QUALCOMM Incorporated (NASDAQ:QCOM) Stake Lifted by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC boosted its stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 4,293.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 217,314 shares of the wireless technology company's stock after buying an additional 212,368 shares during the period. Cornerstone Investment Partners LLC's holdings in QUALCOMM were worth $33,382,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Teza Capital Management LLC acquired a new position in shares of QUALCOMM in the fourth quarter worth $1,541,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in QUALCOMM by 3.3% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 188,654 shares of the wireless technology company's stock worth $28,979,000 after purchasing an additional 6,017 shares in the last quarter. Kanawha Capital Management LLC increased its stake in 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 purchasing an additional 1,573 shares during the period. First Foundation Advisors raised its holdings in shares of QUALCOMM by 41.2% in the fourth quarter. First Foundation Advisors now owns 156,770 shares of the wireless technology company's stock valued at $24,083,000 after buying an additional 45,769 shares during the last quarter. Finally, Sound Income Strategies LLC boosted its stake in shares of QUALCOMM by 42.2% during the first quarter. Sound Income Strategies LLC now owns 1,055 shares of the wireless technology company's stock worth $162,000 after buying an additional 313 shares during the period. Institutional investors and hedge funds own 74.35% of the company's stock.

QUALCOMM Stock Down 0.7%

Shares of QCOM stock traded down $1.15 during trading hours on Friday, hitting $157.95. 3,547,249 shares of the company were exchanged, compared to its average volume of 8,519,863. The stock has a market capitalization of $173.42 billion, a price-to-earnings ratio of 16.08, a P/E/G ratio of 2.06 and a beta of 1.26. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $211.09. The business's 50-day simple moving average is $152.48 and its two-hundred day simple moving average is $155.07. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.08 and a current ratio of 2.73.

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

Insider Activity at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total transaction of $537,546.24. Following the sale, the chief financial officer directly owned 46,446 shares of the company's stock, valued at approximately $7,490,810.88. This represents a 6.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of QUALCOMM stock in a transaction dated Friday, May 23rd. The shares were 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 ninety days, insiders have sold 424,099 shares of company stock valued at $8,310,735. Corporate insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Citigroup upped their price objective on QUALCOMM from $145.00 to $170.00 and gave the company a "neutral" rating in a research note on Monday. Wall Street Zen downgraded QUALCOMM from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. Robert W. Baird lowered their price objective on shares of QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Wells Fargo & Company cut their price objective on shares of QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $225.00 target price on shares of QUALCOMM in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $186.39.

About QUALCOMM

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.