Columbus Hill Capital Management L.P. Makes New Investment in QUALCOMM Incorporated (NASDAQ:QCOM)

Columbus Hill Capital Management L.P. acquired a new stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,939 shares of the wireless technology company’s stock, valued at approximately $1,980,000. QUALCOMM accounts for 0.4% of Columbus Hill Capital Management L.P.’s investment portfolio, making the stock its 28th largest holding.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Sei Investments Co. boosted its holdings in QUALCOMM by 15.1% in the second quarter. Sei Investments Co. now owns 803,673 shares of the wireless technology company’s stock worth $160,082,000 after acquiring an additional 105,695 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in shares of QUALCOMM by 11.6% in the 2nd quarter. Pacer Advisors Inc. now owns 177,040 shares of the wireless technology company’s stock worth $35,263,000 after purchasing an additional 18,379 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its position in QUALCOMM by 94.3% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 988,683 shares of the wireless technology company’s stock valued at $196,807,000 after purchasing an additional 479,722 shares during the period. AE Wealth Management LLC increased its stake in QUALCOMM by 250.5% during the 2nd quarter. AE Wealth Management LLC now owns 55,214 shares of the wireless technology company’s stock valued at $10,998,000 after purchasing an additional 39,463 shares in the last quarter. Finally, Sprucegrove Investment Management Ltd. raised its holdings in QUALCOMM by 1.3% during the second quarter. Sprucegrove Investment Management Ltd. now owns 156,738 shares of the wireless technology company’s stock worth $31,219,000 after buying an additional 2,000 shares during the last quarter. Institutional investors own 74.35% of the company’s stock.

Wall Street Analyst Weigh In

QCOM has been the subject of several recent research reports. Cantor Fitzgerald reissued a “neutral” rating and set a $215.00 target price on shares of QUALCOMM in a research report on Thursday, August 1st. Bank of America boosted their price objective on QUALCOMM from $180.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Rosenblatt Securities raised their target price on QUALCOMM from $240.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Tigress Financial upped their price target on QUALCOMM from $238.00 to $270.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Finally, Piper Sandler reiterated 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 issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $211.67.

Insider Buying and Selling

In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $160.50, for a total value of $1,284,000.00. Following the completion of the transaction, the chief technology officer now directly owns 229,987 shares of the company’s stock, valued at approximately $36,912,913.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, 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 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 filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $205.61, for a total value of $616,830.00. Following the completion of the transaction, the chief financial officer now 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 90 days, insiders have sold 19,000 shares of company stock valued at $3,496,590. Company insiders own 0.08% of the company’s stock.

QUALCOMM Stock Performance

NASDAQ QCOM opened at $168.92 on Friday. The company’s 50 day moving average is $172.52 and its 200-day moving average is $182.01. The firm has a market cap of $188.51 billion, a P/E ratio of 22.70, a price-to-earnings-growth ratio of 1.82 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 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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.21. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. The company had revenue of $9.39 billion for the quarter, compared to analyst estimates of $9.23 billion. Sell-side analysts predict that QUALCOMM Incorporated will post 8 earnings per share for the current year.

QUALCOMM Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 5th will be paid a dividend of $0.85 per share. The ex-dividend date is Thursday, September 5th. This represents a $3.40 annualized dividend and a yield of 2.01%. QUALCOMM’s dividend payout ratio is currently 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.