State of Alaska Department of Revenue Has $31.77 Million Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

State of Alaska Department of Revenue increased its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 1.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 206,830 shares of the wireless technology company's stock after purchasing an additional 2,890 shares during the period. State of Alaska Department of Revenue's holdings in QUALCOMM were worth $31,770,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of QCOM. Norges Bank bought a new position in QUALCOMM during the fourth quarter worth about $2,721,882,000. Amundi raised its position in shares of QUALCOMM by 36.6% in the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock valued at $2,313,634,000 after buying an additional 3,905,918 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $527,053,000. GAMMA Investing LLC raised its holdings in QUALCOMM by 20,700.4% in the 1st quarter. GAMMA Investing LLC now owns 3,262,754 shares of the wireless technology company's stock valued at $501,192,000 after buying an additional 3,247,068 shares during the last quarter. Finally, Northern Trust Corp increased its position in QUALCOMM by 12.7% in the 4th quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company's stock valued at $2,041,535,000 after acquiring an additional 1,493,076 shares during the period. Institutional investors and hedge funds own 74.35% of the company's stock.

Insider Buying and Selling

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $146.10, for a total value of $486,951.30. Following the completion of the transaction, the chief financial officer now directly owns 49,779 shares of the company's stock, valued at $7,272,711.90. This represents a 6.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Heather S. Ace sold 1,600 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $137.74, for a total value of $220,384.00. Following the completion of the transaction, the insider now owns 22,793 shares of the company's stock, 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. Over the last ninety days, insiders have sold 423,464 shares of company stock worth $8,135,164. 0.08% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Benchmark reduced their price objective on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Rosenblatt Securities reiterated a "buy" rating and issued a $225.00 target price on shares of QUALCOMM in a report on Thursday, May 1st. Bank of America cut their price target on QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday. Robert W. Baird reduced their price objective on shares of QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Finally, Seaport Res Ptn upgraded shares of QUALCOMM to a "hold" rating in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, QUALCOMM presently has an average rating of "Hold" and a consensus price target of $190.28.

QUALCOMM Stock Performance

Shares of QUALCOMM stock opened at $154.46 on Wednesday. QUALCOMM Incorporated has a 52 week low of $120.80 and a 52 week high of $230.63. The company has a quick ratio of 2.08, a current ratio of 2.73 and a debt-to-equity ratio of 0.48. The business has a 50 day moving average price of $146.71 and a 200-day moving average price of $155.12. The company has a market cap of $169.60 billion, a PE ratio of 15.73, a price-to-earnings-growth ratio of 1.75 and a beta of 1.26.

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 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 business had revenue of $10.98 billion during the quarter, compared to the consensus estimate of $10.58 billion. During the same quarter in the prior year, the company posted $2.44 earnings per share. QUALCOMM's revenue was up 17.0% compared to the same quarter last year. Equities analysts anticipate that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be issued a $0.89 dividend. The ex-dividend date is Thursday, June 5th. This represents a $3.56 annualized dividend and a dividend yield of 2.30%. This is an increase from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's dividend payout ratio is currently 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.

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.