Ontario Teachers Pension Plan Board Purchases 12,563 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• The Ontario Teachers Pension Plan Board increased its stake in QUALCOMM Incorporated by 111.8% during the first quarter, acquiring an additional 12,563 shares to own a total of 23,800 shares worth approximately $3,656,000.
• QUALCOMM reported a quarterly earnings per share of $2.77, surpassing analyst expectations, with revenue of $10.37 billion, up 10.4% year-over-year.
• The company announced a quarterly dividend of $0.89 per share, payable on September 25th, representing a 2.4% yield on an annualized basis.

Ontario Teachers Pension Plan Board boosted its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 111.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 23,800 shares of the wireless technology company's stock after buying an additional 12,563 shares during the period. Ontario Teachers Pension Plan Board's holdings in QUALCOMM were worth $3,656,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of QUALCOMM by 0.6% during the first quarter. Vanguard Group Inc. now owns 114,368,470 shares of the wireless technology company's stock worth $17,568,141,000 after purchasing an additional 638,284 shares in the last quarter. Northern Trust Corp raised its stake in QUALCOMM by 12.7% in the fourth quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company's stock valued at $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 lifted its position in QUALCOMM by 17.0% during the fourth 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 purchasing an additional 1,424,106 shares during the last quarter. Deutsche Bank AG lifted its position in QUALCOMM by 11.2% during the first quarter. Deutsche Bank AG now owns 8,665,910 shares of the wireless technology company's stock valued at $1,331,170,000 after purchasing an additional 875,412 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake 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 worth $1,114,403,000 after buying an additional 1,407,797 shares in the last quarter. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total value of $537,546.24. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of QUALCOMM stock in a transaction on Friday, May 23rd. The shares were 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 three months, insiders have sold 424,099 shares of company stock valued at $8,352,355. Company insiders own 0.08% of the company's stock.

Analyst Ratings Changes

QCOM has been the subject of a number of research analyst reports. Mizuho dropped their price objective on shares of QUALCOMM from $190.00 to $185.00 and set an "outperform" rating for the company in a report on Thursday, July 31st. Robert W. Baird lowered their price target on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Cantor Fitzgerald reiterated a "neutral" rating and issued a $150.00 price objective on shares of QUALCOMM in a report on Thursday, May 1st. JPMorgan Chase & Co. increased their price objective on QUALCOMM from $190.00 to $200.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Finally, Loop Capital decreased their price objective on QUALCOMM from $180.00 to $155.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. One investment 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 company currently has an average rating of "Hold" and an average target price of $181.10.

QUALCOMM Trading Up 0.0%

QCOM traded up $0.06 during trading on Thursday, hitting $145.90. 6,745,992 shares of the stock traded hands, compared to its average volume of 8,688,162. The firm has a market capitalization of $157.43 billion, a P/E ratio of 14.07, a price-to-earnings-growth ratio of 2.13 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 company has a debt-to-equity ratio of 0.54, a current ratio of 3.19 and a quick ratio of 2.38. The firm has a 50-day moving average of $155.03 and a 200 day moving average of $154.45.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its 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. QUALCOMM had a net margin of 26.77% and a return on equity of 40.35%. The company 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 posted $2.33 earnings per share. QUALCOMM's revenue for the quarter was up 10.4% on a year-over-year basis. Equities research analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be paid a dividend of $0.89 per share. 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 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.