BNC Wealth Management LLC Grows Position in QUALCOMM Incorporated (NASDAQ:QCOM)

BNC Wealth Management LLC increased its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 606.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 18,172 shares of the wireless technology company’s stock after buying an additional 15,600 shares during the period. BNC Wealth Management LLC’s holdings in QUALCOMM were worth $2,791,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in QCOM. Teza Capital Management LLC acquired a new position in QUALCOMM during the fourth quarter worth approximately $1,541,000. Purkiss Capital Advisors LLC purchased a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $303,000. Amundi boosted its stake in shares of QUALCOMM by 36.6% in the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company’s stock valued at $2,313,634,000 after buying an additional 3,905,918 shares in the last quarter. First Foundation Advisors boosted its stake in shares of QUALCOMM by 41.2% in the fourth quarter. First Foundation Advisors now owns 156,770 shares of the wireless technology company’s stock valued at $24,083,000 after buying an additional 45,769 shares in the last quarter. Finally, Arbor Capital Management Inc. ADV boosted its position in QUALCOMM by 16.4% during the fourth quarter. Arbor Capital Management Inc. ADV now owns 15,114 shares of the wireless technology company’s stock worth $2,322,000 after purchasing an additional 2,128 shares in the last quarter. Hedge funds and other institutional investors own 74.35% of the company’s stock.

QUALCOMM Stock Performance

QCOM stock opened at $154.72 on Friday. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $230.63. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49. The stock’s 50 day simple moving average is $145.85 and its 200 day simple moving average is $155.15. The firm has a market cap of $169.88 billion, a P/E ratio of 16.53, a P/E/G ratio of 2.01 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.03. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The firm had revenue of $10.98 billion for the quarter, compared to analyst estimates of $10.58 billion. During the same period last year, the company earned $2.44 earnings per share. The firm’s revenue for the quarter was up 17.0% on a year-over-year basis. As a group, equities research analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be paid a $0.89 dividend. This is a boost from QUALCOMM’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $3.56 annualized dividend and a dividend yield of 2.30%. QUALCOMM’s dividend payout ratio is presently 36.25%.

Insider Transactions at QUALCOMM

In related news, insider Heather S. Ace sold 1,600 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $137.74, for a total value of $220,384.00. Following the completion of the transaction, the insider now owns 22,793 shares in the company, valued at $3,139,507.82. This trade represents a 6.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $146.10, for a total value of $486,951.30. Following the completion of the transaction, the chief financial officer now owns 49,779 shares of the company’s stock, valued at $7,272,711.90. This trade represents a 6.28% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 423,464 shares of company stock valued at $8,135,164. 0.08% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

QCOM has been the topic of a number of research analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $225.00 target price on shares of QUALCOMM in a research report on Thursday, May 1st. Robert W. Baird dropped their price objective on shares of QUALCOMM from $250.00 to $216.00 and set an “outperform” rating for the company in a research note on Thursday, May 1st. Benchmark dropped their price objective on shares of QUALCOMM from $240.00 to $200.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $185.00 target price on shares of QUALCOMM in a report on Tuesday, April 29th. Finally, Citigroup decreased their price target on QUALCOMM from $185.00 to $145.00 and set a “neutral” rating for the company in a report on Friday, April 11th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $189.88.

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.