Red Cedar Investment Management LLC Purchases Shares of 11,838 QUALCOMM Incorporated (NASDAQ:QCOM)

Red Cedar Investment Management LLC acquired a new position in QUALCOMM Incorporated (NASDAQ:QCOM) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,838 shares of the wireless technology company’s stock, valued at approximately $1,712,000.

Several other large investors have also modified their holdings of the company. Simon Quick Advisors LLC grew its holdings in QUALCOMM by 10.6% in the 3rd quarter. Simon Quick Advisors LLC now owns 2,776 shares of the wireless technology company’s stock valued at $308,000 after buying an additional 265 shares during the last quarter. Legacy Financial Group LLC bought a new position in QUALCOMM during the third quarter worth $29,000. NorthRock Partners LLC increased its position in QUALCOMM by 12.5% during the third quarter. NorthRock Partners LLC now owns 4,418 shares of the wireless technology company’s stock worth $491,000 after acquiring an additional 490 shares during the period. Horst & Graben Wealth Management LLC raised its stake in QUALCOMM by 50.7% during the 3rd quarter. Horst & Graben Wealth Management LLC now owns 2,812 shares of the wireless technology company’s stock valued at $312,000 after purchasing an additional 946 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. boosted its holdings in QUALCOMM by 1.7% in the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 543,300 shares of the wireless technology company’s stock valued at $60,339,000 after purchasing an additional 9,200 shares during the period. 74.35% of the stock is owned by institutional investors.

Insider Activity

In related news, CAO Neil Martin sold 371 shares of QUALCOMM stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total value of $55,586.93. Following the completion of the sale, the chief accounting officer now directly owns 689 shares in the company, valued at $103,232.87. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other QUALCOMM news, CAO Neil Martin sold 371 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $149.83, for a total value of $55,586.93. Following the transaction, the chief accounting officer now directly owns 689 shares of the company’s stock, valued at $103,232.87. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $173.49, for a total transaction of $520,470.00. Following the sale, the chief financial officer now directly owns 69,343 shares of the company’s stock, valued at approximately $12,030,317.07. The disclosure for this sale can be found here. Insiders have sold 44,260 shares of company stock valued at $7,429,728 over the last 90 days. 0.08% of the stock is owned by company insiders.

QUALCOMM Price Performance

NASDAQ:QCOM traded down $0.46 during mid-day trading on Friday, reaching $179.64. 10,043,912 shares of the company were exchanged, compared to its average volume of 8,171,053. The company has a quick ratio of 1.88, a current ratio of 2.65 and a debt-to-equity ratio of 0.59. The stock has a market cap of $200.48 billion, a PE ratio of 24.15, a PEG ratio of 2.46 and a beta of 1.33. QUALCOMM Incorporated has a 12 month low of $101.47 and a 12 month high of $183.19. The company has a fifty day moving average of $167.69 and a 200 day moving average of $146.59.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, January 31st. The wireless technology company reported $2.33 EPS for the quarter, beating the consensus estimate of $1.90 by $0.43. The business had revenue of $9.94 billion for the quarter, compared to analysts’ expectations of $9.50 billion. QUALCOMM had a net margin of 23.03% and a return on equity of 37.09%. On average, research analysts anticipate that QUALCOMM Incorporated will post 7.64 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, May 30th will be given a dividend of $0.85 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.89%. This is an increase from QUALCOMM’s previous quarterly dividend of $0.80. QUALCOMM’s payout ratio is presently 43.01%.

Analyst Ratings Changes

QCOM has been the subject of a number of research analyst reports. Rosenblatt Securities upped their price objective on shares of QUALCOMM from $160.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, February 1st. Piper Sandler raised their price objective on QUALCOMM from $165.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday. UBS Group boosted their price objective on QUALCOMM from $165.00 to $175.00 and gave the company a “neutral” rating in a research report on Thursday. TD Cowen raised their target price on QUALCOMM from $160.00 to $170.00 and gave the stock an “outperform” rating in a research report on Thursday, February 1st. Finally, Evercore ISI started coverage on shares of QUALCOMM in a report on Tuesday, April 16th. They issued an “in-line” rating and a $177.00 price target on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $179.36.

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.