MV Capital Management Inc. grew its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 15.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,291 shares of the wireless technology company’s stock after purchasing an additional 1,361 shares during the period. MV Capital Management Inc.’s holdings in QUALCOMM were worth $1,364,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the company. Panagora Asset Management Inc. lifted its stake in shares of QUALCOMM by 2.8% in the 1st quarter. Panagora Asset Management Inc. now owns 645,746 shares of the wireless technology company’s stock valued at $85,619,000 after purchasing an additional 17,383 shares during the last quarter. Montrusco Bolton Investments Inc. lifted its stake in shares of QUALCOMM by 0.5% during the 1st quarter. Montrusco Bolton Investments Inc. now owns 70,546 shares of the wireless technology company’s stock worth $9,354,000 after acquiring an additional 354 shares during the last quarter. Insight Wealth Strategies LLC lifted its stake in shares of QUALCOMM by 83.9% during the 1st quarter. Insight Wealth Strategies LLC now owns 8,700 shares of the wireless technology company’s stock worth $1,154,000 after acquiring an additional 3,970 shares during the last quarter. Meristem Family Wealth LLC lifted its stake in shares of QUALCOMM by 4.4% during the 1st quarter. Meristem Family Wealth LLC now owns 5,201 shares of the wireless technology company’s stock worth $690,000 after acquiring an additional 220 shares during the last quarter. Finally, E Fund Management Co. Ltd. bought a new stake in shares of QUALCOMM during the 1st quarter worth approximately $3,513,000. 72.53% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently issued reports on QCOM shares. Morgan Stanley raised their price target on QUALCOMM from $167.00 to $173.00 and gave the stock an “overweight” rating in a research note on Thursday, April 29th. Piper Sandler raised their price target on QUALCOMM from $160.00 to $175.00 and gave the stock an “overweight” rating in a research note on Thursday, April 29th. Mizuho raised their price target on QUALCOMM from $170.00 to $175.00 and gave the stock a “buy” rating in a research note on Thursday, April 29th. Evercore ISI restated an “in-line” rating and set a $150.00 price objective (down from $195.00) on shares of QUALCOMM in a report on Monday, April 19th. Finally, Citigroup reduced their price objective on QUALCOMM from $165.00 to $154.00 in a report on Thursday, April 29th. Twelve research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. QUALCOMM has a consensus rating of “Buy” and a consensus target price of $163.65.
QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, April 28th. The wireless technology company reported $1.90 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.41 by $0.49. QUALCOMM had a return on equity of 103.71% and a net margin of 27.28%. The firm had revenue of $7.93 billion for the quarter, compared to the consensus estimate of $7.62 billion. During the same period in the previous year, the business earned $0.88 EPS. The firm’s revenue for the quarter was up 52.2% on a year-over-year basis. As a group, sell-side analysts forecast that QUALCOMM Incorporated will post 6.66 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 24th. Investors of record on Thursday, June 3rd will be paid a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 2.03%. This is an increase from QUALCOMM’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Wednesday, June 2nd. QUALCOMM’s payout ratio is 81.44%.
In other QUALCOMM news, EVP Brian Modoff sold 1,510 shares of QUALCOMM stock in a transaction dated Friday, May 14th. The stock was sold at an average price of $129.32, for a total transaction of $195,273.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Erin L. Polek sold 1,835 shares of QUALCOMM stock in a transaction dated Friday, May 21st. The stock was sold at an average price of $132.00, for a total value of $242,220.00. 0.14% of the stock is owned by insiders.
QUALCOMM Incorporated engages in the development and commercialization of foundational technologies and products are used in mobile devices and other wireless products, including network equipment, broadband gateway equipment, consumer electronic devices, and other connected devices worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI).
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