Investment Partners Asset Management Inc. Purchases 1,272 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Investment Partners Asset Management Inc. grew its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 21.5% during the first quarter, HoldingsChannel.com reports. The firm owned 7,200 shares of the wireless technology company’s stock after purchasing an additional 1,272 shares during the period. Investment Partners Asset Management Inc.’s holdings in QUALCOMM were worth $1,106,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rowlandmiller & PARTNERS.ADV increased its holdings in QUALCOMM by 1.9% in the first quarter. Rowlandmiller & PARTNERS.ADV now owns 68,211 shares of the wireless technology company’s stock valued at $10,478,000 after purchasing an additional 1,296 shares during the period. Assenagon Asset Management S.A. grew its position in shares of QUALCOMM by 222.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,385,326 shares of the wireless technology company’s stock valued at $212,800,000 after buying an additional 956,311 shares during the last quarter. MV Capital Management Inc. increased its stake in shares of QUALCOMM by 17.5% in the first quarter. MV Capital Management Inc. now owns 22,106 shares of the wireless technology company’s stock valued at $3,396,000 after buying an additional 3,293 shares during the period. Trueblood Wealth Management LLC raised its position in shares of QUALCOMM by 8.9% during the first quarter. Trueblood Wealth Management LLC now owns 11,781 shares of the wireless technology company’s stock worth $1,810,000 after acquiring an additional 964 shares during the last quarter. Finally, Integral Investment Advisors Inc. lifted its stake in shares of QUALCOMM by 7.1% in the first quarter. Integral Investment Advisors Inc. now owns 9,177 shares of the wireless technology company’s stock worth $1,410,000 after acquiring an additional 611 shares during the period. 74.35% of the stock is currently owned by institutional investors.

Insider Activity at QUALCOMM

In related news, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total value of $6,600,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Akash J. Palkhiwala sold 269 shares of QUALCOMM stock in a transaction on Monday, April 7th. The stock was sold at an average price of $131.10, for a total transaction of $35,265.90. Following the transaction, the chief financial officer now directly owns 57,728 shares in the company, valued at $7,568,140.80. This represents a 0.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 423,464 shares of company stock valued at $8,135,164 over the last 90 days. Insiders own 0.08% of the company’s stock.

QUALCOMM Stock Performance

QCOM opened at $159.13 on Wednesday. The company has a market cap of $174.72 billion, a price-to-earnings ratio of 17.00, a PEG ratio of 2.01 and a beta of 1.26. The company’s fifty day moving average price is $144.03 and its two-hundred day moving average price is $155.14. QUALCOMM Incorporated has a 1-year low of $120.80 and a 1-year high of $230.63. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.03. The business had revenue of $10.98 billion for the quarter, compared to analysts’ expectations of $10.58 billion. QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. The firm’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter last year, the firm earned $2.44 EPS. On average, analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be issued a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date is Thursday, June 5th. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.85. QUALCOMM’s dividend payout ratio (DPR) is currently 36.25%.

Analyst Upgrades and Downgrades

QCOM has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. reissued an “overweight” rating and set a $185.00 target price on shares of QUALCOMM in a research report on Tuesday, April 29th. Wall Street Zen lowered shares of QUALCOMM from a “buy” rating to a “hold” rating in a research note on Thursday, May 22nd. Loop Capital lowered their target price on shares of QUALCOMM from $180.00 to $155.00 and set a “hold” rating for the company in a research note on Thursday, May 1st. Cantor Fitzgerald restated a “neutral” rating and issued a $150.00 target price on shares of QUALCOMM in a report on Thursday, May 1st. Finally, TD Cowen decreased their price target on QUALCOMM from $195.00 to $160.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $189.88.

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.