Sweeney & Michel LLC Makes New $621,000 Investment in QUALCOMM Incorporated (NASDAQ:QCOM)

Sweeney & Michel LLC bought a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 4,043 shares of the wireless technology company's stock, valued at approximately $621,000.

Other hedge funds have also modified their holdings of the company. Howard Bailey Securities LLC purchased a new stake in shares of QUALCOMM during the 4th quarter worth about $240,000. Teza Capital Management LLC purchased a new stake in shares of QUALCOMM during the 4th quarter worth about $1,541,000. Purkiss Capital Advisors LLC acquired a new position in shares of QUALCOMM during the 4th quarter worth about $303,000. Amundi raised its position in shares of QUALCOMM by 36.6% during the 4th quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock worth $2,313,634,000 after purchasing an additional 3,905,918 shares during the last quarter. Finally, First Foundation Advisors raised its position in shares of QUALCOMM by 41.2% during the 4th quarter. First Foundation Advisors now owns 156,770 shares of the wireless technology company's stock worth $24,083,000 after purchasing an additional 45,769 shares during the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.

QUALCOMM Price Performance

Shares of QCOM traded up $1.45 during mid-day trading on Thursday, reaching $149.61. 1,933,779 shares of the company's stock were exchanged, compared to its average volume of 8,726,838. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49. The company has a 50-day simple moving average of $143.81 and a two-hundred day simple moving average of $155.34. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $230.63. The company has a market cap of $164.27 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 2.01 and a beta of 1.29.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released 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. The firm had revenue of $10.98 billion during the quarter, compared to analysts' expectations of $10.58 billion. QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. QUALCOMM's revenue for the quarter was up 17.0% on a year-over-year basis. During the same period in the previous year, the company earned $2.44 EPS. On average, sell-side analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be paid a dividend of $0.89 per share. The ex-dividend date 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 dividend yield of 2.38%. QUALCOMM's payout ratio is currently 36.25%.

Insider Activity

In related news, CFO Akash J. Palkhiwala sold 269 shares of the company's stock in a transaction on Monday, April 7th. The shares were sold at an average price of $131.10, for a total transaction of $35,265.90. Following the completion of the sale, the chief financial officer now directly owns 57,728 shares of the company's stock, valued at approximately $7,568,140.80. This represents a 0.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 sale, the insider now directly owns 22,793 shares of the company's stock, valued at approximately $3,139,507.82. This trade represents a 6.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 425,064 shares of company stock valued at $8,381,948 in the last ninety days. Company insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

QCOM has been the subject of several research analyst reports. 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. Robert W. Baird cut their price objective on shares of QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Seaport Res Ptn raised shares of QUALCOMM to a "hold" rating in a research note on Friday, May 9th. Wells Fargo & Company dropped their price target on shares of QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a research note on Thursday, May 1st. Finally, Susquehanna dropped their price target on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $189.88.

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.