MainStreet Investment Advisors LLC Makes New $4.91 Million Investment in QUALCOMM Incorporated (NASDAQ:QCOM)

MainStreet Investment Advisors LLC purchased a new position in QUALCOMM Incorporated (NASDAQ:QCOM) in the fourth quarter, HoldingsChannel reports. The firm purchased 31,930 shares of the wireless technology company’s stock, valued at approximately $4,905,000.

Several other institutional investors and hedge funds have also made changes to their positions in QCOM. Vanguard Group Inc. grew its stake in shares of QUALCOMM by 0.6% in the 4th 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 last quarter. Geode Capital Management LLC boosted its holdings 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 buying an additional 670,432 shares in the last quarter. Norges Bank acquired a new position in QUALCOMM in the fourth quarter worth approximately $2,721,882,000. Amundi increased its holdings in shares of QUALCOMM by 36.6% in the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company’s stock valued at $2,313,634,000 after buying an additional 3,905,918 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of QUALCOMM by 12.7% during the 4th quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company’s stock valued at $2,041,535,000 after acquiring an additional 1,493,076 shares during the last quarter. 74.35% of the stock is currently owned by institutional investors.

Insider Activity at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,337 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $156.82, for a total transaction of $523,308.34. Following the transaction, the chief financial officer now directly owns 59,778 shares in the company, valued at $9,374,385.96. This trade represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Heather S. Ace sold 1,600 shares of the company’s stock in a transaction dated 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 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,312 shares of company stock valued at $1,948,379. Insiders own 0.08% of the company’s stock.

QUALCOMM Stock Down 0.5%

QCOM opened at $151.34 on Wednesday. The company has a market capitalization of $166.17 billion, a PE ratio of 16.17, a price-to-earnings-growth ratio of 2.01 and a beta of 1.29. 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 Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $230.63. The business has a 50-day moving average of $146.16 and a 200-day moving average of $157.25.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 39.51% and a net margin of 25.94%. The firm’s revenue was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.44 earnings per share. Equities research analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be issued a dividend of $0.89 per share. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.35%. This is an increase from QUALCOMM’s previous quarterly dividend of $0.85. QUALCOMM’s dividend payout ratio (DPR) is currently 36.25%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on QCOM. Loop Capital decreased their target price on QUALCOMM from $180.00 to $155.00 and set a “hold” rating on the stock in a report on Thursday, May 1st. Evercore ISI cut their price objective on QUALCOMM from $179.00 to $157.00 and set an “in-line” rating on the stock in a report on Friday, May 2nd. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $185.00 target price on shares of QUALCOMM in a report on Tuesday, April 29th. TD Cowen cut 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. Finally, Robert W. Baird decreased their price objective on shares of QUALCOMM from $250.00 to $216.00 and set an “outperform” rating for the company in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, QUALCOMM has a consensus rating of “Hold” and a consensus price target 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.