Putney Financial Group LLC Makes New $329,000 Investment in QUALCOMM Incorporated (NASDAQ:QCOM)

Putney Financial Group LLC bought a new stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,142 shares of the wireless technology company's stock, valued at approximately $329,000.

A number of other institutional investors also recently modified their holdings of the business. Norges Bank acquired a new position in shares of QUALCOMM during the 4th quarter worth approximately $2,721,882,000. Amundi raised its position in shares of QUALCOMM by 36.6% in the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock valued at $2,313,634,000 after buying an additional 3,905,918 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $527,053,000. Northern Trust Corp grew its position in 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 buying an additional 1,493,076 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in QUALCOMM by 17.0% during 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 worth $1,502,509,000 after acquiring an additional 1,424,106 shares during the period. Institutional investors own 74.35% of the company's stock.

Insider Buying and Selling

In other news, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $139.77, for a total transaction of $465,853.41. Following the sale, the chief financial officer now owns 53,112 shares of the company's stock, valued at approximately $7,423,464.24. The trade was a 5.90% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 425,068 shares of company stock worth $8,418,305. Insiders own 0.08% of the company's stock.

QUALCOMM Stock Performance

Shares of NASDAQ QCOM traded up $0.74 during midday trading on Thursday, reaching $148.34. The company's stock had a trading volume of 5,975,120 shares, compared to its average volume of 8,820,088. The stock has a market capitalization of $162.88 billion, a P/E ratio of 15.85, a PEG ratio of 2.01 and a beta of 1.29. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99. The firm has a 50 day moving average price of $144.83 and a 200-day moving average price of $155.88. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $230.63.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.03. The business had revenue of $10.98 billion for the quarter, compared to analysts' expectations of $10.58 billion. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The business's revenue was up 17.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.44 earnings per share. As a group, equities analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Increases Dividend

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

Analyst Upgrades and Downgrades

QCOM has been the subject of a number of recent analyst reports. Cantor Fitzgerald reiterated a "neutral" rating and set a $150.00 target price on shares of QUALCOMM in a research report on Thursday, May 1st. Piper Sandler reduced their price objective on shares of QUALCOMM from $205.00 to $190.00 and set an "overweight" rating on the stock in a research note on Thursday, February 6th. Susquehanna decreased their target price on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a report on Thursday, May 1st. TD Cowen cut their price target on shares of QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Finally, Citigroup decreased their price objective on shares of QUALCOMM from $185.00 to $145.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, QUALCOMM currently has a consensus rating of "Hold" and an average price target of $192.08.

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.