Envestnet Portfolio Solutions Inc. Purchases 6,091 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Envestnet Portfolio Solutions Inc. boosted its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 9.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 71,153 shares of the wireless technology company's stock after buying an additional 6,091 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in QUALCOMM were worth $10,930,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in QCOM. Norges Bank bought a new stake in QUALCOMM during the 4th quarter valued at $2,721,882,000. Amundi raised its holdings in QUALCOMM by 36.6% during the 4th quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock valued at $2,313,634,000 after buying an additional 3,905,918 shares during the last quarter. Raymond James Financial Inc. purchased a new position in QUALCOMM during the 4th quarter valued at $527,053,000. GAMMA Investing LLC increased its position in QUALCOMM by 20,700.4% during the 1st quarter. GAMMA Investing LLC now owns 3,262,754 shares of the wireless technology company's stock valued at $501,192,000 after purchasing an additional 3,247,068 shares during the period. Finally, Northern Trust Corp increased its position in QUALCOMM by 12.7% during 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 period. 74.35% of the stock is currently owned by institutional investors.

QUALCOMM Stock Performance

Shares of QUALCOMM stock opened at $153.63 on Friday. The stock has a market cap of $168.69 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 1.98 and a beta of 1.26. The firm's 50-day moving average is $147.30 and its 200 day moving average is $155.05. QUALCOMM Incorporated has a 1 year low of $120.80 and a 1 year high of $225.90. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 net margin of 26.11% and a return on equity of 40.11%. QUALCOMM's revenue was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.44 EPS. Sell-side analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be paid a dividend of $0.89 per share. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $3.56 annualized dividend and a yield of 2.32%. This is a boost from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's dividend payout ratio is currently 36.25%.

Analysts Set New Price Targets

A number of brokerages have issued reports on QCOM. Benchmark reduced their price objective 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. Wells Fargo & Company reduced their price objective on shares of QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a research report on Thursday, May 1st. JPMorgan Chase & Co. reissued an "overweight" rating and set a $185.00 price objective on shares of QUALCOMM in a research report on Tuesday, April 29th. Evercore ISI reduced their price objective on shares of QUALCOMM from $179.00 to $157.00 and set an "in-line" rating on the stock in a research report on Friday, May 2nd. Finally, Susquehanna reduced their price objective on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $190.28.

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, insider Heather S. Ace sold 1,600 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $137.74, for a total transaction of $220,384.00. Following the transaction, the insider now owns 22,793 shares in the company, valued at approximately $3,139,507.82. This represents a 6.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction, the chief financial officer now owns 49,779 shares in the company, valued at $7,272,711.90. This represents a 6.28% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 423,464 shares of company stock worth $8,135,164. Company insiders own 0.08% of the company's stock.

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.

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