Federated Hermes Inc. Buys 647,178 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Federated Hermes Inc. increased its stake in QUALCOMM by 41.1%, acquiring over 647,000 additional shares, which now represent 0.7% of their investment portfolio.
• QUALCOMM reported $2.85 earnings per share for the last quarter, surpassing estimates and demonstrating a 17% year-over-year revenue increase.
• The company announced a quarterly dividend of $0.89 per share, with the ex-dividend date set for September 4th, yielding approximately 2.21% annually.

Federated Hermes Inc. boosted its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 41.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,221,873 shares of the wireless technology company's stock after acquiring an additional 647,178 shares during the quarter. QUALCOMM accounts for approximately 0.7% of Federated Hermes Inc.'s investment portfolio, making the stock its 22nd biggest position. Federated Hermes Inc. owned 0.20% of QUALCOMM worth $341,302,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of QCOM. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of QUALCOMM by 565.0% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 124,327 shares of the wireless technology company's stock valued at $19,098,000 after purchasing an additional 105,631 shares during the period. PFG Advisors boosted its stake in shares of QUALCOMM by 8.0% in the first quarter. PFG Advisors now owns 4,314 shares of the wireless technology company's stock valued at $663,000 after buying an additional 321 shares in the last quarter. Teza Capital Management LLC purchased a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $1,541,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of QUALCOMM by 3.3% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 188,654 shares of the wireless technology company's stock valued at $28,979,000 after buying an additional 6,017 shares in the last quarter. Finally, Kanawha Capital Management LLC boosted its position in QUALCOMM by 1.9% during the first quarter. Kanawha Capital Management LLC now owns 85,414 shares of the wireless technology company's stock worth $13,120,000 after purchasing an additional 1,573 shares in the last quarter. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on QCOM shares. Sanford C. Bernstein set a $185.00 target price on QUALCOMM and gave the stock an "outperform" rating in a research report on Monday. UBS Group upped their target price on QUALCOMM from $145.00 to $165.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Mizuho dropped their target price on QUALCOMM from $190.00 to $185.00 and set an "outperform" rating for the company in a research note on Thursday. Cantor Fitzgerald reiterated a "neutral" rating and issued a $150.00 target price on shares of QUALCOMM in a research note on Thursday, May 1st. Finally, Seaport Res Ptn upgraded QUALCOMM to a "hold" rating in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, QUALCOMM has an average rating of "Hold" and an average target price of $181.91.

QUALCOMM Stock Performance

Shares of QUALCOMM stock traded up $0.96 on Friday, reaching $147.72. 7,993,845 shares of the company were exchanged, compared to its average volume of 8,506,300. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.08 and a current ratio of 2.73. The company's 50-day moving average is $155.05 and its two-hundred day moving average is $155.00. The firm has a market cap of $162.20 billion, a price-to-earnings ratio of 14.26, a P/E/G ratio of 2.04 and a beta of 1.26. QUALCOMM Incorporated has a 1-year low of $120.80 and a 1-year high of $182.10.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its quarterly 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. The business had revenue of $10.37 billion for the quarter, compared to analysts' expectations of $10.33 billion. QUALCOMM had a return on equity of 40.44% and a net margin of 26.77%. The business's quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.33 EPS. As a group, research analysts expect that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be given a $0.89 dividend. This represents a $3.56 annualized dividend and a yield of 2.4%. The ex-dividend date is Thursday, September 4th. QUALCOMM's dividend payout ratio (DPR) is currently 36.25%.

Insider Activity at QUALCOMM

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of QUALCOMM stock in a transaction 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 transaction, the chief financial officer directly owned 46,446 shares in the company, valued at approximately $7,490,810.88. This trade represents a 6.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 value of $6,600,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 422,499 shares of company stock worth $8,090,351. 0.08% of the stock is owned by 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.