Norges Bank Buys Shares of 17,718,277 QUALCOMM Incorporated (NASDAQ:QCOM)

Norges Bank acquired a new stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) during the fourth quarter, according to its most recent filing with the SEC. The fund acquired 17,718,277 shares of the wireless technology company’s stock, valued at approximately $2,721,882,000. Norges Bank owned 1.60% of QUALCOMM as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Kohmann Bosshard Financial Services LLC purchased a new position in shares of QUALCOMM during the 4th quarter valued at $26,000. CKW Financial Group bought a new position in QUALCOMM during the fourth quarter valued at approximately $27,000. Centricity Wealth Management LLC bought a new stake in QUALCOMM in the fourth quarter worth $29,000. CoreFirst Bank & Trust bought a new stake in shares of QUALCOMM in the 4th quarter valued at about $33,000. Finally, Synergy Asset Management LLC purchased a new stake in shares of QUALCOMM during the fourth quarter valued at approximately $38,000. Hedge funds and other institutional investors own 74.35% of the company’s stock.

QUALCOMM Stock Down 1.1 %

Shares of QCOM opened at $158.39 on Thursday. The business’s 50 day simple moving average is $164.47 and its 200-day simple moving average is $163.92. QUALCOMM Incorporated has a 1 year low of $149.43 and a 1 year high of $230.63. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99. The stock has a market capitalization of $175.18 billion, a price-to-earnings ratio of 16.92, a price-to-earnings-growth ratio of 2.01 and a beta of 1.28.

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

QUALCOMM Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 6th will be paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 2.15%. The ex-dividend date is Thursday, March 6th. QUALCOMM’s payout ratio is 36.32%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on QCOM. Barclays reduced their price target on QUALCOMM from $200.00 to $185.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Benchmark reaffirmed a “buy” rating and issued a $240.00 target price on shares of QUALCOMM in a research report on Friday, February 7th. Melius Research assumed coverage on shares of QUALCOMM in a research report on Monday, December 9th. They set a “hold” rating and a $180.00 price target on the stock. Mizuho cut their price objective on QUALCOMM from $245.00 to $215.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 7th. Finally, Evercore ISI lowered their target price on QUALCOMM from $199.00 to $179.00 and set an “in-line” rating for the company in a research note on Thursday, February 6th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $205.32.

Insider Buying and Selling at QUALCOMM

In related news, insider Heather S. Ace sold 1,600 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $154.24, for a total transaction of $246,784.00. Following the completion of the transaction, the insider now owns 24,393 shares in the company, valued at $3,762,376.32. The trade was a 6.16 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Alexander H. Rogers sold 19,287 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $169.83, for a total value of $3,275,511.21. Following the completion of the transaction, the insider now directly owns 20,762 shares in the company, valued at $3,526,010.46. This trade represents a 48.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,968 shares of company stock worth $4,685,077 over the last quarter. Insiders own 0.08% of the company’s stock.

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.