Cypress Asset Management Inc. TX Invests $4.80 Million in QUALCOMM Incorporated (NASDAQ:QCOM)

Cypress Asset Management Inc. TX bought a new stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 31,188 shares of the wireless technology company's stock, valued at approximately $4,803,000. QUALCOMM makes up approximately 1.2% of Cypress Asset Management Inc. TX's portfolio, making the stock its 25th biggest holding.

Several other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in QUALCOMM in the fourth quarter valued at approximately $2,721,882,000. Amundi lifted its holdings in QUALCOMM by 36.6% in the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock valued at $2,313,634,000 after acquiring an additional 3,905,918 shares during the period. Raymond James Financial Inc. acquired a new position in QUALCOMM in the 4th quarter valued at about $527,053,000. Northern Trust Corp raised its stake in QUALCOMM by 12.7% in the 4th quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company's stock valued at $2,041,535,000 after purchasing an additional 1,493,076 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in QUALCOMM by 17.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,780,687 shares of the wireless technology company's stock valued at $1,502,509,000 after buying an additional 1,424,106 shares during the period. Institutional investors and hedge funds own 74.35% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Citigroup lowered their price target on QUALCOMM from $185.00 to $145.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Robert W. Baird lowered their price target on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. TD Cowen lowered 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. Seaport Res Ptn upgraded QUALCOMM to a "hold" rating in a report on Friday, May 9th. Finally, Evercore ISI decreased their target price on QUALCOMM from $179.00 to $157.00 and set an "in-line" rating for the company in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, QUALCOMM presently has a consensus rating of "Hold" and an average target price of $192.08.

QUALCOMM Stock Performance

Shares of QCOM stock traded down $1.03 on Wednesday, hitting $147.60. 7,002,931 shares of the stock traded hands, compared to its average volume of 8,831,231. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99. The company has a market capitalization of $162.06 billion, a PE ratio of 15.77, a PEG ratio of 2.01 and a beta of 1.29. QUALCOMM Incorporated has a 1-year low of $120.80 and a 1-year high of $230.63. The company's fifty day moving average is $145.01 and its 200 day moving average is $155.94.

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 business had revenue of $10.98 billion for the quarter, compared to analyst estimates of $10.58 billion. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The business's revenue was up 17.0% compared to the same quarter last year. During the same period in the prior year, the company posted $2.44 EPS. On average, equities research analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be paid a dividend of $0.89 per share. This is an increase from QUALCOMM's previous quarterly dividend of $0.85. This represents a $3.56 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Thursday, June 5th. QUALCOMM's dividend payout ratio is presently 36.25%.

Insider Buying and Selling

In related news, CFO Akash J. Palkhiwala sold 3,337 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $156.82, for a total transaction of $523,308.34. Following the completion of the transaction, the chief financial officer now owns 59,778 shares of the company's stock, valued at $9,374,385.96. This trade represents a 5.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Heather S. Ace sold 1,600 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $154.24, for a total value of $246,784.00. Following the sale, the insider now directly owns 24,393 shares of the company's stock, valued at approximately $3,762,376.32. This represents a 6.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,568 shares of company stock worth $1,818,305 in the last three months. 0.08% of the stock is 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.