Convergence Investment Partners LLC Has $6.57 Million Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Convergence Investment Partners LLC boosted its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 93.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,775 shares of the wireless technology company's stock after acquiring an additional 20,680 shares during the period. QUALCOMM accounts for approximately 1.8% of Convergence Investment Partners LLC's investment portfolio, making the stock its 5th biggest position. Convergence Investment Partners LLC's holdings in QUALCOMM were worth $6,571,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of QUALCOMM by 565.0% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 124,327 shares of the wireless technology company's stock valued at $19,098,000 after purchasing an additional 105,631 shares during the last quarter. PFG Advisors grew its position in shares of 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 buying an additional 321 shares during the last quarter. Teza Capital Management LLC purchased a new position in shares of QUALCOMM in the 4th quarter valued at $1,541,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of 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 buying an additional 6,017 shares during the last quarter. Finally, Kanawha Capital Management LLC grew its position in shares of QUALCOMM by 1.9% in the 1st quarter. Kanawha Capital Management LLC now owns 85,414 shares of the wireless technology company's stock valued at $13,120,000 after buying an additional 1,573 shares during the last quarter. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

QCOM has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their target price on shares of QUALCOMM from $185.00 to $190.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Cantor Fitzgerald reiterated a "neutral" rating and set a $150.00 price target on shares of QUALCOMM in a research note on Thursday, May 1st. Benchmark reduced their price objective on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. UBS Group raised their price objective on shares of QUALCOMM from $145.00 to $165.00 and gave the company a "neutral" rating in a research note on Monday. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $225.00 price target on shares of QUALCOMM in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, QUALCOMM currently has an average rating of "Hold" and a consensus price target of $184.86.

Insider Buying and Selling

In other QUALCOMM news, insider Heather S. Ace sold 1,600 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $137.74, for a total transaction of $220,384.00. Following the transaction, the insider owned 22,793 shares in the company, valued at $3,139,507.82. This trade represents a 6.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the 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 quarter, insiders have sold 424,099 shares of company stock worth $8,310,735. Insiders own 0.08% of the company's stock.

QUALCOMM Stock Performance

Shares of QUALCOMM stock traded down $0.44 during trading on Friday, hitting $158.40. 4,796,609 shares of the stock were exchanged, compared to its average volume of 8,341,247. The stock's fifty day moving average is $154.48 and its 200 day moving average is $155.04. The stock has a market cap of $173.92 billion, a PE ratio of 16.13, a P/E/G ratio of 2.06 and a beta of 1.26. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.08 and a current ratio of 2.73. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $182.64.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share 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 company had revenue of $10.98 billion during the quarter, compared to the consensus estimate of $10.58 billion. During the same period in the prior year, the company earned $2.44 EPS. QUALCOMM's revenue was up 17.0% on a year-over-year basis. As a group, sell-side analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current 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 issued a $0.89 dividend. The ex-dividend date is Thursday, September 4th. This represents a $3.56 dividend on an annualized basis and a yield of 2.25%. QUALCOMM's dividend payout ratio is currently 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.