Cullinan Associates Inc. Has $4.67 Million Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Cullinan Associates Inc. boosted its holdings in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 28.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,430 shares of the wireless technology company's stock after acquiring an additional 6,709 shares during the period. Cullinan Associates Inc.'s holdings in QUALCOMM were worth $4,674,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of QCOM. Vanguard Group Inc. lifted its holdings in shares of QUALCOMM by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 113,730,186 shares of the wireless technology company's stock worth $17,471,231,000 after purchasing an additional 707,468 shares during the last quarter. Geode Capital Management LLC grew its stake in QUALCOMM by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 27,798,900 shares of the wireless technology company's stock worth $4,262,826,000 after buying an additional 670,432 shares during the last quarter. Norges Bank bought a new position in QUALCOMM during the 4th quarter worth $2,721,882,000. Amundi increased its position in QUALCOMM by 36.6% in the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock worth $2,313,634,000 after buying an additional 3,905,918 shares during the period. Finally, Northern Trust Corp lifted its stake in QUALCOMM by 12.7% in the fourth quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company's stock valued at $2,041,535,000 after buying an additional 1,493,076 shares during the last quarter. 74.35% of the stock is currently owned by institutional investors and hedge funds.

QUALCOMM Price Performance

Shares of NASDAQ QCOM traded up $0.22 during midday trading on Wednesday, reaching $155.93. The company's stock had a trading volume of 5,277,103 shares, compared to its average volume of 8,524,083. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $211.09. The company has a market cap of $171.21 billion, a price-to-earnings ratio of 15.88, a price-to-earnings-growth ratio of 2.01 and a beta of 1.26. The company has a 50 day moving average price of $148.16 and a 200 day moving average price of $154.83. The company has a current ratio of 2.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.48.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its quarterly earnings results 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. The company 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 firm's revenue was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.44 earnings per share. On average, equities research analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be issued a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a dividend yield of 2.28%. This is an increase from QUALCOMM's previous quarterly dividend of $0.85. The ex-dividend date is Thursday, June 5th. QUALCOMM's dividend payout ratio is currently 36.25%.

Insider Activity at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,333 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $146.10, for a total transaction of $486,951.30. Following the completion of the sale, the chief financial officer now directly owns 49,779 shares of the company's stock, valued at approximately $7,272,711.90. This represents a 6.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 disclosure for this sale can be found here. Insiders sold 423,464 shares of company stock worth $8,135,164 in the last quarter. 0.08% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Cantor Fitzgerald restated a "neutral" rating and set a $150.00 price target on shares of QUALCOMM in a research report on Thursday, May 1st. JPMorgan Chase & Co. reissued an "overweight" rating and set a $185.00 target price on shares of QUALCOMM in a research note on Tuesday, April 29th. Citigroup dropped their price target on shares of QUALCOMM from $185.00 to $145.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Evercore ISI cut their price target on QUALCOMM from $179.00 to $157.00 and set an "in-line" rating on the stock in a report on Friday, May 2nd. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $225.00 price objective on shares of QUALCOMM in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $186.96.

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.