Smithbridge Asset Management Inc. DE Takes Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Smithbridge Asset Management Inc. DE bought a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 67,723 shares of the wireless technology company's stock, valued at approximately $10,403,000. QUALCOMM accounts for approximately 1.9% of Smithbridge Asset Management Inc. DE's portfolio, making the stock its 15th largest holding.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Donald L. Hagan LLC boosted its position in QUALCOMM by 1.7% during the first quarter. Donald L. Hagan LLC now owns 9,461 shares of the wireless technology company's stock worth $1,453,000 after purchasing an additional 159 shares in the last quarter. Verity & Verity LLC boosted its position in QUALCOMM by 11.5% during the first quarter. Verity & Verity LLC now owns 64,042 shares of the wireless technology company's stock worth $9,837,000 after purchasing an additional 6,598 shares in the last quarter. RMR Wealth Builders boosted its position in QUALCOMM by 14.1% during the first quarter. RMR Wealth Builders now owns 10,465 shares of the wireless technology company's stock worth $1,608,000 after purchasing an additional 1,292 shares in the last quarter. NorthCrest Asset Manangement LLC boosted its position in QUALCOMM by 1.2% during the first quarter. NorthCrest Asset Manangement LLC now owns 65,278 shares of the wireless technology company's stock worth $10,027,000 after purchasing an additional 780 shares in the last quarter. Finally, Legacy Trust boosted its position in QUALCOMM by 1.8% during the first quarter. Legacy Trust now owns 42,346 shares of the wireless technology company's stock worth $6,505,000 after purchasing an additional 735 shares in the last quarter. 74.35% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $137.74, for a total value of $220,384.00. Following the completion of the sale, the insider now directly owns 22,793 shares of the company's stock, valued at approximately $3,139,507.82. The trade was a 6.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,333 shares of QUALCOMM stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $146.10, for a total value of $486,951.30. Following the completion of the sale, the chief financial officer now directly owns 49,779 shares of the company's stock, valued at $7,272,711.90. The trade was a 6.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 423,464 shares of company stock valued at $8,135,164 over the last quarter. 0.08% of the stock is owned by insiders.

QUALCOMM Trading Down 2.5%

QUALCOMM stock traded down $3.98 during trading on Friday, reaching $154.72. 8,444,486 shares of the company were exchanged, compared to its average volume of 8,732,938. The stock's 50 day simple moving average is $145.25 and its two-hundred day simple moving average is $155.17. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99. The company has a market capitalization of $169.88 billion, a P/E ratio of 16.53, a PEG ratio of 2.01 and a beta of 1.26. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $230.63.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.03. The company had revenue of $10.98 billion during the quarter, compared to analysts' expectations of $10.58 billion. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The firm's quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter last year, the firm earned $2.44 earnings per share. On average, equities research analysts expect that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be paid a dividend of $0.89 per share. This is a boost from QUALCOMM's previous quarterly dividend of $0.85. The ex-dividend date is Thursday, June 5th. This represents a $3.56 annualized dividend and a yield of 2.30%. QUALCOMM's dividend payout ratio (DPR) is 36.25%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on QCOM. JPMorgan Chase & Co. reiterated an "overweight" rating and set a $185.00 price target on shares of QUALCOMM in a research report on Tuesday, April 29th. TD Cowen decreased their target price on QUALCOMM from $195.00 to $160.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Robert W. Baird decreased their target price on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Wall Street Zen downgraded QUALCOMM from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Cantor Fitzgerald restated a "neutral" rating and issued a $150.00 target price on shares of QUALCOMM in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $189.88.

QUALCOMM 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.