Ethic Inc. Raises Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Ethic Inc. increased its stake in QUALCOMM by 2.0% during the first quarter, bringing its total holdings to 118,975 shares valued at approximately $18.2 million.
• A significant insider transaction occurred when CFO Akash J. Palkhiwala sold 3,333 shares at an average price of $161.28, reducing his ownership by 6.70%.
• QUALCOMM reported earnings per share of $2.77 for the last quarter, exceeding analysts' expectations and marking a year-over-year revenue increase of 10.4%.

Ethic Inc. grew its holdings in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 2.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 118,975 shares of the wireless technology company's stock after buying an additional 2,318 shares during the period. Ethic Inc.'s holdings in QUALCOMM were worth $18,209,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. EverSource Wealth Advisors LLC grew its stake in shares of QUALCOMM by 33.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 10,011 shares of the wireless technology company's stock worth $1,538,000 after buying an additional 2,504 shares in the last quarter. Aberdeen Group plc lifted its holdings in QUALCOMM by 83.1% during the 1st quarter. Aberdeen Group plc now owns 971,149 shares of the wireless technology company's stock valued at $145,459,000 after buying an additional 440,622 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of QUALCOMM by 3.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,669,315 shares of the wireless technology company's stock valued at $717,161,000 after purchasing an additional 160,249 shares in the last quarter. Horizon Investments LLC raised its holdings in shares of QUALCOMM by 3.4% in the 1st quarter. Horizon Investments LLC now owns 20,951 shares of the wireless technology company's stock valued at $3,218,000 after purchasing an additional 685 shares in the last quarter. Finally, Providence Capital Advisors LLC raised its holdings in shares of QUALCOMM by 0.3% in the 1st quarter. Providence Capital Advisors LLC now owns 34,500 shares of the wireless technology company's stock valued at $5,300,000 after purchasing an additional 100 shares in the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the company's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total transaction of $537,546.24. Following the completion of the sale, the chief financial officer owned 46,446 shares of the company's stock, valued at $7,490,810.88. This represents a 6.70% 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, insider Heather S. Ace sold 1,600 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $146.40, for a total transaction 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. The trade was a 7.02% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 424,099 shares of company stock worth $8,352,355. Company insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on QCOM shares. Bank of America reduced their price target on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, June 17th. Citigroup restated a "hold" rating on shares of QUALCOMM in a report on Thursday, July 17th. Evercore ISI cut 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. Rosenblatt Securities reaffirmed a "buy" rating and issued a $225.00 price objective on shares of QUALCOMM in a research report on Thursday, July 31st. Finally, Mizuho cut their price objective on shares of QUALCOMM from $190.00 to $185.00 and set an "outperform" rating on the stock in a research report on Thursday, July 31st. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, QUALCOMM currently has an average rating of "Hold" and an average price target of $181.10.

QUALCOMM Stock Performance

NASDAQ:QCOM opened at $158.09 on Friday. 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 company has a fifty day moving average of $155.56 and a two-hundred day moving average of $153.82. The stock has a market capitalization of $170.58 billion, a PE ratio of 15.24, a P/E/G ratio of 2.28 and a beta of 1.23. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $182.10.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share for the quarter, topping analysts' consensus estimates of $2.71 by $0.06. The company had revenue of $10.37 billion during the quarter, compared to analysts' expectations of $10.33 billion. QUALCOMM had a net margin of 26.77% and a return on equity of 40.35%. The firm's revenue for the quarter was up 10.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.33 earnings per share. As a group, research analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

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

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.

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