World Investment Advisors raised its position in Qualcomm Incorporated (NASDAQ:QCOM – Free Report) by 14.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 64,911 shares of the wireless technology company’s stock after buying an additional 8,130 shares during the quarter. World Investment Advisors’ holdings in Qualcomm were worth $11,103,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in Qualcomm in the fourth quarter valued at approximately $2,591,056,000. Wellington Management Group LLP lifted its stake in Qualcomm by 141.8% during the third quarter. Wellington Management Group LLP now owns 12,437,240 shares of the wireless technology company’s stock worth $2,069,059,000 after purchasing an additional 7,292,783 shares during the last quarter. Geode Capital Management LLC lifted its stake in Qualcomm by 12.5% during the fourth quarter. Geode Capital Management LLC now owns 28,897,079 shares of the wireless technology company’s stock worth $4,931,968,000 after purchasing an additional 3,221,924 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Qualcomm by 28.1% in the 4th quarter. Invesco Ltd. now owns 12,645,603 shares of the wireless technology company’s stock valued at $2,163,030,000 after purchasing an additional 2,771,490 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Qualcomm by 36.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 6,552,427 shares of the wireless technology company’s stock valued at $1,090,025,000 after purchasing an additional 1,764,252 shares during the last quarter. Institutional investors own 74.35% of the company’s stock.
Qualcomm Stock Performance
Shares of Qualcomm stock opened at $133.95 on Friday. The stock has a market cap of $142.92 billion, a price-to-earnings ratio of 27.68 and a beta of 1.28. The company has a quick ratio of 1.83, a current ratio of 2.51 and a debt-to-equity ratio of 0.64. Qualcomm Incorporated has a twelve month low of $121.99 and a twelve month high of $205.95. The company’s fifty day moving average is $134.17 and its 200 day moving average is $155.58.
Qualcomm declared that its Board of Directors has initiated a stock repurchase program on Tuesday, March 17th that permits the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization permits the wireless technology company to buy up to 14.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
Qualcomm Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Thursday, June 4th will be paid a $0.92 dividend. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.7%. This is an increase from Qualcomm’s previous quarterly dividend of $0.89. Qualcomm’s payout ratio is currently 73.55%.
Insider Buying and Selling at Qualcomm
In related news, EVP Akash J. Palkhiwala sold 2,500 shares of Qualcomm stock in a transaction on Monday, April 13th. The shares were sold at an average price of $130.34, for a total transaction of $325,850.00. Following the completion of the transaction, the executive vice president owned 30,684 shares of the company’s stock, valued at $3,999,352.56. This trade represents a 7.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Heather S. Ace sold 3,200 shares of Qualcomm stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $137.00, for a total value of $438,400.00. Following the completion of the transaction, the executive vice president directly owned 16,393 shares of the company’s stock, valued at approximately $2,245,841. This trade represents a 16.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 9,118 shares of company stock valued at $1,233,705. 0.05% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on the company. Rosenblatt Securities dropped their price objective on Qualcomm from $225.00 to $190.00 and set a “buy” rating for the company in a research report on Thursday, February 5th. DZ Bank upgraded shares of Qualcomm to a “strong-buy” rating in a research note on Tuesday, February 10th. JPMorgan Chase & Co. cut shares of Qualcomm from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $185.00 to $140.00 in a research report on Thursday, April 16th. Evercore cut their target price on shares of Qualcomm from $157.00 to $134.00 and set an “in-line” rating on the stock in a research report on Thursday, February 5th. Finally, Seaport Research Partners reaffirmed a “sell” rating and set a $100.00 target price on shares of Qualcomm in a research note on Monday, March 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $158.25.
Read Our Latest Stock Report on QCOM
Qualcomm Profile
Qualcomm Incorporated is a global semiconductor and telecommunications equipment company headquartered in San Diego, California. Founded in 1985, the company is known for its development of wireless technologies and for playing a central role in the evolution of digital cellular standards, including CDMA and subsequent generations of mobile standards. Qualcomm’s business combines the design and sale of semiconductor products with a patent licensing program for wireless technologies and related intellectual property.
The company’s product portfolio includes system-on-chip (SoC) platforms marketed under the Snapdragon brand, cellular modem and RF front-end components, connectivity solutions for Wi‑Fi and Bluetooth, and processors and platforms aimed at automotive, IoT, networking and edge-computing applications.
See Also
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