MainStreet Investment Advisors LLC acquired a new stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 8,320 shares of the wireless technology company’s stock, valued at approximately $563,000.
Several other large investors also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of QUALCOMM in the fourth quarter valued at $1,044,613,000. Renaissance Technologies LLC lifted its holdings in shares of QUALCOMM by 346.1% in the fourth quarter. Renaissance Technologies LLC now owns 5,756,507 shares of the wireless technology company’s stock valued at $507,897,000 after purchasing an additional 4,466,107 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of QUALCOMM by 238.9% in the fourth quarter. Janus Henderson Group PLC now owns 4,558,447 shares of the wireless technology company’s stock valued at $402,193,000 after purchasing an additional 3,213,243 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of QUALCOMM by 110.4% in the fourth quarter. Alliancebernstein L.P. now owns 5,969,697 shares of the wireless technology company’s stock valued at $526,706,000 after purchasing an additional 3,132,675 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of QUALCOMM by 31.2% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,178,776 shares of the wireless technology company’s stock valued at $417,994,000 after purchasing an additional 1,467,770 shares in the last quarter. Institutional investors own 76.65% of the company’s stock.
QUALCOMM stock traded up $0.70 during mid-day trading on Friday, hitting $78.70. 5,471,251 shares of the company’s stock were exchanged, compared to its average volume of 10,017,896. The company has a current ratio of 1.57, a quick ratio of 1.39 and a debt-to-equity ratio of 4.42. The stock has a market cap of $87.74 billion, a P/E ratio of 23.28, a P/E/G ratio of 1.38 and a beta of 1.36. QUALCOMM, Inc. has a 1-year low of $58.00 and a 1-year high of $96.17. The stock has a 50 day moving average of $75.19 and a two-hundred day moving average of $82.06.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, April 29th. The wireless technology company reported $0.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.79 by $0.09. The company had revenue of $5.21 billion for the quarter, compared to the consensus estimate of $5.04 billion. QUALCOMM had a return on equity of 69.92% and a net margin of 16.36%. The firm’s revenue was up 6.6% compared to the same quarter last year. During the same period last year, the business posted $0.77 earnings per share. As a group, research analysts predict that QUALCOMM, Inc. will post 3.08 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Thursday, June 4th will be given a $0.65 dividend. This is an increase from QUALCOMM’s previous quarterly dividend of $0.62. This represents a $2.60 annualized dividend and a dividend yield of 3.30%. The ex-dividend date of this dividend is Wednesday, June 3rd. QUALCOMM’s dividend payout ratio (DPR) is currently 87.32%.
In other news, CAO Erin L. Polek sold 1,646 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $79.47, for a total value of $130,807.62. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.12% of the company’s stock.
QCOM has been the subject of a number of research analyst reports. Piper Sandler initiated coverage on QUALCOMM in a report on Wednesday, March 4th. They issued a “neutral” rating and a $80.00 target price for the company. Wells Fargo & Co initiated coverage on QUALCOMM in a report on Monday, May 4th. They issued an “underweight” rating and a $70.00 target price for the company. Deutsche Bank upgraded QUALCOMM from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a report on Friday, March 27th. Charter Equity reaffirmed a “hold” rating on shares of QUALCOMM in a research note on Thursday, April 30th. Finally, Tigress Financial reaffirmed a “buy” rating on shares of QUALCOMM in a research note on Friday, April 17th. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $88.57.
QUALCOMM Company Profile
QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products 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 code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.
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