Summit Global Investments Acquires 50,443 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Summit Global Investments lifted its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 104.5% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 98,722 shares of the wireless technology company’s stock after purchasing an additional 50,443 shares during the period. QUALCOMM accounts for about 0.9% of Summit Global Investments’ portfolio, making the stock its 16th largest position. Summit Global Investments’ holdings in QUALCOMM were worth $15,166,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nordea Investment Management AB grew its holdings in QUALCOMM by 39.7% during the 4th quarter. Nordea Investment Management AB now owns 1,841,103 shares of the wireless technology company’s stock worth $284,708,000 after acquiring an additional 523,244 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of QUALCOMM by 21.9% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 27,596 shares of the wireless technology company’s stock worth $4,239,000 after purchasing an additional 4,955 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in shares of QUALCOMM during the fourth quarter valued at approximately $2,058,000. Burney Co. increased its holdings in shares of QUALCOMM by 665.6% in the fourth quarter. Burney Co. now owns 146,911 shares of the wireless technology company’s stock valued at $22,568,000 after purchasing an additional 127,722 shares in the last quarter. Finally, Howard Bailey Securities LLC bought a new position in QUALCOMM in the 4th quarter worth approximately $240,000. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

QCOM has been the topic of several recent research reports. Benchmark reaffirmed a “buy” rating and issued a $240.00 target price on shares of QUALCOMM in a research note on Friday, February 7th. Melius started coverage on shares of QUALCOMM in a report on Monday, December 9th. They set a “hold” rating and a $180.00 target price for the company. Melius Research initiated coverage on QUALCOMM in a research note on Monday, December 9th. They issued a “hold” rating and a $180.00 price target on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price objective on shares of QUALCOMM in a research note on Thursday, February 6th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $160.00 target price on shares of QUALCOMM in a research note 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, QUALCOMM currently has a consensus rating of “Moderate Buy” and an average price target of $205.32.

Insider Activity at QUALCOMM

In related news, CAO Neil Martin sold 744 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were 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 of the company’s stock, valued at approximately $80,596.63. This trade represents a 61.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Heather S. Ace sold 1,600 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $154.24, for a total transaction of $246,784.00. Following the sale, the insider now directly owns 24,393 shares in the company, valued at $3,762,376.32. This trade represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,968 shares of company stock valued at $4,685,077. 0.08% of the stock is owned by insiders.

QUALCOMM Stock Down 0.7 %

Shares of QUALCOMM stock opened at $156.82 on Friday. QUALCOMM Incorporated has a 52-week low of $149.43 and a 52-week high of $230.63. 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 business’s 50 day simple moving average is $164.51 and its 200 day simple moving average is $163.98. The firm has a market cap of $173.44 billion, a PE ratio of 16.75, a P/E/G ratio of 2.01 and a beta of 1.28.

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

QUALCOMM Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 6th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Thursday, March 6th. QUALCOMM’s payout ratio is 36.32%.

QUALCOMM 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.