Jupiter Asset Management Ltd. Makes New Investment in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Jupiter Asset Management Ltd. purchased 481,109 shares of QUALCOMM Incorporated (NASDAQ: QCOM) in the first quarter, valued at approximately $73.9 million, making it the 29th largest position in their portfolio.
• Over 74% of QUALCOMM's stock is owned by institutional investors, with several firms, such as OVERSEA CHINESE BANKING Corp Ltd., significantly increasing their stakes.
• QUALCOMM recently reported earnings of $2.77 EPS, beating analyst expectations, and announced a quarterly dividend of $0.89 per share to be paid on September 25th.

Jupiter Asset Management Ltd. acquired a new stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 481,109 shares of the wireless technology company's stock, valued at approximately $73,903,000. QUALCOMM comprises 0.7% of Jupiter Asset Management Ltd.'s holdings, making the stock its 29th largest position.

A number of other large investors have also made changes to their positions in the stock. Banque Transatlantique SA acquired a new stake in shares of QUALCOMM during the fourth quarter worth approximately $26,000. Atlantic Edge Private Wealth Management LLC increased its holdings in shares of QUALCOMM by 70.0% during the first 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 in the last quarter. WFA Asset Management Corp acquired a new stake in shares of QUALCOMM during the first quarter worth approximately $27,000. Sunbeam Capital Management LLC acquired a new stake in shares of QUALCOMM during the fourth quarter worth approximately $29,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in shares of QUALCOMM during the fourth quarter worth approximately $30,000. Institutional investors and hedge funds own 74.35% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on QCOM. UBS Group raised their price objective on shares of QUALCOMM from $145.00 to $165.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Benchmark cut their target price on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Bank of America cut their target price on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, June 17th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $150.00 target price on shares of QUALCOMM in a report on Thursday, May 1st. Finally, Wells Fargo & Company cut their target price on shares of QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a report 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, the company has an average rating of "Hold" and an average price target of $181.10.

QUALCOMM Price Performance

Shares of QCOM stock traded up $1.43 during trading hours on Friday, hitting $148.19. 12,700,280 shares of the company's stock were exchanged, compared to its average volume of 7,744,643. The company has a market capitalization of $159.90 billion, a PE ratio of 14.29, a PEG ratio of 1.90 and a beta of 1.23. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $182.10. The business's 50 day simple moving average is $155.11 and its 200-day simple moving average is $154.86. The company has a current ratio of 3.19, a quick ratio of 2.08 and a debt-to-equity ratio of 0.54.

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

QUALCOMM Dividend Announcement

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

Insider Buying and Selling at QUALCOMM

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total transaction of $537,546.24. Following the sale, the chief financial officer owned 46,446 shares of the company's stock, valued at $7,490,810.88. This trade represents a 6.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Heather S. Ace sold 1,600 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $146.40, for a total transaction of $234,240.00. Following the sale, the insider directly owned 21,193 shares in the company, valued at approximately $3,102,655.20. The trade was a 7.02% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 424,099 shares of company stock worth $8,324,591. 0.08% of the stock is owned by corporate 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.