King Luther Capital Management Corp Buys 7,156 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

King Luther Capital Management Corp lifted its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 1.2% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 585,795 shares of the wireless technology company’s stock after buying an additional 7,156 shares during the quarter. King Luther Capital Management Corp’s holdings in QUALCOMM were worth $116,679,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Beaton Management Co. Inc. purchased a new stake in QUALCOMM in the 2nd quarter worth $219,000. Etfidea LLC bought a new stake in shares of QUALCOMM in the second quarter worth about $220,000. Bridges Investment Management Inc. lifted its position in shares of QUALCOMM by 31.6% in the second quarter. Bridges Investment Management Inc. now owns 15,561 shares of the wireless technology company’s stock worth $3,099,000 after buying an additional 3,734 shares in the last quarter. Callan Capital LLC grew its holdings in QUALCOMM by 15.9% during the 2nd quarter. Callan Capital LLC now owns 2,421 shares of the wireless technology company’s stock valued at $482,000 after buying an additional 333 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in QUALCOMM by 40.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,621,175 shares of the wireless technology company’s stock worth $322,906,000 after acquiring an additional 468,500 shares during the last quarter. Institutional investors own 74.35% of the company’s stock.

Wall Street Analysts Forecast Growth

QCOM has been the subject of a number of research reports. Susquehanna increased their target price on QUALCOMM from $205.00 to $250.00 and gave the company a “positive” rating in a research report on Wednesday, July 17th. TD Cowen upgraded shares of QUALCOMM to a “strong-buy” rating in a research report on Monday. Mizuho boosted their target price on shares of QUALCOMM from $180.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Deutsche Bank Aktiengesellschaft increased their price target on shares of QUALCOMM from $155.00 to $170.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Finally, Wells Fargo & Company boosted their price objective on QUALCOMM from $140.00 to $170.00 and gave the stock an “underweight” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $211.67.

Insiders Place Their Bets

In other news, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $199.47, for a total transaction of $1,595,760.00. Following the transaction, the chief technology officer now owns 237,893 shares in the company, valued at $47,452,516.71. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CTO James H. Thompson sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $199.47, for a total value of $1,595,760.00. Following the completion of the sale, the chief technology officer now owns 237,893 shares of the company’s stock, valued at approximately $47,452,516.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction that occurred on Friday, July 5th. The shares were 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 in the company, valued at $12,407,124.23. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,000 shares of company stock worth $3,496,590. 0.08% of the stock is currently owned by company insiders.

QUALCOMM Stock Up 3.3 %

Shares of QCOM opened at $173.92 on Friday. The firm has a market capitalization of $194.09 billion, a P/E ratio of 23.38, a P/E/G ratio of 1.81 and a beta of 1.28. QUALCOMM Incorporated has a 12-month low of $104.33 and a 12-month high of $230.63. The firm has a fifty day moving average price of $173.19 and a 200-day moving average price of $182.00. The company has a current ratio of 2.39, a quick ratio of 1.78 and a debt-to-equity ratio of 0.53.

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 business had revenue of $9.39 billion for the quarter, compared to the consensus estimate of $9.23 billion. Equities research analysts expect that QUALCOMM Incorporated will post 8 earnings per share for the current year.

QUALCOMM Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 5th will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date of this dividend is Thursday, September 5th. QUALCOMM’s dividend payout ratio (DPR) is presently 45.70%.

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.