ARK Investment Management LLC Grows Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• ARK Investment Management LLC increased its stake in QUALCOMM by 86.5% during the 1st quarter, acquiring an additional 91,897 shares to own a total of 198,173 shares valued at approximately $30.4 million.
• QUALCOMM recently announced a quarterly dividend of $0.89 per share, which is set to be paid on September 25th, representing an annualized dividend of $3.56 and a yield of 2.25%.
• The company reported a 17% increase in quarterly revenue year-over-year, with earnings per share (EPS) of $2.85 beating analysts’ expectations.

ARK Investment Management LLC boosted its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 86.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 198,173 shares of the wireless technology company's stock after purchasing an additional 91,897 shares during the period. ARK Investment Management LLC's holdings in QUALCOMM were worth $30,441,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of QCOM. OVERSEA CHINESE BANKING Corp Ltd lifted its position in shares of QUALCOMM by 565.0% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 124,327 shares of the wireless technology company's stock valued at $19,098,000 after acquiring an additional 105,631 shares in the last quarter. PFG Advisors lifted its position in shares of QUALCOMM by 8.0% in the first quarter. PFG Advisors now owns 4,314 shares of the wireless technology company's stock valued at $663,000 after acquiring an additional 321 shares in the last quarter. Teza Capital Management LLC purchased a new position in shares of QUALCOMM in the fourth quarter valued at about $1,541,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of QUALCOMM by 3.3% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 188,654 shares of the wireless technology company's stock valued at $28,979,000 after acquiring an additional 6,017 shares in the last quarter. Finally, Kanawha Capital Management LLC lifted its position in shares of QUALCOMM by 1.9% in the first quarter. Kanawha Capital Management LLC now owns 85,414 shares of the wireless technology company's stock valued at $13,120,000 after acquiring an additional 1,573 shares in the last quarter. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

QUALCOMM Trading Down 0.3%

Shares of NASDAQ QCOM opened at $158.40 on Friday. The business's 50 day moving average is $154.60 and its two-hundred day moving average is $155.03. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08. QUALCOMM Incorporated has a 1-year low of $120.80 and a 1-year high of $182.64. The stock has a market capitalization of $173.92 billion, a P/E ratio of 16.13, a PEG ratio of 2.05 and a beta of 1.26.

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

QUALCOMM Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be paid a dividend of $0.89 per share. The ex-dividend date is Thursday, September 4th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.25%. QUALCOMM's dividend payout ratio is 36.25%.

Analyst Upgrades and Downgrades

QCOM has been the topic of several research analyst reports. Wall Street Zen upgraded QUALCOMM from a "hold" rating to a "buy" rating in a research report on Saturday. Loop Capital lowered their price objective 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. boosted their price objective on QUALCOMM from $185.00 to $190.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. TD Cowen lowered their price objective on QUALCOMM from $195.00 to $160.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Finally, Susquehanna lowered their price objective on QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $184.86.

Insider Activity

In other news, insider Heather S. Ace sold 1,600 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $137.74, for a total transaction of $220,384.00. Following the transaction, the insider owned 22,793 shares of the company's stock, valued at approximately $3,139,507.82. This represents a 6.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $16.00, for a total value of $6,600,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 424,099 shares of company stock valued at $8,310,735. 0.08% of the stock is currently owned by 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.

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.