OVERSEA CHINESE BANKING Corp Ltd Raises Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

OVERSEA CHINESE BANKING Corp Ltd raised its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 565.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 124,327 shares of the wireless technology company’s stock after buying an additional 105,631 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in QUALCOMM were worth $19,098,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Apollon Wealth Management LLC increased its holdings in QUALCOMM by 44.6% in the first quarter. Apollon Wealth Management LLC now owns 42,927 shares of the wireless technology company’s stock valued at $6,594,000 after buying an additional 13,247 shares in the last quarter. Hohimer Wealth Management LLC increased its stake in shares of QUALCOMM by 18.0% during the 1st quarter. Hohimer Wealth Management LLC now owns 24,281 shares of the wireless technology company’s stock worth $3,730,000 after purchasing an additional 3,709 shares in the last quarter. Catalyst Financial Partners LLC increased its stake in shares of QUALCOMM by 4.6% during the 1st quarter. Catalyst Financial Partners LLC now owns 11,121 shares of the wireless technology company’s stock worth $1,708,000 after purchasing an additional 486 shares in the last quarter. Signaturefd LLC increased its stake in shares of QUALCOMM by 7.9% during the 1st quarter. Signaturefd LLC now owns 19,964 shares of the wireless technology company’s stock worth $3,067,000 after purchasing an additional 1,465 shares in the last quarter. Finally, Mitchell Mcleod Pugh & Williams Inc. increased its stake in shares of QUALCOMM by 4.4% during the 1st quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 12,662 shares of the wireless technology company’s stock worth $1,945,000 after purchasing an additional 533 shares in the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on QCOM shares. Bank of America decreased their target price on shares of QUALCOMM from $245.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, June 17th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $185.00 price target on shares of QUALCOMM in a report on Tuesday, April 29th. Robert W. Baird decreased their price target on shares of QUALCOMM from $250.00 to $216.00 and set an “outperform” rating on the stock in a report on Thursday, May 1st. Citigroup lifted their price target on shares of QUALCOMM from $145.00 to $170.00 and gave the company a “neutral” rating in a report on Monday, July 7th. Finally, TD Cowen decreased their price target on shares of QUALCOMM from $195.00 to $160.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $186.39.

Insider Transactions at QUALCOMM

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the business’s stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total value of $537,546.24. Following the completion of the sale, the chief financial officer owned 46,446 shares of the company’s stock, valued at approximately $7,490,810.88. The trade was a 6.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Heather S. Ace sold 1,600 shares of the business’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $137.74, for a total transaction of $220,384.00. Following the completion of the sale, the insider directly owned 22,793 shares of the company’s stock, valued at $3,139,507.82. The trade was a 6.56% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 424,099 shares of company stock valued at $8,310,735. Insiders own 0.08% of the company’s stock.

QUALCOMM Stock Performance

QUALCOMM stock opened at $157.46 on Monday. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $211.09. The company has a market capitalization of $172.89 billion, a price-to-earnings ratio of 16.03, a price-to-earnings-growth ratio of 2.03 and a beta of 1.26. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08. The firm’s fifty day moving average price is $152.83 and its 200 day moving average price is $155.01.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.03. The firm had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $10.58 billion. QUALCOMM had a net margin of 26.11% and a return on equity of 40.11%. The firm’s quarterly revenue was up 17.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.44 EPS. On average, research analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

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.