUALCOMM from $180.00 to $155.00 and set a "hold" rating on the stock in a research note on Thursday. Citigroup lowered their price target on shares of QUALCOMM from $185.00 to $145.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Benchmark reduced their price objective on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday. Finally, Robert W. Baird lowered their target price on shares of QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a research note on Thursday. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and fifteen have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $192.58.

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.

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