AMI Asset Management Corp Lowers Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

AMI Asset Management Corp reduced its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 3.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,785 shares of the wireless technology company’s stock after selling 316 shares during the quarter. AMI Asset Management Corp’s holdings in QUALCOMM were worth $1,487,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Core Wealth Partners LLC raised its stake in QUALCOMM by 4.7% in the 1st quarter. Core Wealth Partners LLC now owns 4,427 shares of the wireless technology company’s stock valued at $749,000 after purchasing an additional 198 shares during the last quarter. RBA Wealth Management LLC raised its holdings in QUALCOMM by 0.3% in the 1st quarter. RBA Wealth Management LLC now owns 30,570 shares of the wireless technology company’s stock valued at $5,175,000 after acquiring an additional 97 shares during the last quarter. Legacy Wealth Asset Management LLC increased its stake in QUALCOMM by 2.1% during the first quarter. Legacy Wealth Asset Management LLC now owns 5,841 shares of the wireless technology company’s stock worth $989,000 after acquiring an additional 121 shares during the last quarter. First Trust Direct Indexing L.P. raised its position in QUALCOMM by 17.4% in the first quarter. First Trust Direct Indexing L.P. now owns 26,120 shares of the wireless technology company’s stock valued at $4,422,000 after purchasing an additional 3,872 shares during the period. Finally, Advisor Resource Council lifted its stake in shares of QUALCOMM by 14.8% in the 1st quarter. Advisor Resource Council now owns 7,360 shares of the wireless technology company’s stock valued at $1,246,000 after purchasing an additional 950 shares during the last quarter. Hedge funds and other institutional investors own 74.35% of the company’s stock.

QUALCOMM Trading Up 1.8 %

QCOM stock traded up $3.65 during mid-day trading on Thursday, reaching $203.81. 4,996,211 shares of the stock traded hands, compared to its average volume of 10,966,074. The stock’s fifty day moving average is $198.20 and its 200-day moving average is $170.71. The company has a market cap of $227.45 billion, a P/E ratio of 27.39, a P/E/G ratio of 2.43 and a beta of 1.27. The company has a current ratio of 2.65, a quick ratio of 1.98 and a debt-to-equity ratio of 0.59. QUALCOMM Incorporated has a 52-week low of $104.33 and a 52-week high of $230.63.

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

QUALCOMM Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Thursday, May 30th were paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.67%. This is an increase from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend was Thursday, May 30th. QUALCOMM’s dividend payout ratio (DPR) is presently 45.70%.

Wall Street Analysts Forecast Growth

QCOM has been the topic of several recent research reports. TD Cowen upped their price target on QUALCOMM from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday, June 4th. Wolfe Research upped their price objective on QUALCOMM from $180.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. Argus upped their price objective on shares of QUALCOMM from $180.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. KeyCorp boosted their price target on shares of QUALCOMM from $180.00 to $205.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Finally, HSBC boosted their target price on QUALCOMM from $170.00 to $190.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $192.13.

Insider Buying and Selling

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 shares were sold at an average price of $199.47, for a total transaction of $1,595,760.00. Following the completion of the sale, the chief technology officer now directly owns 237,893 shares in the company, valued at $47,452,516.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction 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 sale, the chief technology officer now directly owns 237,893 shares in the company, valued at approximately $47,452,516.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Neil Martin sold 1,116 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $196.11, for a total transaction of $218,858.76. Following the completion of the sale, the chief accounting officer now owns 358 shares of the company’s stock, valued at approximately $70,207.38. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,185 shares of company stock worth $7,936,005. 0.08% of the stock is currently owned by 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.