Baker Avenue Asset Management LP Acquires 15,074 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Baker Avenue Asset Management LP increased its stake in QUALCOMM by 19.3% in the first quarter, holding a total of 93,344 shares valued at approximately $14.34 million.
• QUALCOMM reported $2.77 EPS for its recent quarter, surpassing analysts' expectations, with a revenue of $10.37 billion, marking a 10.4% increase from the previous year.
• The company announced a quarterly dividend of $0.89, with the payout representing an annualized yield of 2.4% and a payout ratio of 36.25%.

Baker Avenue Asset Management LP grew its stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 19.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 93,344 shares of the wireless technology company's stock after purchasing an additional 15,074 shares during the quarter. Baker Avenue Asset Management LP's holdings in QUALCOMM were worth $14,339,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of QCOM. GAMMA Investing LLC raised its position in shares of QUALCOMM by 20,700.4% in the first quarter. GAMMA Investing LLC now owns 3,262,754 shares of the wireless technology company's stock valued at $501,192,000 after purchasing an additional 3,247,068 shares during the period. Northern Trust Corp grew its stake in shares of 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 acquiring an additional 1,493,076 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of QUALCOMM by 17.0% in 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 acquiring an additional 1,424,106 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of QUALCOMM in the fourth quarter valued at about $204,085,000. Finally, Capital Research Global Investors grew its stake in shares of QUALCOMM by 525.5% in the fourth quarter. Capital Research Global Investors now owns 1,413,495 shares of the wireless technology company's stock valued at $217,141,000 after acquiring an additional 1,187,531 shares in the last quarter. 74.35% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on QCOM. Susquehanna decreased their price target on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a research note on Thursday, May 1st. Cantor Fitzgerald restated a "neutral" rating and issued a $150.00 price target on shares of QUALCOMM in a research note on Thursday, May 1st. JPMorgan Chase & Co. upped their price target on shares of QUALCOMM from $190.00 to $200.00 and gave the company an "overweight" rating in a research note on Monday. Seaport Res Ptn upgraded shares of QUALCOMM to a "hold" rating in a research note on Friday, May 9th. Finally, Robert W. Baird decreased their price target on shares of QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. 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. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $181.91.

Insider Activity at QUALCOMM

In related news, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm's stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Heather S. Ace sold 1,600 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $146.40, for a total transaction of $234,240.00. Following the completion of the transaction, the insider owned 21,193 shares of the company's stock, valued at approximately $3,102,655.20. This trade represents a 7.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 424,099 shares of company stock worth $8,324,591 in the last quarter. 0.08% of the stock is owned by insiders.

QUALCOMM Price Performance

Shares of QCOM stock traded up $1.43 on Friday, reaching $148.19. The company had a trading volume of 12,700,280 shares, compared to its average volume of 7,744,643. The stock has a market capitalization of $159.90 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 1.88 and a beta of 1.23. The company has a quick ratio of 2.08, a current ratio of 3.19 and a debt-to-equity ratio of 0.54. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $182.10. The business's 50-day moving average is $155.11 and its 200 day moving average is $154.93.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 EPS for the quarter, topping analysts' consensus estimates of $2.71 by $0.06. The firm had revenue of $10.37 billion during the quarter, compared to analysts' expectations of $10.33 billion. QUALCOMM had a net margin of 26.77% and a return on equity of 40.35%. The business's revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.33 earnings per share. Equities research analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Announces Dividend

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