Resolute Capital Asset Partners LLC Purchases Shares of 17,500 QUALCOMM Incorporated (NASDAQ:QCOM)

Resolute Capital Asset Partners LLC purchased a new stake in QUALCOMM Incorporated (NASDAQ:QCOM) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 17,500 shares of the wireless technology company’s stock, valued at approximately $3,486,000. QUALCOMM accounts for about 2.0% of Resolute Capital Asset Partners LLC’s holdings, making the stock its 19th largest position.

A number of other hedge funds also recently made changes to their positions in the stock. WFA Asset Management Corp bought a new position in QUALCOMM during the 1st quarter worth approximately $27,000. Financial Connections Group Inc. acquired a new stake in shares of QUALCOMM during the second quarter worth $32,000. Aspect Partners LLC raised its stake in QUALCOMM by 71.8% during the second quarter. Aspect Partners LLC now owns 177 shares of the wireless technology company’s stock worth $35,000 after buying an additional 74 shares during the last quarter. Richardson Capital Management LLC acquired a new position in QUALCOMM in the first quarter valued at $37,000. Finally, Ables Iannone Moore & Associates Inc. bought a new stake in QUALCOMM during the fourth quarter valued at $39,000. 74.35% of the stock is currently owned by institutional investors.

QUALCOMM Stock Down 0.2 %

QCOM opened at $168.30 on Thursday. QUALCOMM Incorporated has a fifty-two week low of $104.33 and a fifty-two week high of $230.63. The firm has a market capitalization of $187.82 billion, a P/E ratio of 22.62, a PEG ratio of 1.81 and a beta of 1.28. The company’s 50-day moving average is $173.71 and its 200 day moving average is $182.05. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.78.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.72 by $0.21. The firm had revenue of $9.39 billion for the quarter, compared to analysts’ expectations of $9.23 billion. QUALCOMM had a net margin of 23.32% and a return on equity of 38.12%. Research analysts expect that QUALCOMM Incorporated will post 8 earnings per share for the current fiscal year.

QUALCOMM Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 5th will be paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date is Thursday, September 5th. QUALCOMM’s payout ratio is 45.70%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on QCOM shares. Robert W. Baird lifted their price objective on QUALCOMM from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. HSBC downgraded QUALCOMM from a “buy” rating to a “hold” rating and set a $200.00 target price for the company. in a report on Wednesday, July 17th. Rosenblatt Securities increased their price target on QUALCOMM from $240.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. KeyCorp lifted their price objective on shares of QUALCOMM from $205.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of QUALCOMM from $155.00 to $170.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, ten have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, QUALCOMM currently has a consensus rating of “Moderate Buy” and an average target price of $211.67.

Insider Activity at QUALCOMM

In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $160.50, for a total value of $1,284,000.00. Following the sale, the chief technology officer now owns 229,987 shares of the company’s stock, valued at $36,912,913.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $160.50, for a total value of $1,284,000.00. Following the completion of the sale, the chief technology officer now directly owns 229,987 shares of the company’s stock, valued at $36,912,913.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $205.61, for a total value of $616,830.00. Following the completion of the sale, the chief financial officer now owns 60,343 shares in the company, valued at $12,407,124.23. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,000 shares of company stock worth $3,496,590. 0.08% of the stock is owned by company insiders.

About QUALCOMM

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.