Clarendon Private LLC Purchases New Shares in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Clarendon Private LLC has acquired 3,646 shares of QUALCOMM, valued at approximately $560,000, highlighting increased institutional interest in the company.
• QUALCOMM's recent earnings report showed a 17% year-over-year revenue increase to $10.98 billion, with an EPS of $2.85, surpassing analysts' expectations.
• The company announced a quarterly dividend of $0.89 per share, scheduled for payment on September 25th, resulting in an annualized yield of 2.21%.

Clarendon Private LLC bought a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,646 shares of the wireless technology company's stock, valued at approximately $560,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Geode Capital Management LLC raised its position in QUALCOMM by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 27,798,900 shares of the wireless technology company's stock valued at $4,262,826,000 after buying an additional 670,432 shares during the period. Northern Trust Corp increased its position in QUALCOMM by 12.7% in the 4th 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 during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in QUALCOMM by 17.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,780,687 shares of the wireless technology company's stock worth $1,502,509,000 after purchasing an additional 1,424,106 shares during the last quarter. Franklin Resources Inc. increased its position in QUALCOMM by 10.4% in the 4th quarter. Franklin Resources Inc. now owns 7,542,337 shares of the wireless technology company's stock worth $1,158,654,000 after purchasing an additional 709,644 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in QUALCOMM by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,509,066 shares of the wireless technology company's stock worth $692,747,000 after purchasing an additional 138,257 shares during the last quarter. 74.35% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total value of $6,600,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total value of $537,546.24. Following the completion of the transaction, the chief financial officer directly owned 46,446 shares of the company's stock, valued at approximately $7,490,810.88. The trade was a 6.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 422,499 shares of company stock valued at $8,090,351. 0.08% of the stock is currently owned by insiders.

QUALCOMM Stock Performance

Shares of QCOM stock traded up $1.32 during mid-day trading on Friday, reaching $148.08. The stock had a trading volume of 7,475,756 shares, compared to its average volume of 8,503,425. The firm's 50 day simple moving average is $155.05 and its 200 day simple moving average is $155.00. The company has a quick ratio of 2.08, a current ratio of 2.73 and a debt-to-equity ratio of 0.48. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $182.10. The firm has a market cap of $162.59 billion, a PE ratio of 14.27, a P/E/G ratio of 2.04 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The wireless technology company reported $2.77 EPS for the quarter, topping analysts' consensus estimates of $2.71 by $0.06. QUALCOMM had a return on equity of 40.44% and a net margin of 26.77%. The company had revenue of $10.37 billion during the quarter, compared to the consensus estimate of $10.33 billion. During the same quarter last year, the company earned $2.33 EPS. The company's quarterly revenue was up 10.4% on a year-over-year basis. On average, analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be issued a $0.89 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.4%. QUALCOMM's dividend payout ratio is presently 36.25%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on QCOM. Wells Fargo & Company dropped their target price on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a research report on Thursday, May 1st. UBS Group upped their target price on QUALCOMM from $145.00 to $165.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Loop Capital dropped their target price on QUALCOMM from $180.00 to $155.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. JPMorgan Chase & Co. upped their target price on QUALCOMM from $190.00 to $200.00 and gave the stock an "overweight" rating in a research report on Monday. Finally, Seaport Res Ptn upgraded QUALCOMM to a "hold" rating in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $181.91.

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.