Sprucegrove Investment Management Ltd. Has $16.71 Million Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Sprucegrove Investment Management Ltd. reduced its stake in QUALCOMM by 25.1% in the first quarter, now holding 108,760 shares valued at approximately $16.71 million, making it the 13th largest holding in their portfolio.
• QUALCOMM reported $2.77 earnings per share for the last quarter, exceeding analysts' expectations of $2.71, with total revenue of $10.37 billion, marking a year-over-year increase of 10.4%.
• The company recently announced a quarterly dividend of $0.89 per share, which reflects an annualized yield of 2.3% and a payout ratio of 34.33%.

Sprucegrove Investment Management Ltd. reduced its stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 25.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 108,760 shares of the wireless technology company's stock after selling 36,378 shares during the quarter. QUALCOMM makes up 1.4% of Sprucegrove Investment Management Ltd.'s investment portfolio, making the stock its 13th largest holding. Sprucegrove Investment Management Ltd.'s holdings in QUALCOMM were worth $16,707,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Eagle Strategies LLC increased its position in QUALCOMM by 4.3% in the 4th quarter. Eagle Strategies LLC now owns 1,427 shares of the wireless technology company's stock worth $219,000 after buying an additional 59 shares during the period. Clark Capital Management Group Inc. increased its position in QUALCOMM by 3.6% in the 4th quarter. Clark Capital Management Group Inc. now owns 1,717 shares of the wireless technology company's stock worth $264,000 after buying an additional 59 shares during the period. Westwood Holdings Group Inc. increased its position in shares of QUALCOMM by 2.1% during the fourth quarter. Westwood Holdings Group Inc. now owns 3,313 shares of the wireless technology company's stock valued at $509,000 after purchasing an additional 69 shares during the period. Collaborative Wealth Managment Inc. increased its position in shares of QUALCOMM by 5.1% during the first quarter. Collaborative Wealth Managment Inc. now owns 1,412 shares of the wireless technology company's stock valued at $217,000 after purchasing an additional 69 shares during the period. Finally, Thoroughbred Financial Services LLC increased its position in shares of QUALCOMM by 0.3% during the first quarter. Thoroughbred Financial Services LLC now owns 25,254 shares of the wireless technology company's stock valued at $3,879,000 after purchasing an additional 69 shares during the period. 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 research reports. Rosenblatt Securities restated a "buy" rating and set a $225.00 price objective on shares of QUALCOMM in a research report on Thursday, July 31st. Wells Fargo & Company lowered their price objective on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a research report on Thursday, May 1st. Robert W. Baird lowered their price objective on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Piper Sandler lowered their price objective on QUALCOMM from $190.00 to $175.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. Finally, Seaport Res Ptn upgraded QUALCOMM to a "hold" rating in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $181.10.

QUALCOMM Price Performance

QUALCOMM stock opened at $157.85 on Friday. The business's 50-day simple moving average is $155.73 and its 200 day simple moving average is $153.73. The stock has a market cap of $170.32 billion, a price-to-earnings ratio of 15.22, a P/E/G ratio of 2.30 and a beta of 1.23. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $182.10. The company has a quick ratio of 2.38, a current ratio of 3.19 and a debt-to-equity ratio of 0.54.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.71 by $0.06. QUALCOMM had a return on equity of 40.35% and a net margin of 26.77%. The firm had revenue of $10.37 billion for the quarter, compared to analysts' expectations of $10.33 billion. During the same quarter last year, the business earned $2.33 earnings per share. The company's revenue was up 10.4% compared to the same quarter last year. As a group, research analysts anticipate that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 4th will be issued a dividend of $0.89 per share. The ex-dividend date is Thursday, September 4th. This represents a $3.56 dividend on an annualized basis and a yield of 2.3%. QUALCOMM's dividend payout ratio (DPR) is 34.33%.

Insiders Place Their Bets

In other news, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $16.00, for a total transaction of $6,600,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total value of $537,546.24. Following the sale, the chief financial officer directly owned 46,446 shares in the company, valued at approximately $7,490,810.88. This represents a 6.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 424,099 shares of company stock worth $8,352,355. Insiders own 0.08% of the company's stock.

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.

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