ICICI Prudential Asset Management Co Ltd Purchases 6,288 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

ICICI Prudential Asset Management Co Ltd grew its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 43.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,830 shares of the wireless technology company’s stock after purchasing an additional 6,288 shares during the period. ICICI Prudential Asset Management Co Ltd’s holdings in QUALCOMM were worth $3,200,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Reston Wealth Management LLC acquired a new position in QUALCOMM during the third quarter valued at approximately $26,000. CKW Financial Group acquired a new position in QUALCOMM during the fourth quarter valued at approximately $27,000. Planning Capital Management Corp boosted its position in QUALCOMM by 137.3% during the third quarter. Planning Capital Management Corp now owns 197 shares of the wireless technology company’s stock valued at $34,000 after purchasing an additional 114 shares during the last quarter. Accordant Advisory Group Inc acquired a new position in QUALCOMM during the third quarter valued at approximately $36,000. Finally, Synergy Asset Management LLC acquired a new position in QUALCOMM during the fourth quarter valued at approximately $38,000. Institutional investors own 74.35% of the company’s stock.

QUALCOMM Price Performance

QUALCOMM stock opened at $173.64 on Wednesday. The stock’s fifty day moving average price is $163.70 and its two-hundred day moving average price is $165.54. The firm has a market cap of $192.05 billion, a PE ratio of 18.55, a price-to-earnings-growth ratio of 1.99 and a beta of 1.25. QUALCOMM Incorporated has a one year low of $148.90 and a one year high of $230.63. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99.

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

QUALCOMM Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 6th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date is Thursday, March 6th. QUALCOMM’s dividend payout ratio is presently 36.32%.

Insider Buying and Selling at QUALCOMM

In related news, insider Alexander H. Rogers sold 19,287 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $169.83, for a total transaction of $3,275,511.21. Following the sale, the insider now owns 20,762 shares of the company’s stock, valued at $3,526,010.46. This trade represents a 48.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Neil Martin sold 1,304 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $155.00, for a total value of $202,120.00. Following the sale, the chief accounting officer now directly owns 94 shares in the company, valued at approximately $14,570. This trade represents a 93.28 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 47,268 shares of company stock valued at $7,785,781. 0.08% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

QCOM has been the subject of several recent research reports. Benchmark reissued a “buy” rating and set a $240.00 price target on shares of QUALCOMM in a research report on Friday, February 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $160.00 price objective on shares of QUALCOMM in a research report on Thursday, February 6th. Barclays cut their price objective on QUALCOMM from $200.00 to $185.00 and set an “overweight” rating for the company in a research report on Friday, January 17th. JPMorgan Chase & Co. cut their price objective on QUALCOMM from $210.00 to $195.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Finally, Loop Capital started coverage on QUALCOMM in a research report on Monday, November 11th. They issued a “hold” rating and a $180.00 price objective for the company. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $205.32.

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.