Carnegie Investment Counsel Boosts Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Carnegie Investment Counsel raised its holdings in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 99.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 340,175 shares of the wireless technology company's stock after acquiring an additional 169,658 shares during the period. QUALCOMM makes up 1.1% of Carnegie Investment Counsel's investment portfolio, making the stock its 18th largest position. Carnegie Investment Counsel's holdings in QUALCOMM were worth $48,445,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of QCOM. 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 grew its holdings in shares of QUALCOMM by 70.0% during 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 purchasing an additional 70 shares during the last quarter. WFA Asset Management Corp bought a new position in shares of QUALCOMM during the 1st quarter valued at $27,000. Sunbeam Capital Management LLC purchased a new position in QUALCOMM in the 4th quarter worth $29,000. Finally, Mascagni Wealth Management Inc. bought a new stake in QUALCOMM in the fourth quarter worth $30,000. Institutional investors own 74.35% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Benchmark reduced their price objective on QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. UBS Group raised their price target on QUALCOMM from $145.00 to $165.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Seaport Res Ptn raised QUALCOMM to a "hold" rating in a research note on Friday, May 9th. JPMorgan Chase & Co. increased their price objective on QUALCOMM from $185.00 to $190.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Finally, Bank of America cut 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. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat, QUALCOMM has an average rating of "Hold" and an average price target of $184.86.

Insider Activity

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total transaction of $537,546.24. Following the transaction, the chief financial officer directly owned 46,446 shares of the company's stock, valued at $7,490,810.88. This represents a 6.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 completion of 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 position. The disclosure for this sale can be found here. Insiders sold 424,099 shares of company stock valued at $8,310,735 over the last three months. Insiders own 0.08% of the company's stock.

QUALCOMM Stock Down 0.3%

Shares of QCOM stock traded down $0.44 during trading hours on Friday, hitting $158.40. 4,805,669 shares of the company's stock traded hands, compared to its average volume of 7,220,092. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $182.64. The stock has a market cap of $173.92 billion, a price-to-earnings ratio of 16.13, a PEG ratio of 2.05 and a beta of 1.26. The stock's fifty day simple moving average is $154.60 and its two-hundred day simple moving average is $155.03. The company has a quick ratio of 2.08, a current ratio of 2.73 and a debt-to-equity ratio of 0.48.

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

QUALCOMM Dividend Announcement

The firm 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 annualized dividend and a yield of 2.25%. QUALCOMM's payout ratio is 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.