Cary Street Partners Financial LLC Buys Shares of 105,572 QUALCOMM Incorporated (NASDAQ:QCOM)

Cary Street Partners Financial LLC acquired a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 105,572 shares of the wireless technology company's stock, valued at approximately $16,218,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $2,721,882,000. Amundi raised its position in QUALCOMM by 36.6% during the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock valued at $2,313,634,000 after purchasing an additional 3,905,918 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of QUALCOMM in the fourth quarter worth about $527,053,000. Northern Trust Corp boosted its holdings in shares of QUALCOMM by 12.7% during the 4th quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company's stock valued at $2,041,535,000 after acquiring an additional 1,493,076 shares in the last quarter. Finally, Capital Research Global Investors boosted its stake in shares of QUALCOMM by 525.5% during the fourth quarter. Capital Research Global Investors now owns 1,413,495 shares of the wireless technology company's stock valued at $217,141,000 after purchasing an additional 1,187,531 shares in the last quarter. Institutional investors and hedge funds own 74.35% of the company's stock.

Insider Buying and Selling

In other news, CFO Akash J. Palkhiwala sold 648 shares of the company's stock in a transaction dated Wednesday, April 9th. The shares were sold at an average price of $141.11, for a total value of $91,439.28. Following the sale, the chief financial officer now directly owns 56,445 shares of the company's stock, valued at $7,964,953.95. This represents a 1.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $137.74, for a total transaction of $220,384.00. Following the transaction, the insider now directly owns 22,793 shares of the company's stock, valued at approximately $3,139,507.82. This trade represents a 6.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,266 shares of company stock valued at $5,267,436 over the last three months. Corporate insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on QCOM shares. Susquehanna lowered their price objective on QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a research report on Thursday. Rosenblatt Securities reaffirmed a "buy" rating and set a $225.00 price target on shares of QUALCOMM in a research note on Thursday. JPMorgan Chase & Co. reaffirmed an "overweight" rating and issued a $185.00 price objective on shares of QUALCOMM in a research note on Tuesday, April 29th. Barclays cut their target price on QUALCOMM from $200.00 to $185.00 and set an "overweight" rating on the stock in a research report on Friday, January 17th. Finally, Citigroup decreased their price objective on shares of QUALCOMM from $185.00 to $145.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, QUALCOMM currently has a consensus rating of "Hold" and an average price target of $192.58.

QUALCOMM Stock Performance

Shares of NASDAQ:QCOM opened at $139.81 on Monday. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49. The company has a 50-day moving average price of $147.74 and a 200-day moving average price of $158.35. The company has a market cap of $154.63 billion, a price-to-earnings ratio of 14.94, a price-to-earnings-growth ratio of 2.01 and a beta of 1.28. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $230.63.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.03. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The business had revenue of $10.98 billion during the quarter, compared to analysts' expectations of $10.58 billion. During the same quarter last year, the business posted $2.44 EPS. The business's revenue was up 17.0% on a year-over-year basis. As a group, equities analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be given a dividend of $0.89 per share. The ex-dividend date is Thursday, June 5th. This represents a $3.56 annualized dividend and a dividend yield of 2.55%. This is a boost from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's payout ratio is currently 36.25%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.