Independent Advisor Alliance Raises Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Independent Advisor Alliance boosted its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 5.7% in the first quarter, Holdings Channel.com reports. The firm owned 48,070 shares of the wireless technology company’s stock after acquiring an additional 2,599 shares during the quarter. Independent Advisor Alliance’s holdings in QUALCOMM were worth $7,384,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. SouthState Corp grew its holdings in QUALCOMM by 7.6% in the first quarter. SouthState Corp now owns 5,347 shares of the wireless technology company’s stock valued at $821,000 after purchasing an additional 379 shares during the period. Nuveen LLC purchased a new stake in QUALCOMM in the first quarter valued at approximately $529,713,000. Aigen Investment Management LP purchased a new stake in QUALCOMM in the first quarter valued at approximately $747,000. Cooper Financial Group grew its holdings in QUALCOMM by 41.6% in the first quarter. Cooper Financial Group now owns 6,031 shares of the wireless technology company’s stock valued at $926,000 after purchasing an additional 1,772 shares during the period. Finally, King Luther Capital Management Corp grew its holdings in QUALCOMM by 0.4% in the first quarter. King Luther Capital Management Corp now owns 582,723 shares of the wireless technology company’s stock valued at $89,512,000 after purchasing an additional 2,554 shares during the period. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Sanford C. Bernstein set a $185.00 target price on shares of QUALCOMM and gave the company an “outperform” rating in a report on Monday, July 28th. Wells Fargo & Company decreased their price objective on shares of QUALCOMM from $175.00 to $140.00 and set an “underweight” rating for the company in a research note on Thursday, May 1st. Susquehanna decreased their price objective on shares of QUALCOMM from $210.00 to $190.00 and set a “positive” rating for the company in a research note on Thursday, May 1st. Seaport Res Ptn upgraded shares of QUALCOMM to a “hold” rating in a research note on Friday, May 9th. Finally, UBS Group boosted their price objective on shares of QUALCOMM from $145.00 to $165.00 and gave the stock a “neutral” rating in a research note on Monday, July 21st. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $181.10.

Insider Activity at QUALCOMM

In related news, major shareholder Inc/De Qualcomm sold 412,500 shares of the company’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $16.00, for a total value of $6,600,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Heather S. Ace sold 1,600 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $146.40, for a total transaction of $234,240.00. Following the sale, the insider directly owned 21,193 shares in the company, valued at $3,102,655.20. This trade represents a 7.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 424,099 shares of company stock valued at $8,352,355 over the last ninety days. Corporate insiders own 0.08% of the company’s stock.

QUALCOMM Trading Up 1.1%

QCOM opened at $147.56 on Monday. The stock has a market capitalization of $159.22 billion, a PE ratio of 14.23, a P/E/G ratio of 2.15 and a beta of 1.23. The firm’s fifty day moving average price is $155.07 and its 200 day moving average price is $154.06. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.19 and a quick ratio of 2.38. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $182.10.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.71 by $0.06. The firm had revenue of $10.37 billion for the quarter, compared to analysts’ expectations of $10.33 billion. QUALCOMM had a net margin of 26.77% and a return on equity of 40.35%. The firm’s quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.33 earnings per share. As a group, research analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be issued a $0.89 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $3.56 annualized dividend and a yield of 2.4%. QUALCOMM’s dividend payout ratio is currently 34.33%.

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.