Benjamin Edwards Inc. Acquires 25,022 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Benjamin Edwards Inc. increased its holdings in QUALCOMM by 8.4% during the 1st quarter, owning a total of 323,511 shares valued at approximately $49.7 million.
• QUALCOMM reported earnings of $2.77 per share this past quarter, exceeding expectations, with a quarterly revenue of $10.37 billion.
• The company announced a quarterly dividend of $0.89 per share, reflecting a 2.4% yield for investors of record by September 4th.

Benjamin Edwards Inc. grew its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 8.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 323,511 shares of the wireless technology company's stock after purchasing an additional 25,022 shares during the period. Benjamin Edwards Inc.'s holdings in QUALCOMM were worth $49,695,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Covestor Ltd grew its holdings in shares of QUALCOMM by 14.1% in the first quarter. Covestor Ltd now owns 1,356 shares of the wireless technology company's stock valued at $208,000 after acquiring an additional 168 shares in the last quarter. MUFG Securities EMEA plc grew its holdings in QUALCOMM by 584.3% during the first quarter. MUFG Securities EMEA plc now owns 217,164 shares of the wireless technology company's stock valued at $33,359,000 after purchasing an additional 262,001 shares during the period. Zions Bancorporation National Association UT bought a new position in QUALCOMM during the first quarter valued at $957,000. Townsquare Capital LLC grew its holdings in QUALCOMM by 15.9% during the first quarter. Townsquare Capital LLC now owns 182,688 shares of the wireless technology company's stock valued at $28,063,000 after purchasing an additional 25,009 shares during the period. Finally, Founders Financial Alliance LLC grew its holdings in QUALCOMM by 1.3% during the first quarter. Founders Financial Alliance LLC now owns 5,583 shares of the wireless technology company's stock valued at $858,000 after purchasing an additional 72 shares during the period. 74.35% of the stock is owned by institutional investors.

QUALCOMM Trading Up 1.1%

Shares of QCOM traded up $1.66 during mid-day trading on Friday, reaching $147.56. The company's stock had a trading volume of 5,026,408 shares, compared to its average volume of 8,742,058. The company has a current ratio of 3.19, a quick ratio of 2.38 and a debt-to-equity ratio of 0.54. QUALCOMM Incorporated has a 52 week low of $120.80 and a 52 week high of $182.10. The company's fifty day moving average price is $155.07 and its two-hundred day moving average price is $154.20. The stock has a market cap of $159.22 billion, a PE ratio of 14.23, a P/E/G ratio of 2.16 and a beta of 1.23.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its earnings results 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 net margin of 26.77% and a return on equity of 40.35%. The company had revenue of $10.37 billion for the quarter, compared to analysts' expectations of $10.33 billion. During the same quarter last year, the company earned $2.33 EPS. The firm's revenue was up 10.4% compared to the same quarter last year. On average, analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Announces Dividend

The business also recently disclosed 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. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Thursday, September 4th. QUALCOMM's dividend payout ratio (DPR) is 34.33%.

Analyst Ratings Changes

QCOM has been the subject of several research reports. Wells Fargo & Company reduced their price objective on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a report on Thursday, May 1st. Mizuho reduced their price objective on QUALCOMM from $190.00 to $185.00 and set an "outperform" rating for the company in a report on Thursday, July 31st. Loop Capital reduced their price objective on QUALCOMM from $180.00 to $155.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Benchmark reduced their price objective on QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, Piper Sandler dropped their target price on QUALCOMM from $190.00 to $175.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $181.10.

Insider Activity

In other news, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm'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 sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Heather S. Ace sold 1,600 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $146.40, for a total value of $234,240.00. Following the transaction, the insider directly owned 21,193 shares in the company, valued at $3,102,655.20. This trade represents a 7.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 424,099 shares of company stock valued at $8,352,355. 0.08% of the stock is currently owned by insiders.

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.