Artemis Investment Management LLP Acquires 34,282 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Artemis Investment Management LLP raised its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 89.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 72,508 shares of the wireless technology company’s stock after buying an additional 34,282 shares during the quarter. Artemis Investment Management LLP’s holdings in QUALCOMM were worth $12,269,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. CarsonAllaria Wealth Management Ltd. raised its holdings in QUALCOMM by 327.1% in the 4th quarter. CarsonAllaria Wealth Management Ltd. now owns 205 shares of the wireless technology company’s stock worth $30,000 after purchasing an additional 157 shares in the last quarter. DiNuzzo Private Wealth Inc. bought a new position in QUALCOMM in the fourth quarter worth about $32,000. Cherry Tree Wealth Management LLC lifted its holdings in QUALCOMM by 95.0% in the fourth quarter. Cherry Tree Wealth Management LLC now owns 236 shares of the wireless technology company’s stock worth $34,000 after buying an additional 115 shares during the period. Financial Gravity Asset Management Inc. boosted its position in QUALCOMM by 102.5% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock valued at $26,000 after acquiring an additional 122 shares in the last quarter. Finally, Fortitude Family Office LLC purchased a new position in shares of QUALCOMM during the 4th quarter worth approximately $35,000. 74.35% of the stock is owned by hedge funds and other institutional investors.

QUALCOMM Trading Up 2.1 %

Shares of NASDAQ:QCOM opened at $199.18 on Friday. The stock’s 50-day simple moving average is $195.82 and its two-hundred day simple moving average is $169.22. The stock has a market capitalization of $222.28 billion, a price-to-earnings ratio of 26.77, a PEG ratio of 2.37 and a beta of 1.30. QUALCOMM Incorporated has a 52-week low of $104.33 and a 52-week high of $230.63. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.98 and a current ratio of 2.65.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.11. QUALCOMM had a net margin of 23.03% and a return on equity of 37.09%. The company had revenue of $9.39 billion for the quarter, compared to the consensus estimate of $9.32 billion. Analysts expect that QUALCOMM Incorporated will post 7.85 EPS for the current year.

QUALCOMM Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Thursday, May 30th were given a dividend of $0.85 per share. The ex-dividend date was Thursday, May 30th. This is an increase from QUALCOMM’s previous quarterly dividend of $0.80. This represents a $3.40 annualized dividend and a yield of 1.71%. QUALCOMM’s payout ratio is 45.70%.

Insider Buying and Selling at QUALCOMM

In other news, Director Sylvia Acevedo sold 2,056 shares of QUALCOMM stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $178.21, for a total transaction of $366,399.76. Following the transaction, the director now directly owns 54 shares of the company’s stock, valued at approximately $9,623.34. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CTO James H. Thompson sold 8,000 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $168.27, for a total value of $1,346,160.00. Following the completion of the transaction, the chief technology officer now owns 261,893 shares of the company’s stock, valued at approximately $44,068,735.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Sylvia Acevedo sold 2,056 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $178.21, for a total value of $366,399.76. Following the sale, the director now directly owns 54 shares in the company, valued at $9,623.34. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,185 shares of company stock valued at $8,206,875. Company insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Benchmark restated a “buy” rating and issued a $200.00 target price on shares of QUALCOMM in a research note on Friday, May 3rd. Barclays boosted their target price on shares of QUALCOMM from $155.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Piper Sandler increased their price target on shares of QUALCOMM from $165.00 to $185.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. boosted their price objective on shares of QUALCOMM from $170.00 to $185.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. Finally, Wolfe Research raised their target price on shares of QUALCOMM from $180.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $192.13.

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.