Fairtree Asset Management Pty Ltd Takes $1.70 Million Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Fairtree Asset Management Pty Ltd bought a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 11,093 shares of the wireless technology company's stock, valued at approximately $1,704,000. QUALCOMM accounts for approximately 1.6% of Fairtree Asset Management Pty Ltd's investment portfolio, making the stock its 13th largest holding.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in QUALCOMM during the fourth quarter worth $2,721,882,000. Amundi raised its holdings in shares of QUALCOMM by 36.6% in the 4th 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 in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of QUALCOMM in the 4th quarter valued at about $527,053,000. Northern Trust Corp raised its holdings in shares of 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 buying an additional 1,493,076 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake 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 worth $1,502,509,000 after purchasing an additional 1,424,106 shares during the period. Institutional investors own 74.35% of the company's stock.

Analysts Set New Price Targets

QCOM has been the topic of several research reports. Robert W. Baird dropped their price target on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Benchmark dropped their price objective on QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Wall Street Zen lowered QUALCOMM from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd. TD Cowen cut their price target on QUALCOMM from $195.00 to $160.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Finally, Wells Fargo & Company lowered their price objective on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $192.08.

QUALCOMM Stock Down 2.1%

QUALCOMM stock traded down $3.12 during mid-day trading on Friday, reaching $145.22. The stock had a trading volume of 13,752,285 shares, compared to its average volume of 8,810,967. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $230.63. The company has a 50-day moving average price of $144.60 and a two-hundred day moving average price of $155.74. 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 $159.45 billion, a price-to-earnings ratio of 15.51, a PEG ratio of 2.01 and a beta of 1.29.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, beating analysts' consensus estimates of $2.82 by $0.03. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The firm had revenue of $10.98 billion during the quarter, compared to the consensus estimate of $10.58 billion. During the same period in the prior year, the company earned $2.44 EPS. The company's quarterly revenue was up 17.0% compared to the same quarter last year. On average, analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be paid a $0.89 dividend. This represents a $3.56 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Thursday, June 5th. This is a positive change from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's dividend payout ratio is 36.25%.

Insider Buying and Selling

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,337 shares of the firm's stock in a transaction on 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 approximately $9,374,385.96. This trade represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Heather S. Ace sold 1,600 shares of the business's stock in a transaction dated 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 trade represents a 6.16% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 425,068 shares of company stock valued at $8,418,305. 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.