Allstate Corp Invests $5.06 Million in QUALCOMM Incorporated (NASDAQ:QCOM)

Allstate Corp bought a new stake in QUALCOMM Incorporated (NASDAQ:QCOM) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 32,909 shares of the wireless technology company’s stock, valued at approximately $5,055,000.

A number of other large investors have also recently bought and sold shares of the stock. Brown Brothers Harriman & Co. grew its holdings in shares of QUALCOMM by 3.9% during the fourth quarter. Brown Brothers Harriman & Co. now owns 26,693 shares of the wireless technology company’s stock worth $4,101,000 after buying an additional 1,000 shares in the last quarter. RiverFront Investment Group LLC grew its stake in QUALCOMM by 16.6% in the 4th quarter. RiverFront Investment Group LLC now owns 2,526 shares of the wireless technology company’s stock worth $388,000 after acquiring an additional 360 shares during the period. Horizon Investment Services LLC raised its holdings in QUALCOMM by 1.7% in the 4th quarter. Horizon Investment Services LLC now owns 25,609 shares of the wireless technology company’s stock valued at $3,934,000 after acquiring an additional 437 shares during the last quarter. DnB Asset Management AS lifted its stake in shares of QUALCOMM by 2.1% during the 4th quarter. DnB Asset Management AS now owns 293,303 shares of the wireless technology company’s stock worth $45,057,000 after purchasing an additional 5,913 shares during the period. Finally, Level Four Advisory Services LLC boosted its holdings in shares of QUALCOMM by 7.1% during the fourth quarter. Level Four Advisory Services LLC now owns 52,804 shares of the wireless technology company’s stock worth $8,112,000 after purchasing an additional 3,478 shares during the last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

QUALCOMM Stock Down 3.3 %

NASDAQ:QCOM opened at $152.72 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.99 and a current ratio of 2.62. The company has a market capitalization of $168.91 billion, a price-to-earnings ratio of 16.32, a price-to-earnings-growth ratio of 2.01 and a beta of 1.28. QUALCOMM Incorporated has a one year low of $149.43 and a one year high of $230.63. The stock has a 50-day simple moving average of $164.16 and a 200 day simple moving average of $163.82.

QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. Sell-side analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 6th were given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date was Thursday, March 6th. QUALCOMM’s dividend payout ratio is presently 36.32%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on QCOM shares. Benchmark reiterated a “buy” rating and issued a $240.00 target price on shares of QUALCOMM in a research note on Friday, February 7th. StockNews.com downgraded shares of QUALCOMM from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, March 12th. Melius Research initiated coverage on shares of QUALCOMM in a research report on Monday, December 9th. They issued a “hold” rating and a $180.00 target price on the stock. Evercore ISI cut their price target on shares of QUALCOMM from $199.00 to $179.00 and set an “in-line” rating on the stock in a research note on Thursday, February 6th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 price target on shares of QUALCOMM in a report on Thursday, February 6th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $205.32.

Insider Buying and Selling

In related news, CAO Neil Martin sold 744 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $174.83, for a total value of $130,073.52. Following the sale, the chief accounting officer now owns 461 shares of the company’s stock, valued at $80,596.63. This trade represents a 61.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alexander H. Rogers sold 19,287 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $169.83, for a total transaction of $3,275,511.21. Following the transaction, the insider now directly owns 20,762 shares of the company’s stock, valued at $3,526,010.46. The trade was a 48.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,968 shares of company stock worth $4,685,077 over the last quarter. 0.08% of the stock is owned by company insiders.

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.