Garner Asset Management Corp Purchases 1,151 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Garner Asset Management Corp lifted its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 8.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,305 shares of the wireless technology company’s stock after acquiring an additional 1,151 shares during the period. QUALCOMM makes up approximately 1.4% of Garner Asset Management Corp’s portfolio, making the stock its 20th biggest position. Garner Asset Management Corp’s holdings in QUALCOMM were worth $2,849,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in QCOM. WFA Asset Management Corp acquired a new stake in shares of QUALCOMM during the 1st quarter worth approximately $27,000. Financial Connections Group Inc. bought a new position in shares of QUALCOMM during the 2nd quarter worth about $32,000. Aspect Partners LLC raised its stake in QUALCOMM by 71.8% during the 2nd quarter. Aspect Partners LLC now owns 177 shares of the wireless technology company’s stock worth $35,000 after buying an additional 74 shares during the period. Richardson Capital Management LLC bought a new stake in shares of QUALCOMM during the first quarter valued at approximately $37,000. Finally, Ables Iannone Moore & Associates Inc. acquired a new position in shares of QUALCOMM during the fourth quarter worth approximately $39,000. 74.35% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CTO James H. Thompson sold 8,000 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $160.50, for a total transaction of $1,284,000.00. Following the completion of the sale, the chief technology officer now owns 229,987 shares of the company’s stock, valued at $36,912,913.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $205.61, for a total transaction of $616,830.00. Following the transaction, the chief financial officer now directly owns 60,343 shares of the company’s stock, valued at $12,407,124.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $160.50, for a total transaction of $1,284,000.00. Following the transaction, the chief technology officer now directly owns 229,987 shares in the company, valued at $36,912,913.50. The disclosure for this sale can be found here. Insiders have sold a total of 19,000 shares of company stock worth $3,496,590 in the last ninety days. 0.08% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on QCOM shares. Robert W. Baird lifted their price target on shares of QUALCOMM from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. KeyCorp boosted their target price on shares of QUALCOMM from $205.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Tigress Financial raised their price target on shares of QUALCOMM from $238.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, June 21st. Mizuho increased their price objective on QUALCOMM from $180.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Finally, Piper Sandler restated an “overweight” rating and issued a $205.00 target price (up previously from $185.00) on shares of QUALCOMM in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $211.67.

QUALCOMM Price Performance

QCOM stock opened at $168.30 on Thursday. The firm has a 50 day simple moving average of $173.71 and a two-hundred day simple moving average of $182.05. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.78. The stock has a market cap of $187.82 billion, a PE ratio of 22.62, a P/E/G ratio of 1.81 and a beta of 1.28. QUALCOMM Incorporated has a one year low of $104.33 and a one year high of $230.63.

QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.21. QUALCOMM had a net margin of 23.32% and a return on equity of 38.12%. The company had revenue of $9.39 billion for the quarter, compared to analysts’ expectations of $9.23 billion. On average, analysts predict that QUALCOMM Incorporated will post 8 EPS for the current fiscal year.

QUALCOMM Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 5th will be issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 2.02%. The ex-dividend date is Thursday, September 5th. QUALCOMM’s dividend payout ratio is presently 45.70%.

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.