Summit Securities Group LLC Invests $3.58 Million in QUALCOMM Incorporated (NASDAQ:QCOM)

Summit Securities Group LLC purchased a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 23,276 shares of the wireless technology company’s stock, valued at approximately $3,576,000. QUALCOMM comprises 0.7% of Summit Securities Group LLC’s portfolio, making the stock its 19th biggest position.

Several other large investors also recently bought and sold shares of QCOM. Kohmann Bosshard Financial Services LLC purchased a new position in shares of QUALCOMM during the 4th quarter worth $26,000. CKW Financial Group acquired a new position in QUALCOMM in the 4th quarter valued at about $27,000. Centricity Wealth Management LLC purchased a new stake in shares of QUALCOMM in the 4th quarter valued at approximately $29,000. CoreFirst Bank & Trust acquired a new stake in shares of QUALCOMM during the 4th quarter worth approximately $33,000. Finally, Synergy Asset Management LLC purchased a new stake in shares of QUALCOMM during the 4th quarter valued at approximately $38,000. Hedge funds and other institutional investors own 74.35% of the company’s stock.

Insider Activity at QUALCOMM

In other QUALCOMM news, insider Alexander H. Rogers sold 19,287 shares of the business’s stock in a transaction on 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 owns 20,762 shares in the company, valued at $3,526,010.46. The trade was a 48.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Neil Martin sold 744 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $174.83, for a total value of $130,073.52. Following the completion of the transaction, the chief accounting officer now directly owns 461 shares in the company, valued at approximately $80,596.63. This trade represents a 61.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,968 shares of company stock worth $4,685,077. 0.08% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on QCOM. Benchmark reaffirmed a “buy” rating and issued a $240.00 price objective on shares of QUALCOMM in a research note on Friday, February 7th. Melius Research initiated coverage on shares of QUALCOMM in a research report on Monday, December 9th. They set a “hold” rating and a $180.00 price target on the stock. Piper Sandler reduced their target price on shares of QUALCOMM from $205.00 to $190.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Mizuho cut their price objective on QUALCOMM from $245.00 to $215.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 7th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $160.00 target price on shares of QUALCOMM in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, QUALCOMM has a consensus rating of “Moderate Buy” and an average target price of $205.32.

QUALCOMM Stock Down 3.3 %

QCOM stock opened at $152.72 on Friday. The stock has a market cap of $168.91 billion, a P/E ratio of 16.32, a P/E/G ratio of 2.01 and a beta of 1.28. QUALCOMM Incorporated has a 1-year low of $149.43 and a 1-year high of $230.63. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49. The stock’s fifty day simple moving average is $164.16 and its two-hundred day simple moving average is $163.84.

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

QUALCOMM Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 6th were paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend was Thursday, March 6th. QUALCOMM’s dividend payout ratio is currently 36.32%.

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.