Concentric Capital Strategies LP Buys New Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Concentric Capital Strategies LP purchased a new position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 7,427 shares of the wireless technology company's stock, valued at approximately $1,141,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in QUALCOMM during the fourth quarter valued at about $2,721,882,000. Amundi increased its holdings in QUALCOMM by 36.6% in the 4th quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock worth $2,313,634,000 after acquiring 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 approximately $527,053,000. Northern Trust Corp increased its stake in shares of QUALCOMM by 12.7% in the fourth quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company's stock worth $2,041,535,000 after purchasing an additional 1,493,076 shares in the last quarter. Finally, Capital Research Global Investors raised its position in shares of QUALCOMM by 525.5% during the 4th 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 during the period. Hedge funds and other institutional investors own 74.35% of the company's stock.

QUALCOMM Trading Up 3.3 %

Shares of QCOM opened at $144.54 on Thursday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99. The firm has a market capitalization of $158.70 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 2.01 and a beta of 1.29. The company has a 50-day moving average of $146.74 and a 200 day moving average of $157.91. QUALCOMM Incorporated has a 1-year low of $120.80 and a 1-year high of $230.63.

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

QUALCOMM Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be given a $0.89 dividend. This represents a $3.56 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Thursday, June 5th. This is a boost from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's dividend payout ratio is presently 36.25%.

Insider Activity at QUALCOMM

In related news, CAO Neil Martin sold 744 shares of the company's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $174.83, for a total transaction of $130,073.52. Following the completion of the sale, the chief accounting officer now directly owns 461 shares in the company, valued at $80,596.63. This represents a 61.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Alexander H. Rogers sold 19,287 shares of QUALCOMM stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $169.83, for a total value of $3,275,511.21. Following the completion of the transaction, the insider now owns 20,762 shares in the company, valued at $3,526,010.46. This trade represents a 48.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,599 shares of company stock valued at $5,733,290 over the last ninety days. 0.08% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on QCOM. Rosenblatt Securities reiterated a "buy" rating and issued a $225.00 price target on shares of QUALCOMM in a research note on Thursday, May 1st. Robert W. Baird dropped their price target on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Susquehanna dropped their target price on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a research report on Thursday, May 1st. Barclays decreased their price target on shares of QUALCOMM from $200.00 to $185.00 and set an "overweight" rating on the stock in a research note on Friday, January 17th. Finally, Evercore ISI dropped their price target on QUALCOMM from $179.00 to $157.00 and set an "in-line" rating for the company in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, QUALCOMM currently has a consensus rating of "Hold" and a consensus target price of $192.08.

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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