Prudential PLC Increases Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Prudential PLC increased its stake in QUALCOMM by 6.9%, holding 100,550 shares valued at approximately $15.45 million as of the latest SEC filing.
• QUALCOMM's most recent quarterly earnings showed a 10.4% year-over-year revenue increase, with an EPS of $2.77 exceeding analysts’ expectations of $2.71.
• The company declared a quarterly dividend of $0.89 per share, payable on September 25th, representing an annualized yield of 2.4%.

Prudential PLC increased its stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 6.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 100,550 shares of the wireless technology company's stock after acquiring an additional 6,454 shares during the period. Prudential PLC's holdings in QUALCOMM were worth $15,445,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in QCOM. WFA Asset Management Corp purchased a new position in QUALCOMM in the 1st quarter worth $27,000. Banque Transatlantique SA purchased a new position in QUALCOMM in the 4th quarter worth $26,000. Atlantic Edge Private Wealth Management LLC raised its position in QUALCOMM by 70.0% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock worth $26,000 after purchasing an additional 70 shares during the period. Sunbeam Capital Management LLC purchased a new position in shares of QUALCOMM in the fourth quarter valued at about $29,000. Finally, Mascagni Wealth Management Inc. bought a new position in shares of QUALCOMM during the fourth quarter valued at about $30,000. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on QCOM. Susquehanna reduced their price target on QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a report on Thursday, May 1st. Seaport Res Ptn upgraded QUALCOMM to a "hold" rating in a report on Friday, May 9th. Wall Street Zen downgraded QUALCOMM from a "buy" rating to a "hold" rating in a report on Sunday, August 3rd. Bank of America reduced 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. Finally, UBS Group boosted their price target on QUALCOMM from $145.00 to $165.00 and gave the company a "neutral" rating in a report on Monday, July 21st. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $181.10.

Insider Activity

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $148.10, for a total transaction of $493,617.30. Following the sale, the chief financial officer owned 43,207 shares in the company, valued at $6,398,956.70. This represents a 7.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction that occurred 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. Insiders have sold a total of 424,099 shares of company stock worth $8,352,355 over the last 90 days. 0.08% of the stock is currently owned by insiders.

QUALCOMM Price Performance

Shares of QCOM opened at $147.97 on Tuesday. The stock has a market cap of $159.66 billion, a PE ratio of 14.27, a price-to-earnings-growth ratio of 2.15 and a beta of 1.23. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.38 and a current ratio of 3.19. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $182.10. The firm's 50-day simple moving average is $155.10 and its two-hundred day simple moving average is $153.89.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its quarterly earnings results 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. QUALCOMM had a net margin of 26.77% and a return on equity of 40.35%. The firm had revenue of $10.37 billion for the quarter, compared to analysts' expectations of $10.33 billion. During the same quarter in the prior year, the company posted $2.33 earnings per share. The business's revenue for the quarter was up 10.4% on a year-over-year basis. Analysts anticipate that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be issued 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 dividend yield of 2.4%. QUALCOMM's dividend payout ratio is presently 34.33%.

QUALCOMM 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.

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