Provence Wealth Management Group Grows Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Provence Wealth Management Group boosted its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 62.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,600 shares of the wireless technology company’s stock after purchasing an additional 1,389 shares during the period. Provence Wealth Management Group’s holdings in QUALCOMM were worth $521,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of QUALCOMM by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 110,717,388 shares of the wireless technology company’s stock worth $12,296,273,000 after buying an additional 483,390 shares during the period. Morgan Stanley increased its stake in QUALCOMM by 2.2% during the third quarter. Morgan Stanley now owns 20,767,489 shares of the wireless technology company’s stock worth $2,306,438,000 after acquiring an additional 438,660 shares during the last quarter. Northern Trust Corp raised its holdings in shares of QUALCOMM by 3.5% in the 3rd quarter. Northern Trust Corp now owns 12,291,482 shares of the wireless technology company’s stock worth $1,365,092,000 after purchasing an additional 415,398 shares during the period. Invesco Ltd. raised its holdings in shares of QUALCOMM by 15.7% in the 3rd quarter. Invesco Ltd. now owns 9,249,675 shares of the wireless technology company’s stock worth $1,027,269,000 after purchasing an additional 1,253,173 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of QUALCOMM by 2.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,058,454 shares of the wireless technology company’s stock valued at $672,852,000 after purchasing an additional 128,373 shares in the last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

QUALCOMM Stock Down 0.3 %

Shares of QCOM traded down $0.46 during midday trading on Friday, hitting $179.64. The company had a trading volume of 10,043,912 shares, compared to its average volume of 8,171,053. The company has a quick ratio of 1.88, a current ratio of 2.65 and a debt-to-equity ratio of 0.59. QUALCOMM Incorporated has a 52 week low of $101.47 and a 52 week high of $183.19. The company’s 50 day moving average price is $167.69 and its 200 day moving average price is $146.59. The stock has a market cap of $200.48 billion, a price-to-earnings ratio of 24.15, a PEG ratio of 2.46 and a beta of 1.33.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, January 31st. The wireless technology company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.43. The firm had revenue of $9.94 billion for the quarter, compared to analysts’ expectations of $9.50 billion. QUALCOMM had a return on equity of 37.09% and a net margin of 23.03%. On average, equities research analysts predict that QUALCOMM Incorporated will post 7.64 EPS for the current year.

QUALCOMM Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Thursday, May 30th will be given a dividend of $0.85 per share. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.80. This represents a $3.40 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend is Thursday, May 30th. QUALCOMM’s dividend payout ratio is currently 43.01%.

Analyst Ratings Changes

Several research analysts recently commented on QCOM shares. UBS Group raised their price target on shares of QUALCOMM from $165.00 to $175.00 and gave the company a “neutral” rating in a report on Thursday. TD Cowen lifted their target price on shares of QUALCOMM from $160.00 to $170.00 and gave the company an “outperform” rating in a report on Thursday, February 1st. JPMorgan Chase & Co. increased their price target on QUALCOMM from $170.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday. HSBC boosted their price objective on QUALCOMM from $170.00 to $190.00 and gave the stock a “buy” rating in a research note on Tuesday, April 30th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $190.00 target price on shares of QUALCOMM in a research note on Thursday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $179.36.

Insider Buying and Selling

In other QUALCOMM news, CAO Neil Martin sold 371 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $149.83, for a total transaction of $55,586.93. Following the sale, the chief accounting officer now directly owns 689 shares of the company’s stock, valued at $103,232.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Neil Martin sold 371 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total transaction of $55,586.93. Following the completion of the transaction, the chief accounting officer now directly owns 689 shares in the company, valued at approximately $103,232.87. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CTO James H. Thompson sold 8,000 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $159.39, for a total transaction of $1,275,120.00. Following the completion of the sale, the chief technology officer now directly owns 269,893 shares in the company, valued at approximately $43,018,245.27. The disclosure for this sale can be found here. Insiders have sold 44,260 shares of company stock worth $7,429,728 over the last ninety days. 0.08% of the stock is owned by insiders.

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.