Envestnet Portfolio Solutions Inc. raised its holdings in shares of Qualcomm Incorporated (NASDAQ:QCOM – Free Report) by 22.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 80,215 shares of the wireless technology company’s stock after buying an additional 14,858 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Qualcomm were worth $13,721,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in the business. Cloud Capital Management LLC acquired a new position in shares of Qualcomm during the 3rd quarter worth about $27,000. Richardson Financial Services Inc. boosted its stake in shares of Qualcomm by 90.9% during the 4th quarter. Richardson Financial Services Inc. now owns 168 shares of the wireless technology company’s stock worth $29,000 after buying an additional 80 shares during the last quarter. Torren Management LLC acquired a new position in shares of Qualcomm during the 4th quarter worth about $29,000. Glass Jacobson Investment Advisors llc boosted its stake in shares of Qualcomm by 113.5% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 190 shares of the wireless technology company’s stock worth $32,000 after buying an additional 101 shares during the last quarter. Finally, Board of the Pension Protection Fund acquired a new position in shares of Qualcomm during the 4th quarter worth about $34,000. 74.35% of the stock is owned by institutional investors.
Qualcomm Price Performance
Shares of NASDAQ QCOM opened at $195.61 on Wednesday. The firm has a market cap of $206.17 billion, a P/E ratio of 21.26, a price-to-earnings-growth ratio of 25.22 and a beta of 1.49. The company has a current ratio of 2.37, a quick ratio of 1.61 and a debt-to-equity ratio of 0.54. Qualcomm Incorporated has a 1-year low of $121.99 and a 1-year high of $247.90. The business’s 50 day moving average is $149.89 and its 200-day moving average is $157.92.
Qualcomm declared that its Board of Directors has initiated a share buyback program on Tuesday, March 17th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the wireless technology company to purchase up to 14.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Qualcomm Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 4th will be paid a dividend of $0.92 per share. The ex-dividend date is Thursday, June 4th. This is a boost from Qualcomm’s previous quarterly dividend of $0.89. This represents a $3.68 annualized dividend and a yield of 1.9%. Qualcomm’s dividend payout ratio is currently 38.70%.
Insiders Place Their Bets
In other Qualcomm news, CEO Cristiano R. Amon sold 10,000 shares of Qualcomm stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $180.00, for a total value of $1,800,000.00. Following the transaction, the chief executive officer owned 197,568 shares in the company, valued at $35,562,240. The trade was a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Heather S. Ace sold 3,200 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $177.82, for a total transaction of $569,024.00. Following the completion of the transaction, the executive vice president directly owned 39,735 shares of the company’s stock, valued at approximately $7,065,677.70. The trade was a 7.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 18,477 shares of company stock valued at $3,268,316 over the last ninety days. Company insiders own 0.05% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on QCOM. Rosenblatt Securities restated a “buy” rating and issued a $190.00 price target on shares of Qualcomm in a research note on Thursday, April 30th. BNP Paribas Exane downgraded Qualcomm to a “neutral” rating in a research note on Wednesday, April 29th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $140.00 price target (down from $175.00) on shares of Qualcomm in a research report on Thursday, March 26th. Robert W. Baird set a $300.00 price target on shares of Qualcomm in a research report on Friday, May 1st. Finally, Craig Hallum raised shares of Qualcomm to a “buy” rating in a research report on Friday, May 8th. Fourteen research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $181.79.
Check Out Our Latest Analysis on QCOM
About Qualcomm
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.
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