QRG Capital Management Inc. Boosts Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

QRG Capital Management Inc. raised its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 22.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 369,465 shares of the wireless technology company’s stock after buying an additional 68,496 shares during the period. QUALCOMM accounts for 0.6% of QRG Capital Management Inc.’s investment portfolio, making the stock its 27th biggest holding. QRG Capital Management Inc.’s holdings in QUALCOMM were worth $56,757,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Reston Wealth Management LLC bought a new position in shares of QUALCOMM during the 3rd quarter valued at approximately $26,000. CKW Financial Group bought a new position in shares of QUALCOMM during the 4th quarter valued at approximately $27,000. Centricity Wealth Management LLC bought a new position in shares of QUALCOMM during the 4th quarter valued at approximately $29,000. Planning Capital Management Corp grew its position in shares of QUALCOMM by 137.3% during the 3rd quarter. Planning Capital Management Corp now owns 197 shares of the wireless technology company’s stock valued at $34,000 after acquiring an additional 114 shares during the period. Finally, Synergy Asset Management LLC bought a new position in shares of QUALCOMM during the 4th quarter valued at approximately $38,000. 74.35% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on QCOM. Wells Fargo & Company increased their target price on shares of QUALCOMM from $170.00 to $175.00 and gave the company an “underweight” rating in a research report on Thursday, November 7th. Melius assumed coverage on shares of QUALCOMM in a report on Monday, December 9th. They issued a “hold” rating and a $180.00 price objective for the company. JPMorgan Chase & Co. cut their price objective on shares of QUALCOMM from $210.00 to $195.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Evercore ISI cut their price objective on shares of QUALCOMM from $199.00 to $179.00 and set an “in-line” rating for the company in a report on Thursday, February 6th. Finally, Morgan Stanley cut their price objective on shares of QUALCOMM from $207.00 to $204.00 and set an “equal weight” rating for the company in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $205.32.

QUALCOMM Stock Performance

QUALCOMM stock opened at $162.10 on Thursday. The stock has a market cap of $179.28 billion, a P/E ratio of 17.32, a price-to-earnings-growth ratio of 2.01 and a beta of 1.25. QUALCOMM Incorporated has a fifty-two week low of $149.43 and a fifty-two week high of $230.63. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.99 and a current ratio of 2.62. The firm’s fifty day moving average price is $164.77 and its 200-day moving average price is $165.76.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. On average, equities research analysts expect that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 6th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Thursday, March 6th. QUALCOMM’s dividend payout ratio (DPR) is presently 36.32%.

Insiders Place Their Bets

In other news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $161.54, for a total transaction of $484,620.00. Following the sale, the chief financial officer now owns 48,778 shares of the company’s stock, valued at approximately $7,879,598.12. The trade was a 5.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Neil Martin sold 744 shares of QUALCOMM stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $174.83, for a total transaction of $130,073.52. Following the sale, the chief accounting officer now directly owns 461 shares in the company, valued at $80,596.63. The trade was a 61.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,708 shares of company stock valued at $7,713,734 in the last quarter. Insiders own 0.08% of the company’s stock.

QUALCOMM 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.