Ignite Planners LLC Grows Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Ignite Planners LLC increased its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 245.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 29,426 shares of the wireless technology company's stock after buying an additional 20,902 shares during the quarter. QUALCOMM comprises 0.9% of Ignite Planners LLC's holdings, making the stock its 25th largest position. Ignite Planners LLC's holdings in QUALCOMM were worth $4,520,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its position in QUALCOMM by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 27,798,900 shares of the wireless technology company's stock worth $4,262,826,000 after buying an additional 670,432 shares in the last quarter. Norges Bank acquired a new position in shares of QUALCOMM in the 4th quarter valued at $2,721,882,000. Northern Trust Corp lifted its stake in shares of 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 purchasing an additional 1,493,076 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of 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 purchasing an additional 1,424,106 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of QUALCOMM by 10.4% in the 4th quarter. Franklin Resources Inc. now owns 7,542,337 shares of the wireless technology company's stock valued at $1,158,654,000 after purchasing an additional 709,644 shares during the last quarter. Hedge funds and other institutional investors own 74.35% of the company's stock.

Analysts Set New Price Targets

QCOM has been the topic of several recent analyst reports. Robert W. Baird decreased their price target on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. UBS Group upped their price target on QUALCOMM from $145.00 to $165.00 and gave the company a "neutral" rating in a research note on Monday. Susquehanna cut their price objective on QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a report on Thursday, May 1st. Wall Street Zen downgraded QUALCOMM from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Bank of America cut their price objective on QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, June 17th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $184.86.

QUALCOMM Stock Down 0.6%

QCOM stock traded down $1.02 during mid-day trading on Thursday, reaching $158.87. The company had a trading volume of 3,036,934 shares, compared to its average volume of 8,350,789. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.08 and a current ratio of 2.73. The company has a market capitalization of $174.43 billion, a price-to-earnings ratio of 16.17, a price-to-earnings-growth ratio of 2.04 and a beta of 1.26. The firm has a fifty day simple moving average of $154.35 and a 200 day simple moving average of $155.05. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $182.64.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings data 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 40.11% and a net margin of 26.11%. The business had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $10.58 billion. During the same quarter in the prior year, the business posted $2.44 EPS. The business's revenue for the quarter was up 17.0% on a year-over-year basis. Analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be issued a $0.89 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.24%. QUALCOMM's payout ratio is currently 36.25%.

Insider Activity

In other news, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $16.00, for a total value of $6,600,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total value of $537,546.24. Following the completion of the transaction, the chief financial officer owned 46,446 shares in the company, valued at approximately $7,490,810.88. The trade was a 6.70% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 424,099 shares of company stock worth $8,310,735. 0.08% of the stock is currently owned by insiders.

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.