Rossby Financial LCC Purchases Shares of 1,738 QUALCOMM Incorporated (NASDAQ:QCOM)

Rossby Financial LCC acquired a new stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 1,738 shares of the wireless technology company's stock, valued at approximately $258,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in QUALCOMM by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 113,730,186 shares of the wireless technology company's stock valued at $17,471,231,000 after acquiring an additional 707,468 shares in the last quarter. Geode Capital Management LLC increased its position in shares of QUALCOMM by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 27,798,900 shares of the wireless technology company's stock valued at $4,262,826,000 after purchasing an additional 670,432 shares during the last quarter. Norges Bank acquired a new stake in shares of QUALCOMM in the 4th quarter valued at $2,721,882,000. Amundi lifted its position in shares of QUALCOMM by 36.6% during the 4th quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock worth $2,313,634,000 after purchasing an additional 3,905,918 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of QUALCOMM by 12.7% during the fourth quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company's stock worth $2,041,535,000 after purchasing an additional 1,493,076 shares in the last quarter. 74.35% of the stock is owned by institutional investors and hedge funds.

QUALCOMM Stock Performance

NASDAQ QCOM opened at $162.32 on Thursday. The firm has a market cap of $178.23 billion, a P/E ratio of 16.53, a P/E/G ratio of 2.06 and a beta of 1.26. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $211.09. The business's 50-day moving average price is $150.75 and its 200 day moving average price is $154.87. 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 earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.03. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. The company had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $10.58 billion. During the same period last year, the business posted $2.44 EPS. The company's revenue was up 17.0% on a year-over-year basis. On average, equities research analysts expect that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th were paid a $0.89 dividend. This is a boost from QUALCOMM's previous quarterly dividend of $0.85. This represents a $3.56 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend was Thursday, June 5th. QUALCOMM's payout ratio is currently 36.25%.

Insider Buying and Selling at QUALCOMM

In related news, insider Heather S. Ace sold 1,600 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $137.74, for a total transaction of $220,384.00. Following the completion of the transaction, the insider directly owned 22,793 shares of the company's stock, valued at $3,139,507.82. This represents a 6.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $139.77, for a total transaction of $465,853.41. Following the completion of the sale, the chief financial officer owned 53,112 shares of the company's stock, valued at approximately $7,423,464.24. The trade was a 5.90% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 426,797 shares of company stock valued at $8,672,710. 0.08% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Citigroup cut their price target on QUALCOMM from $185.00 to $145.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $150.00 price objective on shares of QUALCOMM in a report on Thursday, May 1st. Rosenblatt Securities reissued a "buy" rating and set a $225.00 target price on shares of QUALCOMM in a research report on Thursday, May 1st. Benchmark lowered their price target on QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. reiterated an "overweight" rating and issued a $185.00 price target on shares of QUALCOMM in a research note on Tuesday, April 29th. 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $186.96.

About QUALCOMM

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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