Bridges Investment Management Inc. Buys 3,734 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Bridges Investment Management Inc. raised its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 31.6% in the second quarter, according to its most recent filing with the SEC. The firm owned 15,561 shares of the wireless technology company’s stock after purchasing an additional 3,734 shares during the quarter. Bridges Investment Management Inc.’s holdings in QUALCOMM were worth $3,099,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its position in shares of QUALCOMM by 8.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock worth $3,664,418,000 after buying an additional 1,909,025 shares during the period. Matrix Capital Management Company LP bought a new stake in QUALCOMM during the first quarter valued at $1,171,516,000. Putnam Investments LLC grew its holdings in QUALCOMM by 4.3% during the 4th quarter. Putnam Investments LLC now owns 6,340,667 shares of the wireless technology company’s stock worth $917,051,000 after acquiring an additional 263,482 shares during the period. Van ECK Associates Corp raised its position in shares of QUALCOMM by 34.8% in the 1st quarter. Van ECK Associates Corp now owns 5,890,193 shares of the wireless technology company’s stock worth $997,210,000 after acquiring an additional 1,519,781 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of QUALCOMM by 3.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,875,418 shares of the wireless technology company’s stock valued at $970,951,000 after purchasing an additional 173,673 shares during the period. Institutional investors own 74.35% of the company’s stock.

QUALCOMM Trading Down 2.9 %

NASDAQ QCOM opened at $168.92 on Friday. QUALCOMM Incorporated has a 12 month low of $104.33 and a 12 month high of $230.63. The company has a current ratio of 2.39, a quick ratio of 1.78 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $188.18 billion, a P/E ratio of 22.70, a PEG ratio of 1.82 and a beta of 1.28. The business has a fifty day simple moving average of $172.52 and a 200 day simple moving average of $182.01.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share for the quarter, beating 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 analyst estimates of $9.23 billion. On average, analysts predict that QUALCOMM Incorporated will post 8 EPS for the current fiscal year.

QUALCOMM Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 5th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend is Thursday, September 5th. QUALCOMM’s dividend payout ratio is presently 45.70%.

Insider Activity

In related news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction 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 sale, the chief financial officer now directly owns 60,343 shares in the company, valued at $12,407,124.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 60,343 shares of the company’s stock, valued at approximately $12,407,124.23. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $160.50, for a total value of $1,284,000.00. Following the sale, the chief technology officer now owns 229,987 shares in the company, valued at $36,912,913.50. The disclosure for this sale can be found here. Insiders sold a total of 19,000 shares of company stock valued at $3,496,590 over the last three months. Corporate insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

QCOM has been the subject of several recent analyst reports. Barclays raised their target price on QUALCOMM from $185.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. StockNews.com downgraded shares of QUALCOMM from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 3rd. Citigroup boosted 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. Westpark Capital restated a “hold” rating on shares of QUALCOMM in a report on Tuesday, July 30th. Finally, 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 note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $211.67.

QUALCOMM Company 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.