New York State Common Retirement Fund Raises Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

New York State Common Retirement Fund lifted its position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 3.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,471,284 shares of the wireless technology company's stock after buying an additional 48,991 shares during the quarter. New York State Common Retirement Fund owned approximately 0.13% of QUALCOMM worth $226,004,000 at the end of the most recent quarter.

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

QUALCOMM Trading Down 1.0%

NASDAQ:QCOM traded down $1.63 during trading hours on Friday, hitting $157.46. The company had a trading volume of 5,902,831 shares, compared to its average volume of 8,533,651. QUALCOMM Incorporated has a 52 week low of $120.80 and a 52 week high of $211.09. The company has a market capitalization of $172.89 billion, a PE ratio of 16.03, a price-to-earnings-growth ratio of 2.03 and a beta of 1.26. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08. The stock has a 50-day moving average price of $152.83 and a 200 day moving average price of $155.03.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, beating analysts' consensus estimates of $2.82 by $0.03. QUALCOMM had a net margin of 26.11% and a return on equity of 40.11%. The firm had revenue of $10.98 billion for the quarter, compared to analysts' expectations of $10.58 billion. During the same quarter in the previous year, the business posted $2.44 EPS. The company's quarterly revenue was up 17.0% on a year-over-year basis. On average, equities research analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on QCOM shares. 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. JPMorgan Chase & Co. reissued an "overweight" rating and set a $185.00 price target on shares of QUALCOMM in a research note on Tuesday, April 29th. Bank of America decreased their price target on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, June 17th. Seaport Res Ptn raised shares of QUALCOMM to a "hold" rating in a research note on Friday, May 9th. Finally, Wall Street Zen downgraded shares of QUALCOMM from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $186.39.

Insider Activity

In other news, major shareholder Inc/De Qualcomm sold 412,500 shares of the business's stock in a transaction 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 sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,333 shares of QUALCOMM stock in a transaction dated Wednesday, July 2nd. The stock was 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 directly owned 46,446 shares of the company's stock, valued at approximately $7,490,810.88. This represents a 6.70% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 424,099 shares of company stock worth $8,310,735. Corporate insiders own 0.08% of the company's stock.

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.