Old Port Advisors Increases Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Old Port Advisors increased its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 13.3% in the third quarter, Holdings Channel.com reports. The firm owned 2,061 shares of the wireless technology company’s stock after acquiring an additional 242 shares during the period. Old Port Advisors’ holdings in QUALCOMM were worth $350,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Allspring Global Investments Holdings LLC boosted its position in QUALCOMM by 44.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 388,122 shares of the wireless technology company’s stock valued at $65,709,000 after buying an additional 120,088 shares during the period. Financial Sense Advisors Inc. boosted its position in QUALCOMM by 2.7% during the 1st quarter. Financial Sense Advisors Inc. now owns 8,399 shares of the wireless technology company’s stock valued at $1,422,000 after buying an additional 217 shares during the period. Advisor Resource Council boosted its position in QUALCOMM by 14.8% during the 1st quarter. Advisor Resource Council now owns 7,360 shares of the wireless technology company’s stock valued at $1,246,000 after buying an additional 950 shares during the period. First Trust Direct Indexing L.P. boosted its position in QUALCOMM by 17.4% during the 1st quarter. First Trust Direct Indexing L.P. now owns 26,120 shares of the wireless technology company’s stock valued at $4,422,000 after buying an additional 3,872 shares during the period. Finally, Legacy Wealth Asset Management LLC boosted its position in QUALCOMM by 2.1% during the 1st quarter. Legacy Wealth Asset Management LLC now owns 5,841 shares of the wireless technology company’s stock valued at $989,000 after buying an additional 121 shares during the period. Hedge funds and other institutional investors own 74.35% of the company’s stock.

QUALCOMM Stock Up 2.2 %

NASDAQ:QCOM opened at $176.00 on Wednesday. The firm has a market cap of $196.06 billion, a P/E ratio of 22.80, a P/E/G ratio of 1.71 and a beta of 1.28. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.78 and a current ratio of 2.39. QUALCOMM Incorporated has a fifty-two week low of $106.18 and a fifty-two week high of $230.63. The firm has a 50-day simple moving average of $169.19 and a two-hundred day simple moving average of $182.17.

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, beating analysts’ consensus estimates of $1.72 by $0.21. The business 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 predict that QUALCOMM Incorporated will post 8.02 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be paid a dividend of $0.85 per share. The ex-dividend date is Thursday, December 5th. This represents a $3.40 dividend on an annualized basis and a yield of 1.93%. QUALCOMM’s dividend payout ratio is currently 44.04%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on QCOM shares. Piper Sandler reissued an “overweight” rating and set a $205.00 price target (up previously from $185.00) on shares of QUALCOMM in a research report on Thursday, August 1st. TD Cowen upgraded shares of QUALCOMM to a “strong-buy” rating in a report on Monday, September 16th. Cantor Fitzgerald decreased their price objective on shares of QUALCOMM from $215.00 to $160.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Rosenblatt Securities upped their price objective on shares of QUALCOMM from $240.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Citigroup decreased their price objective on shares of QUALCOMM from $200.00 to $185.00 and set a “neutral” rating for the company in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $207.92.

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $169.80, for a total transaction of $1,358,400.00. Following the completion of the sale, the chief technology officer now directly owns 213,364 shares in the company, valued at approximately $36,229,207.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CTO James H. Thompson sold 8,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $169.80, for a total transaction of $1,358,400.00. Following the transaction, the chief technology officer now directly owns 213,364 shares of the company’s stock, valued at $36,229,207.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Alexander H. Rogers sold 3,245 shares of QUALCOMM stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $166.15, for a total value of $539,156.75. Following the completion of the sale, the insider now directly owns 32,231 shares of the company’s stock, valued at $5,355,180.65. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 22,245 shares of company stock worth $3,679,407. 0.08% of the stock is owned by corporate insiders.

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.