Summit Financial LLC Boosts Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Summit Financial LLC lifted its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 190.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,606 shares of the wireless technology company’s stock after buying an additional 10,234 shares during the period. Summit Financial LLC’s holdings in QUALCOMM were worth $2,397,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of QCOM. Norges Bank bought a new position in QUALCOMM during the fourth quarter valued at approximately $2,721,882,000. Amundi boosted its stake in shares of QUALCOMM by 36.6% in the 4th quarter. Amundi now owns 14,579,529 shares of the wireless technology company’s stock worth $2,313,634,000 after buying an additional 3,905,918 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of QUALCOMM in the fourth quarter worth $527,053,000. Geode Capital Management LLC increased its position in QUALCOMM by 7.9% during the third quarter. Geode Capital Management LLC now owns 27,128,468 shares of the wireless technology company’s stock valued at $4,600,625,000 after acquiring an additional 1,989,725 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in QUALCOMM by 202.6% in the third quarter. Two Sigma Advisers LP now owns 2,061,900 shares of the wireless technology company’s stock valued at $350,626,000 after acquiring an additional 1,380,500 shares during the period. 74.35% of the stock is currently owned by institutional investors.

QUALCOMM Trading Up 0.6 %

Shares of NASDAQ QCOM opened at $153.61 on Tuesday. QUALCOMM Incorporated has a 1-year low of $147.88 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 business’s 50 day moving average is $163.94 and its two-hundred day moving average is $163.74. The stock has a market capitalization of $169.89 billion, a P/E ratio of 16.41, a PEG ratio of 2.01 and a beta of 1.28.

QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share 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, research analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 6th were paid a dividend of $0.85 per share. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.21%. QUALCOMM’s dividend payout ratio is presently 36.32%.

Insider Activity at QUALCOMM

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on QCOM. Piper Sandler reduced their price target on shares of QUALCOMM from $205.00 to $190.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. Evercore ISI decreased their price target on shares of QUALCOMM from $199.00 to $179.00 and set an “in-line” rating on the stock in a research report on Thursday, February 6th. StockNews.com downgraded shares of QUALCOMM from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 12th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 target price on shares of QUALCOMM in a report on Thursday, February 6th. Finally, Mizuho reduced their price target on QUALCOMM from $245.00 to $215.00 and set an “outperform” rating for the company in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $205.32.

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.