iA Global Asset Management Inc. Has $32.06 Million Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• iA Global Asset Management Inc. has increased its stake in QUALCOMM by 19.5%, owning 208,695 shares valued at over $32 million.
• QUALCOMM has recently reported strong quarterly earnings, with $2.77 EPS and revenue of $10.37 billion, exceeding analysts' expectations.
• The company has announced a quarterly dividend of $0.89, representing a 2.4% yield for shareholders of record on September 4th.

iA Global Asset Management Inc. lifted its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 19.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 208,695 shares of the wireless technology company's stock after purchasing an additional 34,023 shares during the period. iA Global Asset Management Inc.'s holdings in QUALCOMM were worth $32,058,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Northern Trust Corp increased its holdings in QUALCOMM by 12.7% in 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings 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 valued at $1,502,509,000 after buying an additional 1,424,106 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of QUALCOMM by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,509,066 shares of the wireless technology company's stock worth $692,747,000 after purchasing an additional 138,257 shares during the period. First Trust Advisors LP lifted its holdings in QUALCOMM by 2.5% during the 4th quarter. First Trust Advisors LP now owns 4,010,518 shares of the wireless technology company's stock worth $616,096,000 after buying an additional 97,343 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in shares of QUALCOMM by 0.9% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,541,661 shares of the wireless technology company's stock worth $544,035,000 after purchasing an additional 30,369 shares during the period. Institutional investors and hedge funds own 74.35% of the company's stock.

Insiders Place Their Bets

In other news, insider Heather S. Ace sold 1,600 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $146.40, for a total value of $234,240.00. Following the sale, the insider owned 21,193 shares in the company, valued at approximately $3,102,655.20. This trade represents a 7.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $16.00, for a total transaction of $6,600,000.00. The disclosure for this sale can be found here. Insiders sold a total of 424,099 shares of company stock worth $8,352,355 over the last ninety days. 0.08% of the stock is currently owned by company insiders.

QUALCOMM Stock Down 0.5%

Shares of NASDAQ:QCOM opened at $147.51 on Tuesday. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $182.10. The stock's fifty day simple moving average is $155.15 and its 200-day simple moving average is $154.70. The company has a market capitalization of $159.16 billion, a P/E ratio of 14.22, a P/E/G ratio of 2.18 and a beta of 1.23. The company has a quick ratio of 2.38, a current ratio of 3.19 and a debt-to-equity ratio of 0.54.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued 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. The firm had revenue of $10.37 billion during the quarter, compared to the consensus estimate of $10.33 billion. QUALCOMM had a return on equity of 40.35% and a net margin of 26.77%. QUALCOMM's revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.33 earnings per share. As a group, equities research analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 4th will be issued a $0.89 dividend. This represents a $3.56 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Thursday, September 4th. QUALCOMM's dividend payout ratio (DPR) is presently 34.33%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Piper Sandler reduced their price target on shares of QUALCOMM from $190.00 to $175.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. TD Cowen decreased their target price on QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Wells Fargo & Company cut 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. Sanford C. Bernstein set a $185.00 price objective on QUALCOMM and gave the stock an "outperform" rating in a report on Monday, July 28th. Finally, UBS Group increased their price target on shares of QUALCOMM from $145.00 to $165.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $181.10.

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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