Woodline Partners LP Takes $7.23 Million Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Woodline Partners LP purchased a new stake in QUALCOMM Incorporated (NASDAQ:QCOM) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 47,090 shares of the wireless technology company’s stock, valued at approximately $7,234,000.

A number of other large investors have also made changes to their positions in QCOM. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $26,000. Banque Transatlantique SA purchased a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $26,000. CKW Financial Group purchased a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $27,000. Centricity Wealth Management LLC purchased a new position in QUALCOMM in the fourth quarter worth approximately $29,000. Finally, CoreFirst Bank & Trust purchased a new position in QUALCOMM in the fourth quarter worth approximately $33,000. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Rosenblatt Securities reiterated a “buy” rating and issued a $225.00 price objective on shares of QUALCOMM in a research report on Thursday, May 1st. Loop Capital lowered their price objective on QUALCOMM from $180.00 to $155.00 and set a “hold” rating for the company in a research report on Thursday, May 1st. TD Cowen lowered their price objective on QUALCOMM from $195.00 to $160.00 and set a “buy” rating for the company in a research report on Wednesday, April 9th. Benchmark lowered their price objective on QUALCOMM from $240.00 to $200.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Finally, Wall Street Zen lowered QUALCOMM from a “buy” rating to a “hold” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $192.08.

QUALCOMM Stock Down 1.4%

Shares of NASDAQ QCOM opened at $145.38 on Friday. The stock has a market cap of $159.63 billion, a P/E ratio of 15.53, a PEG ratio of 2.01 and a beta of 1.29. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $230.63. The business’s fifty day simple moving average is $145.46 and its 200-day simple moving average is $156.40.

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

QUALCOMM Increases Dividend

The business also recently disclosed 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. This represents a $3.56 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Thursday, June 5th. QUALCOMM’s dividend payout ratio (DPR) is presently 36.25%.

Insider Activity

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 transaction, the insider now owns 22,793 shares of the company’s stock, valued at $3,139,507.82. This represents a 6.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Akash J. Palkhiwala sold 269 shares of the stock in a transaction on Monday, April 7th. The shares were sold at an average price of $131.10, for a total value of $35,265.90. Following the completion of the transaction, the chief financial officer now directly owns 57,728 shares in the company, valued at $7,568,140.80. This trade represents a 0.46% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,568 shares of company stock worth $1,818,305. Corporate insiders own 0.08% of the company’s stock.

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.