Norden Group LLC Purchases 2,357 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Norden Group LLC has increased its holdings in QUALCOMM by 10.8%, now owning a total of 24,130 shares valued at approximately $3.7 million.
• QUALCOMM reported $2.85 earnings per share for the last quarter, exceeding analyst estimates by $0.03, with revenue increasing 17.0% year-over-year.
• The company recently declared a quarterly dividend of $0.89 per share, representing an annualized yield of 2.25%.

Norden Group LLC lifted its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 10.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,130 shares of the wireless technology company's stock after purchasing an additional 2,357 shares during the quarter. Norden Group LLC's holdings in QUALCOMM were worth $3,707,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. WFA Asset Management Corp acquired a new stake in QUALCOMM during the 1st quarter worth $27,000. Banque Transatlantique SA acquired a new position in QUALCOMM in the fourth quarter valued at about $26,000. Atlantic Edge Private Wealth Management LLC increased its holdings in shares of QUALCOMM by 70.0% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock worth $26,000 after acquiring an additional 70 shares in the last quarter. Sunbeam Capital Management LLC acquired a new stake in shares of QUALCOMM during the fourth quarter worth about $29,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in shares of QUALCOMM during the fourth quarter worth about $30,000. 74.35% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

QCOM has been the subject of several research analyst reports. Robert W. Baird decreased their price objective on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Cantor Fitzgerald reiterated a "neutral" rating and issued a $150.00 price target on shares of QUALCOMM in a report on Thursday, May 1st. Bank of America lowered their price objective on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating for the company in a research report on Tuesday, June 17th. Seaport Res Ptn upgraded shares of QUALCOMM to a "hold" rating in a report on Friday, May 9th. Finally, Susquehanna cut their price objective on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, QUALCOMM has an average rating of "Hold" and an average price target of $184.86.

QUALCOMM Stock Down 0.3%

QUALCOMM stock opened at $158.40 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08. The company's 50-day moving average is $154.60 and its 200-day moving average is $154.97. The firm has a market capitalization of $173.92 billion, a PE ratio of 16.13, a P/E/G ratio of 2.04 and a beta of 1.26. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $182.64.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, topping analysts' consensus estimates of $2.82 by $0.03. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. The firm had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $10.58 billion. During the same quarter in the previous year, the business earned $2.44 earnings per share. The business's revenue was up 17.0% compared to the same quarter last year. Sell-side analysts anticipate that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 4th will be given a dividend of $0.89 per share. The ex-dividend date is Thursday, September 4th. This represents a $3.56 dividend on an annualized basis and a yield of 2.25%. QUALCOMM's dividend payout ratio (DPR) is 36.25%.

Insiders Place Their Bets

In other QUALCOMM news, insider Heather S. Ace sold 1,600 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $137.74, for a total value of $220,384.00. Following the transaction, the insider directly owned 22,793 shares of the company's stock, valued at $3,139,507.82. This represents a 6.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 424,099 shares of company stock valued at $8,310,735 over the last ninety days. 0.08% of the stock is currently owned by company insiders.

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.

Want to see what other hedge funds are holding QCOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for QUALCOMM Incorporated (NASDAQ:QCOM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.