NewEdge Wealth LLC Grows Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• NewEdge Wealth LLC significantly increased its stake in QUALCOMM, acquiring an additional 131,713 shares for a total of 182,549 shares, bringing their holdings to approximately $28 million.
• Analysts have varied opinions on QUALCOMM, with the consensus rating currently at "Hold" and a price target of $181.10, reflecting both upgrades and downgrades from various research firms recently.
• QUALCOMM has declared a quarterly dividend of $0.89 per share, with a scheduled payment date of September 25th, representing an annualized yield of 2.4%.

NewEdge Wealth LLC lifted its stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 259.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 182,549 shares of the wireless technology company's stock after buying an additional 131,713 shares during the period. NewEdge Wealth LLC's holdings in QUALCOMM were worth $28,041,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Banque Transatlantique SA acquired a new stake in shares of QUALCOMM in the 4th quarter valued at $26,000. Atlantic Edge Private Wealth Management LLC increased its stake in shares of QUALCOMM by 70.0% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock valued at $26,000 after buying an additional 70 shares during the period. WFA Asset Management Corp acquired a new stake in shares of QUALCOMM in the 1st quarter valued at $27,000. Sunbeam Capital Management LLC acquired a new stake in shares of QUALCOMM in the 4th quarter valued at $29,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in shares of QUALCOMM in the 4th quarter valued at $30,000. 74.35% of the stock is owned by institutional investors and hedge funds.

QUALCOMM Stock Up 1.0%

NASDAQ QCOM traded up $1.43 during trading hours on Friday, hitting $148.19. The company's stock had a trading volume of 12,700,280 shares, compared to its average volume of 8,379,979. QUALCOMM Incorporated has a 52 week low of $120.80 and a 52 week high of $182.10. The company has a market capitalization of $159.90 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 2.18 and a beta of 1.23. The company has a current ratio of 3.19, a quick ratio of 2.38 and a debt-to-equity ratio of 0.54. The company's 50-day simple moving average is $155.11 and its two-hundred day simple moving average is $154.81.

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, beating 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 for the quarter, compared to analysts' expectations of $10.33 billion. During the same quarter last year, the firm earned $2.33 EPS. The firm's revenue for the quarter was up 10.4% compared to the same quarter last year. Research analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders 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 dividend yield of 2.4%. QUALCOMM's dividend payout ratio (DPR) is currently 34.33%.

Insiders Place Their Bets

In other QUALCOMM news, major shareholder Inc/De Qualcomm sold 412,500 shares of QUALCOMM 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 legal filing with the SEC, which is accessible through this link. Also, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $146.40, for a total transaction of $234,240.00. Following the transaction, the insider directly owned 21,193 shares in the company, valued at approximately $3,102,655.20. This represents a 7.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 424,099 shares of company stock valued at $8,324,591 in the last 90 days. 0.08% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Mizuho lowered 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. Benchmark decreased their price objective on QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Susquehanna decreased their price objective on QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a research note on Thursday, May 1st. Loop Capital decreased their price objective on QUALCOMM from $180.00 to $155.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Finally, Citigroup reaffirmed a "hold" rating on shares of QUALCOMM in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, QUALCOMM presently has an average rating of "Hold" and an average target price of $181.10.

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.