Abacus Planning Group Inc. Raises Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Abacus Planning Group Inc. lifted its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 13.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,939 shares of the wireless technology company’s stock after acquiring an additional 229 shares during the period. Abacus Planning Group Inc.’s holdings in QUALCOMM were worth $330,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in QCOM. WFA Asset Management Corp bought a new stake in shares of QUALCOMM in the first quarter worth about $27,000. HWG Holdings LP purchased a new position in QUALCOMM during the 2nd quarter valued at approximately $30,000. Financial Connections Group Inc. bought a new stake in QUALCOMM in the 2nd quarter worth approximately $32,000. Aspect Partners LLC raised its holdings in shares of 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 acquiring an additional 74 shares in the last quarter. Finally, Richardson Capital Management LLC bought a new position in shares of QUALCOMM during the 1st quarter valued at approximately $37,000. 74.35% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

QCOM has been the topic of a number of recent research reports. Tigress Financial upped their price target on shares of QUALCOMM from $238.00 to $270.00 and gave the company a “buy” rating in a research note on Friday, June 21st. Citigroup upped their target price on shares of QUALCOMM from $170.00 to $200.00 and gave the company a “neutral” rating in a research report on Monday, July 15th. DZ Bank raised shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 price target for the company in a report on Friday, August 2nd. TD Cowen raised QUALCOMM to a “strong-buy” rating in a research note on Monday, September 16th. Finally, StockNews.com lowered QUALCOMM from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, QUALCOMM has an average rating of “Moderate Buy” and a consensus target price of $211.67.

QUALCOMM Trading Up 1.5 %

Shares of NASDAQ QCOM opened at $168.32 on Thursday. QUALCOMM Incorporated has a twelve month low of $104.33 and a twelve month high of $230.63. The firm has a market cap of $187.51 billion, a PE ratio of 22.62, a price-to-earnings-growth ratio of 1.86 and a beta of 1.28. The business has a fifty day simple moving average of $168.35 and a two-hundred day simple moving average of $182.05. The company has a quick ratio of 1.78, a current ratio of 2.39 and a debt-to-equity ratio of 0.53.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.21. The company had revenue of $9.39 billion during the quarter, compared to analyst estimates of $9.23 billion. QUALCOMM had a net margin of 23.32% and a return on equity of 38.12%. Analysts expect that QUALCOMM Incorporated will post 8.02 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Thursday, September 5th were 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 was Thursday, September 5th. QUALCOMM’s payout ratio is 45.70%.

Insider Activity at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $205.61, for a total transaction of $616,830.00. Following the completion of the sale, 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 SEC, which is accessible through this link. In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $205.61, for a total transaction of $616,830.00. Following the sale, the chief financial officer now owns 60,343 shares in the company, valued at $12,407,124.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO James H. Thompson sold 8,000 shares of QUALCOMM 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 disclosure for this sale can be found here. Insiders have sold a total of 25,245 shares of company stock valued at $4,296,237 over the last ninety days. 0.08% of the stock is owned by company insiders.

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.