Stockman Wealth Management Inc. Acquires 42,536 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Stockman Wealth Management Inc. raised its stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 669.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 48,891 shares of the wireless technology company's stock after purchasing an additional 42,536 shares during the quarter. Stockman Wealth Management Inc.'s holdings in QUALCOMM were worth $7,510,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of QCOM. Kohmann Bosshard Financial Services LLC purchased a new position in QUALCOMM in the fourth quarter worth $26,000. Banque Transatlantique SA acquired a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $26,000. WFA Asset Management Corp acquired a new stake in QUALCOMM during the 1st quarter valued at $27,000. Centricity Wealth Management LLC purchased a new stake in QUALCOMM during the 4th quarter worth about $29,000. Finally, Sunbeam Capital Management LLC purchased a new stake in shares of QUALCOMM during the fourth quarter worth about $29,000. 74.35% of the stock is owned by institutional investors and hedge funds.

QUALCOMM Stock Performance

NASDAQ:QCOM traded up $2.15 during mid-day trading on Monday, hitting $156.87. The stock had a trading volume of 8,680,450 shares, compared to its average volume of 8,741,916. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49. The company has a 50 day simple moving average of $145.85 and a 200-day simple moving average of $155.14. The stock has a market capitalization of $172.24 billion, a price-to-earnings ratio of 16.76, a P/E/G 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 announced its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.82 by $0.03. QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. The firm had revenue of $10.98 billion during the quarter, compared to analyst estimates of $10.58 billion. During the same quarter in the prior year, the firm posted $2.44 EPS. QUALCOMM's revenue was up 17.0% compared to the same quarter last year. On average, 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 declared a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be given a $0.89 dividend. The ex-dividend date of this dividend is Thursday, June 5th. This is a boost from QUALCOMM's previous quarterly dividend of $0.85. This represents a $3.56 annualized dividend and a yield of 2.27%. QUALCOMM's payout ratio is 36.25%.

Insider Activity at QUALCOMM

In other news, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $16.00, for a total value of $6,600,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction of $486,951.30. Following the sale, the chief financial officer now directly owns 49,779 shares of the company's stock, valued at $7,272,711.90. This trade represents a 6.28% decrease in their position. 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 ninety days. Insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Wells Fargo & Company dropped their target price on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a research note on Thursday, May 1st. Susquehanna reduced their target price on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a report on Thursday, May 1st. Benchmark lowered their price objective on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $150.00 target price on shares of QUALCOMM in a research report on Thursday, May 1st. Finally, Citigroup cut their price target on shares of QUALCOMM from $185.00 to $145.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $189.88.

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.