MV Capital Management Inc. Purchases 3,293 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

MV Capital Management Inc. boosted its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 17.5% in the first quarter, HoldingsChannel reports. The firm owned 22,106 shares of the wireless technology company’s stock after purchasing an additional 3,293 shares during the quarter. MV Capital Management Inc.’s holdings in QUALCOMM were worth $3,396,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in QUALCOMM by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 113,730,186 shares of the wireless technology company’s stock worth $17,471,231,000 after purchasing an additional 707,468 shares during the period. Geode Capital Management LLC boosted its position in QUALCOMM by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 27,798,900 shares of the wireless technology company’s stock worth $4,262,826,000 after purchasing an additional 670,432 shares during the period. Norges Bank bought a new position in QUALCOMM during the fourth quarter worth $2,721,882,000. Amundi boosted its position in QUALCOMM by 36.6% during the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company’s stock worth $2,313,634,000 after purchasing an additional 3,905,918 shares during the period. Finally, Northern Trust Corp boosted its position in QUALCOMM by 12.7% during the fourth quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company’s stock worth $2,041,535,000 after purchasing an additional 1,493,076 shares during the period. 74.35% of the stock is owned by institutional investors.

Insider Activity at QUALCOMM

In related news, major shareholder Inc/De Qualcomm sold 412,500 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total value of $6,600,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Akash J. Palkhiwala sold 1,781 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $132.10, for a total value of $235,270.10. Following the completion of the sale, the chief financial officer now owns 57,997 shares in the company, valued at $7,661,403.70. The trade was a 2.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 423,464 shares of company stock worth $8,135,164 over the last ninety days. Insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

QCOM has been the subject of a number of recent research reports. Benchmark reduced their target price on shares of QUALCOMM from $240.00 to $200.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Cantor Fitzgerald reissued a “neutral” rating and issued a $150.00 target price on shares of QUALCOMM in a research report on Thursday, May 1st. Seaport Res Ptn raised shares of QUALCOMM to a “hold” rating in a research report on Friday, May 9th. Wall Street Zen cut shares of QUALCOMM from a “buy” rating to a “hold” rating in a research report on Thursday, May 22nd. Finally, Robert W. Baird reduced their target price on shares of QUALCOMM from $250.00 to $216.00 and set an “outperform” rating for the company in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $189.88.

QUALCOMM Stock Up 2.4%

Shares of NASDAQ QCOM opened at $159.13 on Wednesday. The stock has a 50-day moving average price of $144.03 and a two-hundred day moving average price of $155.14. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $230.63. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49. The company has a market cap of $174.72 billion, a price-to-earnings ratio of 17.00, a PEG ratio of 2.01 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM) last released 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 return on equity of 39.51% and a net margin of 25.94%. The company had revenue of $10.98 billion during the quarter, compared to the consensus estimate of $10.58 billion. During the same quarter in the prior year, the firm posted $2.44 earnings per share. The firm’s revenue was up 17.0% compared to the same quarter last year. As a group, analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be issued a $0.89 dividend. The ex-dividend date of this dividend is Thursday, June 5th. This is a boost from QUALCOMM’s previous quarterly dividend of $0.85. This represents a $3.56 annualized dividend and a yield of 2.24%. QUALCOMM’s dividend payout ratio is presently 36.25%.

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.