QUALCOMM Incorporated (NASDAQ:QCOM) Shares Acquired by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its position in QUALCOMM Inc. by 12.3%, owning 1,328,759 shares valued at approximately $203.9 million after acquiring an additional 145,509 shares in the first quarter.
• QUALCOMM's recent quarterly earnings beat expectations with $2.77 earnings per share against a consensus estimate of $2.71, marking a 10.4% year-over-year revenue growth.
• The company declared a quarterly dividend of $0.89 per share to be paid on September 25, reflecting a 2.4% dividend yield based on an annualized payout of $3.56.

Russell Investments Group Ltd. raised its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 12.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,328,759 shares of the wireless technology company's stock after purchasing an additional 145,509 shares during the period. Russell Investments Group Ltd. owned 0.12% of QUALCOMM worth $203,904,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in shares of QUALCOMM by 565.0% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 124,327 shares of the wireless technology company's stock worth $19,098,000 after buying an additional 105,631 shares during the period. PFG Advisors boosted its holdings in QUALCOMM by 8.0% in the 1st quarter. PFG Advisors now owns 4,314 shares of the wireless technology company's stock valued at $663,000 after purchasing an additional 321 shares during the period. Teza Capital Management LLC bought a new stake in QUALCOMM in the 4th quarter valued at $1,541,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in QUALCOMM by 3.3% in the 1st 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 purchasing an additional 6,017 shares during the period. Finally, Manchester Capital Management LLC boosted its holdings in QUALCOMM by 0.5% in the 1st quarter. Manchester Capital Management LLC now owns 24,169 shares of the wireless technology company's stock valued at $3,713,000 after purchasing an additional 129 shares during the period. 74.35% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Robert W. Baird decreased their price objective on shares of QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Sanford C. Bernstein set a $185.00 price objective on shares of QUALCOMM and gave the company an "outperform" rating in a report on Monday, July 28th. Citigroup restated a "hold" rating on shares of QUALCOMM in a report on Thursday, July 17th. Rosenblatt Securities restated a "buy" rating and set a $225.00 price objective on shares of QUALCOMM in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of QUALCOMM from $190.00 to $200.00 and gave the company an "overweight" rating in a report on Monday, July 28th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, QUALCOMM currently has a consensus rating of "Hold" and an average price target of $181.10.

QUALCOMM Price Performance

Shares of QCOM stock opened at $147.97 on Tuesday. QUALCOMM Incorporated has a twelve month low of $120.80 and a twelve month high of $182.10. The stock has a market capitalization of $159.66 billion, a price-to-earnings ratio of 14.27, a P/E/G ratio of 2.15 and a beta of 1.23. The stock has a fifty day simple moving average of $155.10 and a two-hundred day simple moving average of $153.89. The company has a current ratio of 3.19, a quick ratio of 2.38 and a debt-to-equity ratio of 0.54.

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

QUALCOMM Announces Dividend

The business 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 is Thursday, September 4th. This represents a $3.56 dividend on an annualized basis and a yield of 2.4%. QUALCOMM's dividend payout ratio (DPR) is presently 34.33%.

Insider Buying and Selling

In other QUALCOMM news, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was 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 Securities & Exchange Commission, which is available at the SEC website. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total value of $537,546.24. Following the sale, the chief financial officer directly owned 46,446 shares of the company's stock, valued at approximately $7,490,810.88. This trade represents a 6.70% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 424,099 shares of company stock worth $8,352,355. 0.08% of the stock is owned by corporate 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.

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