Cypress Asset Management Inc. TX Buys New Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Cypress Asset Management Inc. TX bought a new stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 31,188 shares of the wireless technology company’s stock, valued at approximately $4,803,000. QUALCOMM accounts for approximately 1.2% of Cypress Asset Management Inc. TX’s investment portfolio, making the stock its 25th biggest holding.

Several other hedge funds have also recently added to or reduced their stakes in QCOM. Tallon Kerry Patrick bought a new stake in QUALCOMM during the 4th quarter valued at approximately $207,000. LaFleur & Godfrey LLC boosted its stake in QUALCOMM by 10.6% during the 4th quarter. LaFleur & Godfrey LLC now owns 3,126 shares of the wireless technology company’s stock valued at $480,000 after purchasing an additional 300 shares during the period. Brighton Jones LLC lifted its position in shares of QUALCOMM by 116.6% in the 4th quarter. Brighton Jones LLC now owns 17,356 shares of the wireless technology company’s stock worth $2,666,000 after acquiring an additional 9,343 shares during the period. RFG Advisory LLC lifted its position in shares of QUALCOMM by 10.5% in the 4th quarter. RFG Advisory LLC now owns 22,553 shares of the wireless technology company’s stock worth $3,465,000 after acquiring an additional 2,146 shares during the period. Finally, LexAurum Advisors LLC lifted its position in shares of QUALCOMM by 6.7% in the 4th quarter. LexAurum Advisors LLC now owns 2,081 shares of the wireless technology company’s stock worth $320,000 after acquiring an additional 130 shares during the period. Institutional investors own 74.35% of the company’s stock.

QUALCOMM Trading Down 1.4%

QCOM stock opened at $145.38 on Friday. The business has a fifty day moving average price of $145.46 and a 200 day moving average price of $156.29. The stock has a market capitalization of $159.63 billion, a price-to-earnings ratio of 15.53, a P/E/G ratio of 2.01 and a beta of 1.29. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week 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.

QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, beating the consensus estimate of $2.82 by $0.03. The company had revenue of $10.98 billion during the quarter, compared to analysts’ expectations of $10.58 billion. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The business’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same period last year, the firm earned $2.44 EPS. Analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be paid a $0.89 dividend. This is a boost from QUALCOMM’s previous quarterly dividend of $0.85. This represents a $3.56 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Thursday, June 5th. QUALCOMM’s dividend payout ratio (DPR) is 36.25%.

Insider Activity

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of QUALCOMM stock in a transaction on Monday, May 5th. The stock was sold at an average price of $139.77, for a total transaction of $465,853.41. Following the completion of the sale, the chief financial officer now directly owns 53,112 shares of the company’s stock, valued at $7,423,464.24. The trade was a 5.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction on Wednesday, March 12th. The stock was 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. This trade represents a 6.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,568 shares of company stock valued at $1,818,305. Company insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

QCOM has been the subject of a number of research reports. Rosenblatt Securities reiterated a “buy” rating and issued a $225.00 price objective on shares of QUALCOMM in a research report on Thursday, May 1st. Piper Sandler reduced their price objective on QUALCOMM from $205.00 to $190.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. TD Cowen reduced their price objective on QUALCOMM from $195.00 to $160.00 and set a “buy” rating for the company in a research report on Wednesday, April 9th. Wells Fargo & Company cut their target price on QUALCOMM from $175.00 to $140.00 and set an “underweight” rating for the company in a research report on Thursday, May 1st. Finally, Citigroup cut their target price on QUALCOMM from $185.00 to $145.00 and set a “neutral” rating for the company in a research report on Friday, April 11th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $192.08.

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.