Sovran Advisors LLC Purchases 44,240 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Sovran Advisors LLC increased its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 1,543.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 47,107 shares of the wireless technology company's stock after purchasing an additional 44,240 shares during the period. QUALCOMM comprises about 0.9% of Sovran Advisors LLC's investment portfolio, making the stock its 24th largest position. Sovran Advisors LLC's holdings in QUALCOMM were worth $7,236,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. LaFleur & Godfrey LLC lifted its stake in QUALCOMM by 10.6% during the fourth quarter. LaFleur & Godfrey LLC now owns 3,126 shares of the wireless technology company's stock worth $480,000 after purchasing an additional 300 shares during the period. Brighton Jones LLC lifted its stake in QUALCOMM by 116.6% during the fourth quarter. Brighton Jones LLC now owns 17,356 shares of the wireless technology company's stock worth $2,666,000 after purchasing an additional 9,343 shares during the period. Revolve Wealth Partners LLC lifted its stake in QUALCOMM by 15.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 2,542 shares of the wireless technology company's stock worth $391,000 after purchasing an additional 340 shares during the period. Flputnam Investment Management Co. grew its position in QUALCOMM by 28.8% in the fourth quarter. Flputnam Investment Management Co. now owns 58,266 shares of the wireless technology company's stock valued at $8,951,000 after acquiring an additional 13,014 shares during the period. Finally, SVB Wealth LLC bought a new stake in QUALCOMM in the fourth quarter valued at $1,974,000. 74.35% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Heather S. Ace sold 1,600 shares of the company's stock in a transaction 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 now owns 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Akash J. Palkhiwala sold 1,781 shares of the company's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $132.10, for a total value of $235,270.10. Following the transaction, the chief financial officer now directly owns 57,997 shares in the company, valued at $7,661,403.70. This trade represents a 2.98% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 423,464 shares of company stock valued at $8,135,164 over the last 90 days. 0.08% of the stock is owned by company insiders.

QUALCOMM Price Performance

Shares of QCOM stock opened at $158.54 on Friday. The stock's fifty day moving average is $149.44 and its 200-day moving average is $154.80. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.08 and a current ratio of 2.73. The stock has a market capitalization of $174.08 billion, a PE ratio of 16.14, a PEG ratio of 2.05 and a beta of 1.26. QUALCOMM Incorporated has a 52 week low of $120.80 and a 52 week high of $211.09.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, topping 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 analysts' expectations of $10.58 billion. During the same quarter in the prior year, the business earned $2.44 earnings per share. The business's revenue for the quarter was up 17.0% on a year-over-year basis. Equities research analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th were paid a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend was Thursday, June 5th. This is a positive change from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's dividend payout ratio is 36.25%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Citigroup lowered their price target on QUALCOMM from $185.00 to $145.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Evercore ISI lowered their price target on QUALCOMM from $179.00 to $157.00 and set an "in-line" rating on the stock in a research report on Friday, May 2nd. Susquehanna lowered their price target on QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a research report on Thursday, May 1st. Robert W. Baird lowered their price target on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $225.00 price target 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 assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target 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.

Want to see what other hedge funds are holding QCOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for QUALCOMM Incorporated (NASDAQ:QCOM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.