E Fund Management Co. Ltd. Grows Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• E Fund Management Co. Ltd. increased its stake in QUALCOMM by 37.9%, owning 62,812 shares valued at approximately $9.65 million at the end of the first quarter.
• QUALCOMM reported a quarterly earnings per share (EPS) of $2.77, surpassing expectations and showing a 10.4% year-over-year revenue growth.
• Insider selling activity included CFO Akash J. Palkhiwala selling 3,333 shares at an average price of $161.28, reducing his ownership by 6.70%.

E Fund Management Co. Ltd. boosted its holdings in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 37.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,812 shares of the wireless technology company's stock after buying an additional 17,266 shares during the quarter. E Fund Management Co. Ltd.'s holdings in QUALCOMM were worth $9,649,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Banque Transatlantique SA purchased a new position in QUALCOMM during the 4th quarter worth approximately $26,000. Atlantic Edge Private Wealth Management LLC grew its stake in QUALCOMM by 70.0% during the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock worth $26,000 after buying an additional 70 shares during the last quarter. WFA Asset Management Corp purchased a new position in QUALCOMM during the 1st quarter worth approximately $27,000. Sunbeam Capital Management LLC acquired a new position in QUALCOMM in the fourth quarter valued at $29,000. Finally, Mascagni Wealth Management Inc. acquired a new position in QUALCOMM in the fourth quarter valued at $30,000. Hedge funds and other institutional investors own 74.35% of the company's stock.

Insider Buying and Selling

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of QUALCOMM stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total value of $537,546.24. Following the transaction, the chief financial officer directly owned 46,446 shares in the company, valued at $7,490,810.88. The trade was a 6.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction on Friday, August 1st. The stock was sold at an average price of $146.40, for a total value of $234,240.00. Following the completion of the transaction, the insider owned 21,193 shares in the company, valued at $3,102,655.20. The trade was a 7.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 424,099 shares of company stock worth $8,352,355 in the last three months. 0.08% of the stock is currently owned by insiders.

QUALCOMM Stock Up 3.9%

Shares of QCOM stock opened at $153.73 on Wednesday. QUALCOMM Incorporated has a 1 year low of $120.80 and a 1 year high of $182.10. The stock has a market cap of $165.87 billion, a PE ratio of 14.82, a price-to-earnings-growth ratio of 2.16 and a beta of 1.23. The business's fifty day moving average is $155.20 and its 200-day moving average is $153.89. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.38 and a current ratio of 3.19.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.71 by $0.06. QUALCOMM had a return on equity of 40.35% and a net margin of 26.77%. The company had revenue of $10.37 billion for the quarter, compared to analysts' expectations of $10.33 billion. During the same period last year, the firm earned $2.33 EPS. The firm's revenue for the quarter was up 10.4% on a year-over-year basis. Equities analysts expect that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be issued a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Thursday, September 4th. QUALCOMM's payout ratio is presently 34.33%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Benchmark cut their price target on QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Susquehanna reduced their price objective on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a research report on Thursday, May 1st. Loop Capital reduced their price objective on shares of QUALCOMM from $180.00 to $155.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. Bank of America decreased their target price on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a research report on Tuesday, June 17th. Finally, Citigroup restated a "hold" rating on shares of QUALCOMM in a research report on Thursday, July 17th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $181.10.

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.

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