Hennessy Advisors Inc. Invests $2.67 Million in QUALCOMM Incorporated (NASDAQ:QCOM)

Hennessy Advisors Inc. purchased a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 17,356 shares of the wireless technology company's stock, valued at approximately $2,666,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of QUALCOMM in the fourth quarter valued at about $26,000. Banque Transatlantique SA acquired a new stake in shares of QUALCOMM in the fourth quarter valued at about $26,000. WFA Asset Management Corp acquired a new stake in shares of QUALCOMM in the first quarter valued at about $27,000. Centricity Wealth Management LLC acquired a new stake in shares of QUALCOMM in the fourth quarter valued at about $29,000. Finally, Sunbeam Capital Management LLC acquired a new stake in shares of QUALCOMM in the fourth quarter valued at about $29,000. 74.35% of the stock is currently owned by institutional investors and hedge funds.

QUALCOMM Stock Performance

Shares of NASDAQ QCOM traded down $3.98 during mid-day trading on Friday, hitting $154.72. The company had a trading volume of 8,444,486 shares, compared to its average volume of 8,742,171. The stock has a market cap of $169.88 billion, a price-to-earnings ratio of 16.53, a PEG ratio of 2.01 and a beta of 1.26. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $230.63. 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 firm's 50 day simple moving average is $145.85 and its two-hundred day simple moving average is $155.15.

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 the consensus estimate of $2.82 by $0.03. The business had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $10.58 billion. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The business's revenue was up 17.0% on a year-over-year basis. During the same quarter last year, the business posted $2.44 EPS. As a group, equities research analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be issued a $0.89 dividend. This is an increase from QUALCOMM's previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $3.56 annualized dividend and a dividend yield of 2.30%. QUALCOMM's dividend payout ratio (DPR) is 36.25%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on QCOM shares. Wells Fargo & Company lowered their target price on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a research note on Thursday, May 1st. Loop Capital lowered their target price on QUALCOMM from $180.00 to $155.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. TD Cowen lowered their price objective on QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Evercore ISI lowered their price objective on QUALCOMM from $179.00 to $157.00 and set an "in-line" rating for the company in a research note on Friday, May 2nd. Finally, Wall Street Zen lowered QUALCOMM from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $189.88.

Insider Buying and Selling

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 269 shares of QUALCOMM stock in a transaction on Monday, April 7th. The stock was sold at an average price of $131.10, for a total transaction of $35,265.90. Following the sale, the chief financial officer now owns 57,728 shares of the company's stock, valued at $7,568,140.80. The trade was a 0.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $137.74, for a total value of $220,384.00. Following the sale, the insider now directly owns 22,793 shares in the company, valued at $3,139,507.82. The trade was a 6.56% 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 valued at $8,135,164. 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.