Sumitomo Mitsui Trust Group Inc. Has $544.04 Million Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 0.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,541,661 shares of the wireless technology company's stock after buying an additional 30,369 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.32% of QUALCOMM worth $544,035,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Golden State Wealth Management LLC boosted its stake in QUALCOMM by 24.8% during the first quarter. Golden State Wealth Management LLC now owns 4,457 shares of the wireless technology company's stock worth $685,000 after acquiring an additional 885 shares in the last quarter. Patron Partners LLC raised its holdings in shares of QUALCOMM by 8.2% during the first quarter. Patron Partners LLC now owns 4,583 shares of the wireless technology company's stock valued at $704,000 after purchasing an additional 349 shares during the period. Mendel Capital Management LLC boosted its position in shares of QUALCOMM by 12.7% during the 1st quarter. Mendel Capital Management LLC now owns 7,318 shares of the wireless technology company's stock worth $1,124,000 after purchasing an additional 826 shares in the last quarter. Confluence Wealth Services Inc. grew its stake in shares of QUALCOMM by 38.4% in the 1st quarter. Confluence Wealth Services Inc. now owns 11,500 shares of the wireless technology company's stock valued at $1,615,000 after buying an additional 3,190 shares during the period. Finally, CWC Advisors LLC. grew its stake in shares of QUALCOMM by 41.4% in the 1st quarter. CWC Advisors LLC. now owns 11,558 shares of the wireless technology company's stock valued at $1,775,000 after buying an additional 3,384 shares during the period. Institutional investors own 74.35% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on QCOM. Wall Street Zen lowered QUALCOMM from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. Wells Fargo & Company cut their target price on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a report on Thursday, May 1st. Citigroup reduced their price target on shares of QUALCOMM from $185.00 to $145.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Bank of America dropped their price objective on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, June 17th. Finally, Benchmark lowered their target price on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $186.96.

Insider Activity

In other news, 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 owns 57,997 shares of the company's stock, valued at approximately $7,661,403.70. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $137.74, for a total transaction of $220,384.00. Following the sale, the insider now 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 disclosure for this sale can be found here. Over the last three months, insiders sold 423,464 shares of company stock worth $8,135,164. 0.08% of the stock is owned by corporate insiders.

QUALCOMM Trading Up 0.2%

Shares of QUALCOMM stock opened at $158.54 on Friday. The firm has a market cap of $174.08 billion, a PE ratio of 16.14, a P/E/G ratio of 2.04 and a beta of 1.26. The stock has a fifty day moving average price of $149.44 and a 200-day moving average price of $154.84. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08. QUALCOMM Incorporated has a 1 year low of $120.80 and a 1 year high of $211.09.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 period last year, the business posted $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 anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

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

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.

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