QUALCOMM Incorporated (NASDAQ:QCOM) Shares Purchased by Auto Owners Insurance Co

Auto Owners Insurance Co grew its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 3,777.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 303,919 shares of the wireless technology company's stock after purchasing an additional 296,080 shares during the period. QUALCOMM makes up about 0.9% of Auto Owners Insurance Co's holdings, making the stock its 26th biggest position. Auto Owners Insurance Co's holdings in QUALCOMM were worth $46,685,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. WFA Asset Management Corp purchased a new stake in shares of QUALCOMM during the 1st quarter worth approximately $27,000. Banque Transatlantique SA purchased a new stake in shares of QUALCOMM during the 4th quarter worth approximately $26,000. Atlantic Edge Private Wealth Management LLC lifted its stake in QUALCOMM by 70.0% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock valued at $26,000 after buying an additional 70 shares in the last quarter. Sunbeam Capital Management LLC purchased a new stake in QUALCOMM in the 4th quarter valued at approximately $29,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in QUALCOMM in the 4th quarter valued at approximately $30,000. Institutional investors and hedge funds own 74.35% of the company's stock.

QUALCOMM Stock Down 0.3%

Shares of QCOM stock traded down $0.44 during trading hours on Friday, hitting $158.40. 4,792,415 shares of the company were exchanged, compared to its average volume of 8,332,146. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.08 and a current ratio of 2.73. The business's 50-day simple moving average is $154.48 and its two-hundred day simple moving average is $155.04. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $182.64. The stock has a market capitalization of $173.92 billion, a price-to-earnings ratio of 16.13, a P/E/G ratio of 2.06 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its 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 net margin of 26.11% and a return on equity of 40.11%. The firm had revenue of $10.98 billion for the quarter, compared to analysts' expectations of $10.58 billion. During the same quarter last year, the company posted $2.44 earnings per share. QUALCOMM's revenue was up 17.0% on a year-over-year basis. Sell-side analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be issued 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 (DPR) is presently 36.25%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Seaport Res Ptn raised QUALCOMM to a "hold" rating in a research note on Friday, May 9th. Evercore ISI reduced their target price on QUALCOMM from $179.00 to $157.00 and set an "in-line" rating on the stock in a research note on Friday, May 2nd. Bank of America reduced their target price on QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, June 17th. TD Cowen cut their price target on QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Finally, Susquehanna cut their price target on QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $184.86.

Insider Activity

In related news, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm'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 transaction of $6,600,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Heather S. Ace sold 1,600 shares of the firm's stock in a transaction that occurred on 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 owned 22,793 shares in the company, valued at $3,139,507.82. This represents a 6.56% decrease in their position. 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. Insiders own 0.08% of the company's stock.

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.