California Public Employees Retirement System Purchases 1,090,504 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

California Public Employees Retirement System increased its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 48.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,324,303 shares of the wireless technology company’s stock after purchasing an additional 1,090,504 shares during the quarter. California Public Employees Retirement System owned 0.30% of QUALCOMM worth $480,794,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of QCOM. Financial Gravity Asset Management Inc. lifted its holdings in shares of QUALCOMM by 102.5% in the third quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock worth $26,000 after acquiring an additional 122 shares during the last quarter. Legacy Financial Group LLC bought a new position in shares of QUALCOMM in the third quarter worth about $29,000. Fortitude Family Office LLC bought a new position in shares of QUALCOMM in the fourth quarter worth about $35,000. Cranbrook Wealth Management LLC lifted its holdings in shares of QUALCOMM by 68.0% in the fourth quarter. Cranbrook Wealth Management LLC now owns 247 shares of the wireless technology company’s stock worth $36,000 after acquiring an additional 100 shares during the last quarter. Finally, Leith Wheeler Investment Counsel Ltd. lifted its holdings in shares of QUALCOMM by 184.3% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 252,913 shares of the wireless technology company’s stock worth $37,000 after acquiring an additional 163,963 shares during the last quarter. Institutional investors own 74.35% of the company’s stock.

QUALCOMM Price Performance

QCOM stock traded up $2.55 during mid-day trading on Monday, reaching $160.18. 7,847,503 shares of the company traded hands, compared to its average volume of 8,626,261. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.56 and a quick ratio of 1.88. The company has a market capitalization of $178.76 billion, a P/E ratio of 22.96, a P/E/G ratio of 2.15 and a beta of 1.41. QUALCOMM Incorporated has a 52-week low of $101.47 and a 52-week high of $177.59. The company has a fifty day moving average price of $164.87 and a 200-day moving average price of $143.12.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, January 31st. The wireless technology company reported $2.33 EPS for the quarter, topping the consensus estimate of $1.90 by $0.43. QUALCOMM had a return on equity of 38.06% and a net margin of 21.39%. The company had revenue of $9.94 billion during the quarter, compared to analyst estimates of $9.50 billion. As a group, analysts anticipate that QUALCOMM Incorporated will post 7.69 earnings per share for the current year.

QUALCOMM Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Thursday, May 30th will be given a $0.85 dividend. This is an increase from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $3.40 dividend on an annualized basis and a yield of 2.12%. QUALCOMM’s payout ratio is presently 46.38%.

Analyst Upgrades and Downgrades

QCOM has been the subject of a number of research reports. Citigroup lowered shares of QUALCOMM from a “buy” rating to a “neutral” rating and set a $160.00 price objective for the company. in a report on Thursday, February 1st. TD Cowen raised their price objective on shares of QUALCOMM from $160.00 to $170.00 and gave the company an “outperform” rating in a report on Thursday, February 1st. Susquehanna raised their price objective on shares of QUALCOMM from $175.00 to $205.00 and gave the company a “positive” rating in a report on Wednesday, April 10th. Cantor Fitzgerald increased their target price on shares of QUALCOMM from $150.00 to $190.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, Rosenblatt Securities increased their target price on shares of QUALCOMM from $160.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $156.90.

Insider Buying and Selling

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $173.49, for a total value of $520,470.00. Following the completion of the sale, the chief financial officer now owns 69,343 shares in the company, valued at $12,030,317.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $173.49, for a total value of $520,470.00. Following the completion of the sale, the chief financial officer now owns 69,343 shares in the company, valued at $12,030,317.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $159.39, for a total value of $1,275,120.00. Following the completion of the sale, the chief technology officer now owns 269,893 shares of the company’s stock, valued at approximately $43,018,245.27. The disclosure for this sale can be found here. Insiders sold 36,260 shares of company stock worth $5,973,728 in the last quarter. 0.08% of the stock is owned by insiders.

QUALCOMM 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.