Ironwood Investment Counsel LLC Purchases 2,436 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Ironwood Investment Counsel LLC increased its stake in QUALCOMM Incorporated by 6.0%, owning 42,940 shares valued at approximately $6.6 million as of its latest 13F filing.
• Other institutional investors, such as GAMMA Investing LLC and Goldman Sachs Group Inc., have significantly increased their holdings in QUALCOMM, illustrating strong institutional interest in the company.
• QUALCOMM recently announced a quarterly dividend of $0.89 per share, representing a 2.4% yield and an annualized payment of $3.56, set to be paid on September 25th.

Ironwood Investment Counsel LLC boosted its stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 6.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 42,940 shares of the wireless technology company's stock after buying an additional 2,436 shares during the quarter. QUALCOMM makes up 1.1% of Ironwood Investment Counsel LLC's investment portfolio, making the stock its 22nd largest holding. Ironwood Investment Counsel LLC's holdings in QUALCOMM were worth $6,596,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in QCOM. CenterBook Partners LP purchased a new position in QUALCOMM in the first quarter worth $563,000. Keynote Financial Services LLC boosted its holdings in QUALCOMM by 1.0% in the 1st quarter. Keynote Financial Services LLC now owns 9,552 shares of the wireless technology company's stock worth $1,467,000 after buying an additional 91 shares during the period. Blue Barn Wealth LLC grew its position in shares of QUALCOMM by 8.1% in the first quarter. Blue Barn Wealth LLC now owns 4,385 shares of the wireless technology company's stock valued at $674,000 after purchasing an additional 329 shares in the last quarter. Ontario Teachers Pension Plan Board grew its holdings in QUALCOMM by 111.8% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 23,800 shares of the wireless technology company's stock valued at $3,656,000 after buying an additional 12,563 shares in the last quarter. Finally, 1834 Investment Advisors Co. increased its holdings in QUALCOMM by 1.6% during the 1st quarter. 1834 Investment Advisors Co. now owns 31,293 shares of the wireless technology company's stock worth $4,807,000 after acquiring an additional 502 shares during the period. Hedge funds and other institutional investors own 74.35% of the company's stock.

Insiders Place Their Bets

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of QUALCOMM stock in a transaction 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 in the company, valued at approximately $7,490,810.88. The trade was a 6.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction that occurred on 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. Over the last ninety days, insiders have sold 424,099 shares of company stock worth $8,352,355. Company insiders own 0.08% of the company's stock.

QUALCOMM Stock Up 0.0%

QCOM stock traded up $0.06 during midday trading on Thursday, hitting $145.90. The company's stock had a trading volume of 6,745,992 shares, compared to its average volume of 8,688,162. The company has a market cap of $157.43 billion, a PE ratio of 14.07, a P/E/G ratio of 2.13 and a beta of 1.23. The company has a current ratio of 3.19, a quick ratio of 2.38 and a debt-to-equity ratio of 0.54. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $182.10. The firm's 50-day moving average is $155.03 and its 200-day moving average is $154.45.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.06. The firm 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%. The firm's quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.33 earnings per share. On average, equities research analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Robert W. Baird decreased their target price on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Citigroup reissued a "hold" rating on shares of QUALCOMM in a research note on Thursday, July 17th. UBS Group increased their price objective on QUALCOMM from $145.00 to $165.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Susquehanna cut their target price on QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a research note on Thursday, May 1st. Finally, Cantor Fitzgerald reissued a "neutral" rating and set a $150.00 target price on shares of QUALCOMM in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, QUALCOMM currently has a consensus rating of "Hold" and a consensus price target of $181.10.

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.