Summa Corp. Buys Shares of 42,882 QUALCOMM Incorporated (NASDAQ:QCOM)

Summa Corp. purchased a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 42,882 shares of the wireless technology company's stock, valued at approximately $6,202,000. QUALCOMM makes up approximately 4.3% of Summa Corp.'s portfolio, making the stock its 7th biggest position.

Several other hedge funds have also recently bought and sold shares of QCOM. Vanguard Group Inc. lifted its holdings in QUALCOMM by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 110,717,388 shares of the wireless technology company's stock valued at $12,296,273,000 after purchasing an additional 483,390 shares in the last quarter. Morgan Stanley grew its holdings in QUALCOMM by 2.2% in the 3rd quarter. Morgan Stanley now owns 20,767,489 shares of the wireless technology company's stock valued at $2,306,438,000 after buying an additional 438,660 shares during the period. Northern Trust Corp grew its holdings in QUALCOMM by 3.5% in the third quarter. Northern Trust Corp now owns 12,291,482 shares of the wireless technology company's stock valued at $1,365,092,000 after purchasing an additional 415,398 shares during the period. Invesco Ltd. lifted its position in QUALCOMM by 15.7% during the third quarter. Invesco Ltd. now owns 9,249,675 shares of the wireless technology company's stock valued at $1,027,269,000 after buying an additional 1,253,173 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in QUALCOMM by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,317,857 shares of the wireless technology company's stock worth $913,752,000 after buying an additional 259,403 shares in the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Cristiano R. Amon sold 8,100 shares of the firm's stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $181.00, for a total value of $1,466,100.00. Following the transaction, the chief executive officer now owns 8,100 shares in the company, valued at $1,466,100. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CTO James H. Thompson sold 8,000 shares of the firm's stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $182.00, for a total value of $1,456,000.00. Following the completion of the sale, the chief technology officer now directly owns 253,893 shares in the company, valued at approximately $46,208,526. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Cristiano R. Amon sold 8,100 shares of the business's stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $181.00, for a total transaction of $1,466,100.00. Following the sale, the chief executive officer now owns 8,100 shares of the company's stock, valued at approximately $1,466,100. The disclosure for this sale can be found here. Over the last three months, insiders have sold 57,416 shares of company stock valued at $9,804,298. 0.08% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wolfe Research raised their target price on QUALCOMM from $180.00 to $200.00 and gave the company an "outperform" rating in a research note on Thursday, May 2nd. Canaccord Genuity Group increased their price objective on QUALCOMM from $180.00 to $206.00 and gave the company a "buy" rating in a research report on Thursday, May 2nd. Argus lifted their target price on shares of QUALCOMM from $180.00 to $205.00 and gave the stock a "buy" rating in a research report on Tuesday. JPMorgan Chase & Co. raised their target price on QUALCOMM from $170.00 to $185.00 and gave the stock an "overweight" rating in a research report on Thursday, May 2nd. Finally, TD Cowen increased their price objective on QUALCOMM from $160.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, February 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and seventeen have given a buy rating to the company's stock. According to data from MarketBeat, QUALCOMM has a consensus rating of "Moderate Buy" and a consensus target price of $180.48.

QUALCOMM Stock Up 0.9 %

Shares of QUALCOMM stock traded up $1.54 on Friday, reaching $182.08. 4,699,664 shares of the company were exchanged, compared to its average volume of 8,620,351. QUALCOMM Incorporated has a one year low of $101.47 and a one year high of $184.31. The company has a market capitalization of $203.20 billion, a price-to-earnings ratio of 24.52, a PEG ratio of 2.27 and a beta of 1.33. The company has a 50-day moving average of $169.57 and a 200 day moving average of $148.54. The company has a current ratio of 2.65, a quick ratio of 1.98 and a debt-to-equity ratio of 0.59.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, May 30th will be given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Thursday, May 30th. This is a boost from QUALCOMM's previous quarterly dividend of $0.80. QUALCOMM's payout ratio is presently 45.70%.

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.

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.