ARGA Investment Management LP Acquires 160,588 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

ARGA Investment Management LP grew its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 2,533.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 166,926 shares of the wireless technology company's stock after buying an additional 160,588 shares during the quarter. QUALCOMM accounts for 0.9% of ARGA Investment Management LP's investment portfolio, making the stock its 21st largest holding. ARGA Investment Management LP's holdings in QUALCOMM were worth $25,642,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Eagle Strategies LLC grew its holdings in shares of QUALCOMM by 4.3% in the 4th quarter. Eagle Strategies LLC now owns 1,427 shares of the wireless technology company's stock valued at $219,000 after acquiring an additional 59 shares in the last quarter. Clark Capital Management Group Inc. raised its holdings in QUALCOMM by 3.6% during the fourth quarter. Clark Capital Management Group Inc. now owns 1,717 shares of the wireless technology company's stock worth $264,000 after acquiring an additional 59 shares in the last quarter. PDS Planning Inc boosted its position in QUALCOMM by 1.6% during the fourth quarter. PDS Planning Inc now owns 4,110 shares of the wireless technology company's stock valued at $631,000 after purchasing an additional 64 shares during the last quarter. Cassady Schiller Wealth Management LLC grew its stake in QUALCOMM by 15.8% in the fourth quarter. Cassady Schiller Wealth Management LLC now owns 477 shares of the wireless technology company's stock valued at $73,000 after purchasing an additional 65 shares in the last quarter. Finally, Umpqua Bank increased its position in shares of QUALCOMM by 4.2% during the 4th quarter. Umpqua Bank now owns 1,653 shares of the wireless technology company's stock worth $264,000 after purchasing an additional 67 shares during the last quarter. Hedge funds and other institutional investors own 74.35% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Benchmark dropped their price target on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Wall Street Zen lowered shares of QUALCOMM from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd. Susquehanna cut their target price on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a research note on Thursday, May 1st. Evercore ISI lowered their price target on QUALCOMM from $179.00 to $157.00 and set an "in-line" rating on the stock in a research report on Friday, May 2nd. Finally, Wells Fargo & Company dropped their price objective on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, QUALCOMM currently has an average rating of "Hold" and a consensus price target of $186.39.

QUALCOMM Stock Performance

Shares of QCOM traded down $1.63 during mid-day trading on Friday, hitting $157.46. 5,902,831 shares of the company's stock were exchanged, compared to its average volume of 8,528,385. 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 52 week low of $120.80 and a 52 week high of $211.09. The stock's 50-day simple moving average is $152.83 and its 200-day simple moving average is $155.06. The firm has a market cap of $172.89 billion, a price-to-earnings ratio of 16.03, a price-to-earnings-growth ratio of 2.05 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.82 by $0.03. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. The business had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $10.58 billion. During the same quarter in the prior year, the business posted $2.44 earnings per share. The firm's quarterly revenue was up 17.0% compared to the same quarter last year. On average, equities research analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current year.

Insider Transactions at QUALCOMM

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of the business's stock in a transaction dated 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 owned 46,446 shares of the company's stock, valued at $7,490,810.88. The trade was a 6.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $16.00, for a total transaction of $6,600,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 424,099 shares of company stock valued at $8,310,735. 0.08% of the stock is owned by corporate insiders.

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.