Edgar Lomax Co. VA Raises Position in QUALCOMM Incorporated $QCOM

Key Points

• Edgar Lomax Co. VA increased its position in QUALCOMM by 31.6%, acquiring an additional 34,915 shares, bringing its total holdings to 145,260 shares valued at $22.31 million.
• QUALCOMM reported better-than-expected quarterly earnings with $2.77 EPS, exceeding analysts' estimates, along with a revenue of $10.37 billion, marking a 10.4% year-over-year increase.
• The company announced a quarterly dividend of $0.89 per share, representing a 2.3% yield, with the payment scheduled for September 25th.

Edgar Lomax Co. VA lifted its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 31.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 145,260 shares of the wireless technology company's stock after acquiring an additional 34,915 shares during the quarter. Edgar Lomax Co. VA's holdings in QUALCOMM were worth $22,313,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in QUALCOMM by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 114,368,470 shares of the wireless technology company's stock valued at $17,568,141,000 after purchasing an additional 638,284 shares during the period. Northern Trust Corp boosted its position in shares of QUALCOMM by 12.7% in the 4th quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company's stock worth $2,041,535,000 after purchasing an additional 1,493,076 shares in the last quarter. Invesco Ltd. boosted its position in shares of QUALCOMM by 2.2% in the 1st quarter. Invesco Ltd. now owns 9,846,093 shares of the wireless technology company's stock worth $1,512,458,000 after purchasing an additional 215,900 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of 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 worth $1,502,509,000 after purchasing an additional 1,424,106 shares in the last quarter. Finally, Deutsche Bank AG boosted its position in shares of QUALCOMM by 11.2% in the 1st quarter. Deutsche Bank AG now owns 8,665,910 shares of the wireless technology company's stock worth $1,331,170,000 after purchasing an additional 875,412 shares in the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.

QUALCOMM Stock Performance

QCOM stock opened at $157.85 on Monday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.38 and a current ratio of 3.19. The stock has a market cap of $170.32 billion, a P/E ratio of 15.22, a P/E/G ratio of 2.30 and a beta of 1.23. The firm has a 50 day simple moving average of $155.73 and a 200 day simple moving average of $153.48. QUALCOMM Incorporated has a 52 week low of $120.80 and a 52 week high of $182.10.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 EPS for the quarter, beating 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 analyst estimates of $10.33 billion. During the same quarter last year, the firm posted $2.33 earnings per share. The company's quarterly revenue was up 10.4% compared to the same quarter last year. Research analysts anticipate that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

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

Analysts Set New Price Targets

QCOM has been the subject of several analyst reports. Piper Sandler reduced their price objective on QUALCOMM from $190.00 to $175.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Wells Fargo & Company lowered their price target on shares of QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a report on Thursday, May 1st. Evercore ISI decreased their price objective on shares of QUALCOMM from $179.00 to $157.00 and set an "in-line" rating for the company in a research note on Friday, May 2nd. Loop Capital decreased their price objective on shares of QUALCOMM from $180.00 to $155.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Finally, Benchmark reduced their target price on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $181.10.

Insider Activity

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of QUALCOMM stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $148.10, for a total value of $493,617.30. Following the completion of the transaction, the chief financial officer directly owned 43,207 shares of the company's stock, valued at $6,398,956.70. The trade was a 7.16% decrease in their ownership of the stock. The transaction 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 business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $146.40, for a total value of $234,240.00. Following the sale, the insider directly owned 21,193 shares of the company's stock, valued at $3,102,655.20. This represents a 7.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 424,099 shares of company stock worth $8,352,355. Corporate insiders own 0.08% of the company's stock.

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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