Goldman Sachs Group Inc. Has $1.11 Billion Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Goldman Sachs Group Inc. increased its holdings in QUALCOMM by 24.1% during the first quarter, owning approximately 7.25 million shares valued at over $1.11 billion.
• Recent research reports resulted in downward adjustments of QUALCOMM's price targets from various analysts, with the consensus rating now being a "Hold" and an average target price of $181.10.
• QUALCOMM announced a quarterly dividend of $0.89 per share, representing a 2.4% yield, and will be paid on September 25th to investors of record on September 4th.

Goldman Sachs Group Inc. boosted its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 24.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 7,254,759 shares of the wireless technology company's stock after buying an additional 1,407,797 shares during the period. Goldman Sachs Group Inc. owned approximately 0.66% of QUALCOMM worth $1,114,403,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Banque Transatlantique SA acquired a new stake in QUALCOMM during the 4th quarter worth approximately $26,000. Atlantic Edge Private Wealth Management LLC raised its holdings in shares of QUALCOMM by 70.0% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock valued at $26,000 after purchasing an additional 70 shares during the last quarter. WFA Asset Management Corp acquired a new stake in shares of QUALCOMM in the first quarter valued at approximately $27,000. Sunbeam Capital Management LLC acquired a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $29,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $30,000. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on QCOM shares. TD Cowen lowered their price objective on shares of QUALCOMM from $195.00 to $160.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Citigroup reiterated a "hold" rating on shares of QUALCOMM in a report on Thursday, July 17th. Bank of America lowered their target price on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, June 17th. Wells Fargo & Company lowered their target price on shares of QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a report on Thursday, May 1st. Finally, Cantor Fitzgerald restated a "neutral" rating and set a $150.00 target price on shares of QUALCOMM in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $181.10.

QUALCOMM Price Performance

QCOM traded down $0.87 on Wednesday, hitting $145.84. 8,450,254 shares of the stock were exchanged, compared to its average volume of 8,473,886. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $182.10. The business has a 50-day moving average of $155.08 and a two-hundred day moving average of $154.58. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.19 and a quick ratio of 2.38. The firm has a market capitalization of $157.36 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 2.14 and a beta of 1.23.

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

QUALCOMM Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be given a dividend of $0.89 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $3.56 annualized dividend and a yield of 2.4%. QUALCOMM's dividend payout ratio is currently 34.33%.

Insider Transactions at QUALCOMM

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total value of $537,546.24. Following the completion of the transaction, the chief financial officer owned 46,446 shares of the company's stock, valued at approximately $7,490,810.88. This represents a 6.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the company'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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 424,099 shares of company stock valued at $8,352,355. 0.08% of the stock is currently owned by insiders.

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.