LGT Group Foundation Increases Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• LGT Group Foundation increased its stake in QUALCOMM by 27.5% during the first quarter, owning a total of 68,616 shares valued at around $10.54 million.
• Several institutional investors have significantly altered their positions in QUALCOMM, with Nuveen LLC acquiring a new stake worth approximately $529.7 million in the same period.
• QUALCOMM recently declared a quarterly dividend of $0.89, which reflects a 2.4% yield based on its current stock price, with a record date set for September 4th.

LGT Group Foundation increased its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 27.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 68,616 shares of the wireless technology company's stock after buying an additional 14,801 shares during the period. LGT Group Foundation's holdings in QUALCOMM were worth $10,540,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in QCOM. Nuveen LLC acquired a new stake in shares of QUALCOMM during the first quarter worth about $529,713,000. GAMMA Investing LLC increased its position in shares of QUALCOMM by 20,700.4% during the first quarter. GAMMA Investing LLC now owns 3,262,754 shares of the wireless technology company's stock worth $501,192,000 after purchasing an additional 3,247,068 shares in the last quarter. Northern Trust Corp increased its position in shares of QUALCOMM by 12.7% during the fourth quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company's stock worth $2,041,535,000 after purchasing an additional 1,493,076 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in QUALCOMM by 17.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,780,687 shares of the wireless technology company's stock valued at $1,502,509,000 after buying an additional 1,424,106 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in QUALCOMM by 24.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 7,254,759 shares of the wireless technology company's stock valued at $1,114,403,000 after buying an additional 1,407,797 shares in the last quarter. Hedge funds and other institutional investors own 74.35% of the company's stock.

Insiders Place Their Bets

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,333 shares of the business's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $148.10, for a total value of $493,617.30. Following the completion of the sale, the chief financial officer owned 43,207 shares of the company's stock, valued at $6,398,956.70. The trade was a 7.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 value of $6,600,000.00. The disclosure for this sale can be found here. Insiders sold 424,099 shares of company stock valued at $8,352,355 over the last quarter. Insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Susquehanna lowered their target price on QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a report on Thursday, May 1st. Sanford C. Bernstein set a $185.00 price target on QUALCOMM and gave the stock an "outperform" rating in a research note on Monday, July 28th. Cantor Fitzgerald reissued a "neutral" rating and issued a $150.00 price target on shares of QUALCOMM in a report on Thursday, May 1st. Rosenblatt Securities reaffirmed a "buy" rating and set a $225.00 price objective on shares of QUALCOMM in a report on Thursday, July 31st. Finally, Piper Sandler cut their price target on QUALCOMM from $190.00 to $175.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $181.10.

QUALCOMM Stock Up 0.3%

Shares of QUALCOMM stock opened at $147.97 on Tuesday. The business's fifty day moving average price is $155.10 and its two-hundred day moving average price is $153.89. The company has a market capitalization of $159.66 billion, a P/E ratio of 14.27, a PEG ratio of 2.15 and a beta of 1.23. QUALCOMM Incorporated has a 1-year low of $120.80 and a 1-year high of $182.10. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.19 and a quick ratio of 2.38.

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

QUALCOMM Dividend Announcement

The business 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 of this dividend is Thursday, September 4th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.4%. QUALCOMM's payout ratio is currently 34.33%.

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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