Illinois Municipal Retirement Fund Boosts Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Illinois Municipal Retirement Fund boosted its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 8.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 186,799 shares of the wireless technology company's stock after purchasing an additional 15,334 shares during the quarter. Illinois Municipal Retirement Fund's holdings in QUALCOMM were worth $28,694,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of QCOM. Vanguard Group Inc. lifted its position in shares of QUALCOMM by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 113,730,186 shares of the wireless technology company's stock valued at $17,471,231,000 after acquiring an additional 707,468 shares in the last quarter. Geode Capital Management LLC lifted its holdings in QUALCOMM by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 27,798,900 shares of the wireless technology company's stock valued at $4,262,826,000 after purchasing an additional 670,432 shares in the last quarter. Norges Bank acquired a new stake in QUALCOMM during the 4th quarter worth $2,721,882,000. Amundi grew its holdings in shares of QUALCOMM by 36.6% during the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock worth $2,313,634,000 after buying an additional 3,905,918 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of QUALCOMM by 12.7% in the fourth 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 last quarter. 74.35% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

QCOM has been the subject of several research reports. JPMorgan Chase & Co. reaffirmed an "overweight" rating and set a $185.00 price objective on shares of QUALCOMM in a research note on Tuesday, April 29th. Bank of America cut their price target on QUALCOMM from $245.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, June 17th. Wells Fargo & Company dropped their target price on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a report on Thursday, May 1st. Cantor Fitzgerald reiterated a "neutral" rating and set a $150.00 price target on shares of QUALCOMM in a report on Thursday, May 1st. Finally, Loop Capital lowered their price target on shares of QUALCOMM from $180.00 to $155.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, QUALCOMM presently has a consensus rating of "Hold" and an average target price of $186.96.

QUALCOMM Stock Up 0.6%

QCOM traded up $0.91 during trading hours on Monday, hitting $159.45. 4,944,091 shares of the company's stock were exchanged, compared to its average volume of 8,519,098. The company has a current ratio of 2.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.48. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $211.09. The firm has a market cap of $175.08 billion, a P/E ratio of 16.24, a price-to-earnings-growth ratio of 2.05 and a beta of 1.26. The firm has a 50 day moving average of $149.44 and a 200 day moving average of $154.78.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, topping the consensus estimate of $2.82 by $0.03. The firm had revenue of $10.98 billion during the quarter, compared to analysts' expectations of $10.58 billion. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. QUALCOMM's revenue for the quarter was up 17.0% on a year-over-year basis. During the same period in the previous year, the firm posted $2.44 EPS. Analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Thursday, June 5th were issued a $0.89 dividend. This is a boost from QUALCOMM's previous quarterly dividend of $0.85. The ex-dividend date was Thursday, June 5th. This represents a $3.56 annualized dividend and a yield of 2.23%. QUALCOMM's dividend payout ratio (DPR) is 36.25%.

Insider Buying and Selling

In related news, CFO Akash J. Palkhiwala sold 1,781 shares of the business's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $132.10, for a total transaction of $235,270.10. Following the completion of the transaction, the chief financial officer now owns 57,997 shares in the company, valued at approximately $7,661,403.70. The trade was a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $16.00, for a total value of $6,600,000.00. The disclosure for this sale can be found here. Insiders sold 423,464 shares of company stock worth $8,135,164 over the last 90 days. 0.08% of the stock is owned by insiders.

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.