Edge Capital Group LLC Raises Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Edge Capital Group LLC grew its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 2.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 88,549 shares of the wireless technology company’s stock after purchasing an additional 1,761 shares during the quarter. Edge Capital Group LLC’s holdings in QUALCOMM were worth $17,637,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its position in QUALCOMM by 8.1% in the 4th 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 buying an additional 1,909,025 shares during the period. Matrix Capital Management Company LP acquired a new position in QUALCOMM during the 1st quarter worth $1,171,516,000. Putnam Investments LLC grew its stake in QUALCOMM by 4.3% during the 4th quarter. Putnam Investments LLC now owns 6,340,667 shares of the wireless technology company’s stock worth $917,051,000 after purchasing an additional 263,482 shares in the last quarter. Van ECK Associates Corp increased its holdings in QUALCOMM by 34.8% during the 1st quarter. Van ECK Associates Corp now owns 5,890,193 shares of the wireless technology company’s stock worth $997,210,000 after purchasing an additional 1,519,781 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in QUALCOMM by 3.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,875,418 shares of the wireless technology company’s stock valued at $970,951,000 after purchasing an additional 173,673 shares in the last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

QUALCOMM Trading Down 2.9 %

NASDAQ:QCOM opened at $168.92 on Friday. QUALCOMM Incorporated has a 12-month low of $104.33 and a 12-month high of $230.63. The company has a current ratio of 2.39, a quick ratio of 1.78 and a debt-to-equity ratio of 0.53. The stock’s 50 day simple moving average is $172.52 and its 200-day simple moving average is $182.16. The firm has a market cap of $188.51 billion, a P/E ratio of 22.70, a PEG ratio of 1.82 and a beta of 1.28.

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

QUALCOMM Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 5th will be given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend is Thursday, September 5th. QUALCOMM’s payout ratio is 45.70%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on QCOM shares. Barclays boosted their price objective on QUALCOMM from $185.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Westpark Capital reissued a “hold” rating on shares of QUALCOMM in a research report on Tuesday, July 30th. Wolfe Research downgraded shares of QUALCOMM from an “outperform” rating to a “peer perform” rating in a research note on Monday, August 12th. TD Cowen upgraded QUALCOMM to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Bank of America increased their price objective on QUALCOMM from $180.00 to $245.00 and gave the company a “buy” rating in a report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $211.67.

Insider Activity

In related news, CTO James H. Thompson sold 8,000 shares of the company’s stock in a transaction 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 transaction, the chief technology officer now owns 237,893 shares of the company’s stock, valued at $47,452,516.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $205.61, for a total transaction of $616,830.00. Following the sale, the chief financial officer now owns 60,343 shares of the company’s stock, valued at approximately $12,407,124.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were 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 directly owns 237,893 shares of the company’s stock, valued at $47,452,516.71. The disclosure for this sale can be found here. Insiders sold 19,000 shares of company stock valued at $3,496,590 in the last three months. 0.08% of the stock is currently 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.