King Luther Capital Management Corp Increases Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• King Luther Capital Management Corp increased its stake in QUALCOMM by 0.4%, now owning 582,723 shares valued at approximately $89.5 million.
• QUALCOMM reported earnings per share of $2.77 for the last quarter, exceeding analysts' estimates by $0.06, with revenues reaching $10.37 billion.
• QUALCOMM announced a quarterly dividend of $0.89 per share, set to be paid on September 25th, representing a yield of 2.4%.

King Luther Capital Management Corp raised its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 0.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 582,723 shares of the wireless technology company's stock after purchasing an additional 2,554 shares during the period. King Luther Capital Management Corp owned approximately 0.05% of QUALCOMM worth $89,512,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in QUALCOMM by 565.0% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 124,327 shares of the wireless technology company's stock worth $19,098,000 after purchasing an additional 105,631 shares during the period. PFG Advisors raised its holdings in QUALCOMM by 8.0% during the first quarter. PFG Advisors now owns 4,314 shares of the wireless technology company's stock valued at $663,000 after acquiring an additional 321 shares during the period. Teza Capital Management LLC bought a new stake in QUALCOMM during the fourth quarter valued at about $1,541,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in QUALCOMM by 3.3% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 188,654 shares of the wireless technology company's stock valued at $28,979,000 after acquiring an additional 6,017 shares during the period. Finally, Manchester Capital Management LLC raised its holdings in QUALCOMM by 0.5% during the first quarter. Manchester Capital Management LLC now owns 24,169 shares of the wireless technology company's stock valued at $3,713,000 after acquiring an additional 129 shares during the period. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Bank of America decreased their price target on QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, June 17th. Mizuho dropped their price target on QUALCOMM from $190.00 to $185.00 and set an "outperform" rating for the company in a research report on Thursday, July 31st. Seaport Res Ptn upgraded QUALCOMM to a "hold" rating in a research report on Friday, May 9th. JPMorgan Chase & Co. lifted their price target on shares of QUALCOMM from $190.00 to $200.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Finally, Cantor Fitzgerald reissued a "neutral" rating and issued a $150.00 price objective on shares of QUALCOMM in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $181.10.

Insider Activity

In other news, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $146.40, for a total value of $234,240.00. Following the sale, the insider owned 21,193 shares of the company's stock, valued at $3,102,655.20. The trade was a 7.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the business's stock in a transaction dated 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. Insiders have sold a total of 424,099 shares of company stock valued at $8,352,355 over the last quarter. Corporate insiders own 0.08% of the company's stock.

QUALCOMM Stock Up 1.1%

NASDAQ:QCOM traded up $1.66 during midday trading on Friday, hitting $147.56. 5,026,408 shares of the company were exchanged, compared to its average volume of 8,698,109. The company has a fifty day simple moving average of $155.07 and a 200 day simple moving average of $154.06. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $182.10. The company has a current ratio of 3.19, a quick ratio of 2.38 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $159.22 billion, a PE ratio of 14.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.23.

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

QUALCOMM Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 2.4%. QUALCOMM's payout ratio is presently 34.33%.

QUALCOMM Company 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.