Bridges Investment Management Inc. Acquires 3,734 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Bridges Investment Management Inc. increased its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 31.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,561 shares of the wireless technology company’s stock after buying an additional 3,734 shares during the quarter. Bridges Investment Management Inc.’s holdings in QUALCOMM were worth $3,099,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Matrix Capital Management Company LP acquired a new position in shares of QUALCOMM during the 1st quarter worth approximately $1,171,516,000. Massachusetts Financial Services Co. MA increased its holdings in shares of QUALCOMM by 1,778.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,219,303 shares of the wireless technology company’s stock valued at $641,221,000 after purchasing an additional 3,047,947 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of QUALCOMM by 8.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock valued at $3,664,418,000 after purchasing an additional 1,909,025 shares during the period. Van ECK Associates Corp raised its position in shares of QUALCOMM by 34.8% in the first quarter. Van ECK Associates Corp now owns 5,890,193 shares of the wireless technology company’s stock valued at $997,210,000 after purchasing an additional 1,519,781 shares during the period. Finally, Global Assets Advisory LLC acquired a new stake in shares of QUALCOMM during the 1st quarter worth about $238,770,000. Institutional investors own 74.35% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Susquehanna increased their price target on shares of QUALCOMM from $205.00 to $250.00 and gave the company a “positive” rating in a report on Wednesday, July 17th. Hsbc Global Res lowered QUALCOMM from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. StockNews.com cut QUALCOMM from a “strong-buy” rating to a “buy” rating in a report on Tuesday, September 3rd. Westpark Capital reaffirmed a “hold” rating on shares of QUALCOMM in a report on Tuesday, July 30th. Finally, Piper Sandler reissued an “overweight” rating and set a $205.00 target price (up previously from $185.00) on shares of QUALCOMM in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $211.67.

Insider Activity at QUALCOMM

In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $199.47, for a total value of $1,595,760.00. Following the completion of the transaction, the chief technology officer now owns 237,893 shares of the company’s stock, valued at approximately $47,452,516.71. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $205.61, for a total transaction of $616,830.00. Following the sale, the chief financial officer now directly owns 60,343 shares in the company, valued at approximately $12,407,124.23. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $199.47, for a total transaction of $1,595,760.00. Following the sale, the chief technology officer now directly owns 237,893 shares in the company, valued at $47,452,516.71. The disclosure for this sale can be found here. Insiders have sold a total of 19,000 shares of company stock valued at $3,496,590 in the last 90 days. 0.08% of the stock is owned by corporate insiders.

QUALCOMM Trading Down 2.9 %

Shares of QCOM opened at $168.92 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.78 and a current ratio of 2.39. QUALCOMM Incorporated has a 52-week low of $104.33 and a 52-week high of $230.63. The firm has a market cap of $188.18 billion, a price-to-earnings ratio of 22.70, a PEG ratio of 1.82 and a beta of 1.28. The business’s fifty day moving average is $172.52 and its 200-day moving average is $182.01.

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

QUALCOMM Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 5th will be issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend is Thursday, September 5th. QUALCOMM’s dividend payout ratio (DPR) is 45.70%.

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.