Allspring Global Investments Holdings LLC Buys 120,088 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Allspring Global Investments Holdings LLC increased its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 44.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 388,122 shares of the wireless technology company’s stock after purchasing an additional 120,088 shares during the period. Allspring Global Investments Holdings LLC’s holdings in QUALCOMM were worth $65,709,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Financial Gravity Asset Management Inc. grew its position in QUALCOMM by 102.5% in the third 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 during the last quarter. CarsonAllaria Wealth Management Ltd. grew its position in QUALCOMM by 327.1% in the fourth quarter. CarsonAllaria Wealth Management Ltd. now owns 205 shares of the wireless technology company’s stock valued at $30,000 after acquiring an additional 157 shares during the last quarter. DiNuzzo Private Wealth Inc. bought a new position in QUALCOMM in the fourth quarter valued at about $32,000. Cherry Tree Wealth Management LLC grew its position 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 valued at $34,000 after acquiring an additional 115 shares during the last quarter. Finally, Fortitude Family Office LLC bought a new position in QUALCOMM in the fourth quarter valued at about $35,000. Institutional investors own 74.35% of the company’s stock.

Analyst Ratings Changes

QCOM has been the topic of a number of recent analyst reports. Citigroup lifted their target price on QUALCOMM from $160.00 to $170.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. Wells Fargo & Company boosted their price target on QUALCOMM from $120.00 to $140.00 and gave the stock an “underweight” rating in a report on Thursday, May 2nd. Susquehanna boosted their price target on QUALCOMM from $175.00 to $205.00 and gave the stock a “positive” rating in a report on Wednesday, April 10th. KeyCorp boosted their price target on QUALCOMM from $180.00 to $205.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $190.00 price target on shares of QUALCOMM in a report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, QUALCOMM currently has a consensus rating of “Moderate Buy” and an average target price of $192.13.

Insider Activity

In other news, CEO Cristiano R. Amon sold 8,100 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $181.00, for a total transaction of $1,466,100.00. Following the completion of the sale, the chief executive officer now owns 8,100 shares in the company, valued at $1,466,100. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $173.49, for a total value of $520,470.00. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Cristiano R. Amon sold 8,100 shares of the stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $181.00, for a total value of $1,466,100.00. Following the completion of the sale, the chief executive officer now directly owns 8,100 shares of the company’s stock, valued at $1,466,100. The disclosure for this sale can be found here. Insiders sold a total of 45,185 shares of company stock worth $8,456,475 over the last quarter. 0.08% of the stock is currently owned by corporate insiders.

QUALCOMM Price Performance

Shares of QCOM opened at $200.16 on Wednesday. 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. The business’s 50 day moving average price is $196.62 and its two-hundred day moving average price is $170.08. The firm has a market cap of $223.38 billion, a PE ratio of 26.90, a price-to-earnings-growth ratio of 2.42 and a beta of 1.27.

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

QUALCOMM Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Thursday, May 30th were issued a dividend of $0.85 per share. This is an increase from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date was Thursday, May 30th. This represents a $3.40 annualized dividend and a dividend yield of 1.70%. QUALCOMM’s payout ratio is currently 45.70%.

QUALCOMM 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.