Fairtree Asset Management Pty Ltd Takes $1.70 Million Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Fairtree Asset Management Pty Ltd acquired a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 11,093 shares of the wireless technology company’s stock, valued at approximately $1,704,000. QUALCOMM makes up 1.6% of Fairtree Asset Management Pty Ltd’s portfolio, making the stock its 13th biggest position.

A number of other hedge funds and other institutional investors also recently bought and sold shares of QCOM. China Universal Asset Management Co. Ltd. boosted its holdings in QUALCOMM by 21.9% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 27,596 shares of the wireless technology company’s stock worth $4,239,000 after acquiring an additional 4,955 shares in the last quarter. Howard Bailey Securities LLC purchased a new position in shares of QUALCOMM in the 4th quarter valued at approximately $240,000. Greenup Street Wealth Management LLC acquired a new stake in QUALCOMM in the 4th quarter worth approximately $2,256,000. Teza Capital Management LLC purchased a new stake in QUALCOMM during the 4th quarter worth approximately $1,541,000. Finally, Purkiss Capital Advisors LLC acquired a new position in QUALCOMM during the 4th quarter valued at approximately $303,000. Hedge funds and other institutional investors own 74.35% of the company’s stock.

QUALCOMM Stock Performance

NASDAQ QCOM opened at $148.63 on Wednesday. The stock’s 50 day simple moving average is $145.01 and its 200-day simple moving average is $155.94. QUALCOMM Incorporated has a 1-year low of $120.80 and a 1-year high of $230.63. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99. The company has a market cap of $163.20 billion, a PE ratio of 15.88, a price-to-earnings-growth ratio of 2.01 and a beta of 1.29.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.03. QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. The company had revenue of $10.98 billion during the quarter, compared to analysts’ expectations of $10.58 billion. During the same quarter in the prior year, the company earned $2.44 EPS. QUALCOMM’s revenue was up 17.0% compared to the same quarter last year. As a group, equities research analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be given a dividend of $0.89 per share. This is a boost from QUALCOMM’s previous quarterly dividend of $0.85. This represents a $3.56 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend is Thursday, June 5th. QUALCOMM’s dividend payout ratio (DPR) is presently 36.25%.

Insider Activity

In other news, insider Heather S. Ace sold 1,600 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $154.24, for a total value of $246,784.00. Following the sale, the insider now directly owns 24,393 shares of the company’s stock, valued at approximately $3,762,376.32. The trade was a 6.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,337 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $156.82, for a total value of $523,308.34. Following the transaction, the chief financial officer now owns 59,778 shares of the company’s stock, valued at approximately $9,374,385.96. This represents a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,568 shares of company stock valued at $1,818,305. 0.08% of the stock is currently owned by company insiders.

Analyst Ratings Changes

QCOM has been the subject of a number of research analyst reports. Benchmark lowered their price objective on shares of QUALCOMM from $240.00 to $200.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Wall Street Zen lowered QUALCOMM from a “buy” rating to a “hold” rating in a research note on Thursday, May 22nd. Seaport Res Ptn raised QUALCOMM to a “hold” rating in a research report on Friday, May 9th. Piper Sandler cut their price objective on QUALCOMM from $205.00 to $190.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Finally, TD Cowen decreased their target price on QUALCOMM from $195.00 to $160.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $192.08.

About QUALCOMM

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.