Meeder Asset Management Inc. purchased a new stake in shares of Qualcomm Incorporated (NASDAQ:QCOM – Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 60,593 shares of the wireless technology company’s stock, valued at approximately $11,197,000.
Several other hedge funds and other institutional investors have also modified their holdings of QCOM. JFS Wealth Advisors LLC boosted its position in Qualcomm by 3.4% during the second quarter. JFS Wealth Advisors LLC now owns 1,595 shares of the wireless technology company’s stock valued at $295,000 after purchasing an additional 53 shares during the last quarter. Wall Street Financial Group Inc. increased its position in Qualcomm by 1.9% in the 2nd quarter. Wall Street Financial Group Inc. now owns 3,050 shares of the wireless technology company’s stock worth $564,000 after purchasing an additional 57 shares during the last quarter. Sunbeam Capital Management LLC raised its stake in shares of Qualcomm by 3.7% during the 2nd quarter. Sunbeam Capital Management LLC now owns 1,637 shares of the wireless technology company’s stock worth $303,000 after purchasing an additional 58 shares in the last quarter. Basepoint Wealth LLC raised its stake in shares of Qualcomm by 1.8% during the 1st quarter. Basepoint Wealth LLC now owns 3,333 shares of the wireless technology company’s stock worth $429,000 after purchasing an additional 59 shares in the last quarter. Finally, Five Oceans Advisors lifted its holdings in shares of Qualcomm by 3.3% during the 2nd quarter. Five Oceans Advisors now owns 1,827 shares of the wireless technology company’s stock valued at $338,000 after buying an additional 59 shares during the last quarter. 74.35% of the stock is currently owned by hedge funds and other institutional investors.
Qualcomm Stock Performance
Shares of NASDAQ QCOM opened at $160.74 on Friday. The business’s 50-day simple moving average is $179.28 and its 200-day simple moving average is $168.07. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.28 and a current ratio of 2.02. Qualcomm Incorporated has a 52 week low of $121.99 and a 52 week high of $259.92. The firm has a market cap of $168.81 billion, a price-to-earnings ratio of 18.60, a P/E/G ratio of 14.95 and a beta of 1.65.
Qualcomm Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 3rd will be given a $0.92 dividend. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.3%. Qualcomm’s dividend payout ratio (DPR) is currently 42.59%.
Analyst Upgrades and Downgrades
QCOM has been the subject of several recent research reports. DZ Bank raised Qualcomm from a “hold” rating to a “buy” rating and set a $265.00 price target for the company in a research note on Friday, June 26th. Tigress Financial lifted their target price on shares of Qualcomm from $270.00 to $280.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Morgan Stanley decreased their target price on shares of Qualcomm from $231.00 to $220.00 and set an “equal weight” rating for the company in a research report on Thursday, July 30th. Wells Fargo & Company dropped their price target on shares of Qualcomm from $265.00 to $170.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 30th. Finally, The Goldman Sachs Group set a $160.00 price target on shares of Qualcomm in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, twenty have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $203.63.
Get Our Latest Stock Analysis on QCOM
Insiders Place Their Bets
In other news, EVP Heather S. Ace sold 3,200 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $147.04, for a total value of $470,528.00. Following the completion of the sale, the executive vice president directly owned 36,535 shares in the company, valued at approximately $5,372,106.40. The trade was a 8.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Akash J. Palkhiwala sold 2,500 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $163.26, for a total transaction of $408,150.00. Following the completion of the transaction, the executive vice president owned 20,684 shares in the company, valued at $3,376,869.84. The trade was a 10.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 10,700 shares of company stock valued at $1,824,078 over the last 90 days. 0.05% of the stock is owned by corporate insiders.
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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