Parr Mcknight Wealth Management Group LLC Makes New $2.97 Million Investment in QUALCOMM Incorporated (NASDAQ:QCOM)

Parr Mcknight Wealth Management Group LLC bought a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 19,353 shares of the wireless technology company's stock, valued at approximately $2,973,000.

Other hedge funds have also modified their holdings of the company. Tallon Kerry Patrick purchased a new stake in QUALCOMM during the fourth quarter worth $207,000. LaFleur & Godfrey LLC raised its stake in shares of QUALCOMM by 10.6% during the 4th quarter. LaFleur & Godfrey LLC now owns 3,126 shares of the wireless technology company's stock worth $480,000 after buying an additional 300 shares during the last quarter. Atomi Financial Group Inc. boosted its position in shares of QUALCOMM by 3.0% in the 4th quarter. Atomi Financial Group Inc. now owns 4,839 shares of the wireless technology company's stock worth $743,000 after buying an additional 143 shares in the last quarter. Simon Quick Advisors LLC grew its stake in QUALCOMM by 24.3% in the 4th quarter. Simon Quick Advisors LLC now owns 4,418 shares of the wireless technology company's stock valued at $679,000 after acquiring an additional 863 shares during the last quarter. Finally, Advisory Alpha LLC increased its holdings in QUALCOMM by 9.6% during the 4th quarter. Advisory Alpha LLC now owns 4,328 shares of the wireless technology company's stock valued at $665,000 after acquiring an additional 378 shares in the last quarter. 74.35% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wall Street Zen downgraded shares of QUALCOMM from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. JPMorgan Chase & Co. reiterated an "overweight" rating and set a $185.00 target price on shares of QUALCOMM in a report on Tuesday, April 29th. Seaport Res Ptn raised QUALCOMM to a "hold" rating in a research report on Friday, May 9th. Cantor Fitzgerald restated a "neutral" rating and issued a $150.00 price objective on shares of QUALCOMM in a research report on Thursday, May 1st. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $225.00 price objective on shares of QUALCOMM in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, QUALCOMM has an average rating of "Hold" and an average target price of $192.08.

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,337 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $156.82, for a total value of $523,308.34. Following the transaction, the chief financial officer now directly owns 59,778 shares of the company's stock, valued at $9,374,385.96. This trade represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Heather S. Ace sold 1,600 shares of the company's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $137.74, for a total value of $220,384.00. Following the completion of the sale, the insider now directly owns 22,793 shares of the company's stock, valued at $3,139,507.82. The trade was a 6.56% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,568 shares of company stock valued at $1,818,305 over the last ninety days. Corporate insiders own 0.08% of the company's stock.

QUALCOMM Trading Down 0.1%

Shares of QCOM stock traded down $0.17 on Wednesday, reaching $148.46. 2,221,831 shares of the stock were exchanged, compared to its average volume of 8,827,086. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49. The stock has a market cap of $163.01 billion, a P/E ratio of 15.86, a price-to-earnings-growth ratio of 2.01 and a beta of 1.29. The firm has a 50 day moving average of $145.01 and a two-hundred day moving average of $155.94. QUALCOMM Incorporated has a 1-year low of $120.80 and a 1-year high of $230.63.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, topping the consensus estimate of $2.82 by $0.03. The company had revenue of $10.98 billion during the quarter, compared to analyst estimates of $10.58 billion. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The firm's revenue was up 17.0% on a year-over-year basis. During the same period in the prior year, the firm posted $2.44 earnings per share. On average, research analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be issued a $0.89 dividend. This is a positive change from QUALCOMM's previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $3.56 annualized dividend and a yield of 2.40%. QUALCOMM's dividend payout ratio (DPR) is presently 36.25%.

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.