IQ EQ FUND MANAGEMENT IRELAND Ltd Increases Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in QUALCOMM by 24.1%, owning 43,454 shares valued at $6,675,000 after purchasing an additional 8,447 shares during the 1st quarter.
• QUALCOMM reported a net margin of 26.77% and earnings per share of $2.77 for the quarter, exceeding analysts' expectations.
• Bank of America and TD Cowen have recently reduced their price targets for QUALCOMM shares, now rated as a "buy" by both while the company maintains a consensus rating of "hold."

IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 24.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 43,454 shares of the wireless technology company's stock after buying an additional 8,447 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings in QUALCOMM were worth $6,675,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Eagle Strategies LLC increased its stake in QUALCOMM by 4.3% in the 4th quarter. Eagle Strategies LLC now owns 1,427 shares of the wireless technology company's stock worth $219,000 after buying an additional 59 shares during the period. Clark Capital Management Group Inc. increased its stake in QUALCOMM by 3.6% in the 4th quarter. Clark Capital Management Group Inc. now owns 1,717 shares of the wireless technology company's stock worth $264,000 after buying an additional 59 shares during the period. Westwood Holdings Group Inc. increased its stake in QUALCOMM by 2.1% in the 4th quarter. Westwood Holdings Group Inc. now owns 3,313 shares of the wireless technology company's stock worth $509,000 after buying an additional 69 shares during the period. Collaborative Wealth Managment Inc. increased its stake in QUALCOMM by 5.1% in the 1st quarter. Collaborative Wealth Managment Inc. now owns 1,412 shares of the wireless technology company's stock worth $217,000 after buying an additional 69 shares during the period. Finally, Atlantic Edge Private Wealth Management LLC increased its stake in QUALCOMM by 70.0% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock worth $26,000 after buying an additional 70 shares during the period. Hedge funds and other institutional investors own 74.35% of the company's stock.

Insider Buying and Selling

In other QUALCOMM news, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $16.00, for a total transaction of $6,600,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total transaction of $537,546.24. Following the transaction, the chief financial officer directly owned 46,446 shares of the company's stock, valued at $7,490,810.88. This represents a 6.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 420,766 shares of company stock worth $7,858,738 in the last three months. Corporate insiders own 0.08% of the company's stock.

QUALCOMM Stock Up 1.0%

QCOM stock opened at $148.19 on Monday. The firm has a 50 day moving average of $155.11 and a 200 day moving average of $154.81. The stock has a market capitalization of $159.90 billion, a PE ratio of 14.29, a price-to-earnings-growth 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 Incorporated has a 52 week low of $120.80 and a 52 week high of $182.10.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 EPS for the quarter, topping analysts' consensus estimates of $2.71 by $0.06. The company had revenue of $10.37 billion during the quarter, compared to analysts' expectations of $10.33 billion. QUALCOMM had a net margin of 26.77% and a return on equity of 40.35%. QUALCOMM's revenue for the quarter was up 10.4% on a year-over-year basis. During the same period last year, the business earned $2.33 EPS. Sell-side analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts recently commented on QCOM shares. Bank of America reduced their price target on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, June 17th. TD Cowen cut their target price on shares of QUALCOMM from $195.00 to $160.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Wall Street Zen downgraded shares of QUALCOMM from a "buy" rating to a "hold" rating in a research report on Sunday. Cantor Fitzgerald reissued a "neutral" rating and set a $150.00 target price on shares of QUALCOMM in a research report on Thursday, May 1st. Finally, Citigroup reissued a "hold" rating on shares of QUALCOMM in a research report on Thursday, July 17th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, QUALCOMM presently has a consensus rating of "Hold" and a consensus price target of $181.10.

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.

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