L & S Advisors Inc Takes $6.24 Million Position in QUALCOMM Incorporated (NASDAQ:QCOM)

L & S Advisors Inc purchased a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 31,316 shares of the wireless technology company’s stock, valued at approximately $6,238,000.

Several other hedge funds have also recently made changes to their positions in QCOM. City Holding Co. boosted its position in shares of QUALCOMM by 3.5% during the 1st quarter. City Holding Co. now owns 5,884 shares of the wireless technology company’s stock worth $996,000 after purchasing an additional 199 shares in the last quarter. Bard Financial Services Inc. lifted its stake in shares of QUALCOMM by 0.4% in the fourth quarter. Bard Financial Services Inc. now owns 34,790 shares of the wireless technology company’s stock valued at $5,032,000 after buying an additional 125 shares in the last quarter. Federated Hermes Inc. boosted its stake in QUALCOMM by 173.3% during the 2nd quarter. Federated Hermes Inc. now owns 842,357 shares of the wireless technology company’s stock valued at $167,781,000 after purchasing an additional 534,176 shares during the last quarter. BNP Paribas bought a new stake in QUALCOMM during the first quarter worth $3,104,000. Finally, SWP Financial LLC bought a new stake in shares of QUALCOMM in the 4th quarter worth $593,000. 74.35% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on QCOM. StockNews.com downgraded QUALCOMM from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 3rd. TD Cowen upgraded shares of QUALCOMM to a “strong-buy” rating in a report on Monday. Susquehanna boosted their target price on shares of QUALCOMM from $205.00 to $250.00 and gave the company a “positive” rating in a research note on Wednesday, July 17th. Rosenblatt Securities raised their price target on shares of QUALCOMM from $240.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Hsbc Global Res downgraded QUALCOMM from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $210.63.

QUALCOMM Price Performance

Shares of NASDAQ QCOM opened at $166.61 on Tuesday. The stock’s 50-day simple moving average is $175.29 and its two-hundred day simple moving average is $182.11. QUALCOMM Incorporated has a twelve month low of $104.33 and a twelve month high of $230.63. The firm has a market capitalization of $185.94 billion, a P/E ratio of 22.39, a P/E/G ratio of 1.81 and a beta of 1.28. 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 announced its 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 business had revenue of $9.39 billion for the quarter, compared to the consensus estimate of $9.23 billion. As a group, equities analysts anticipate that QUALCOMM Incorporated will post 8 EPS for the current fiscal year.

QUALCOMM Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 5th will be paid a $0.85 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $3.40 dividend on an annualized basis and a yield of 2.04%. QUALCOMM’s dividend payout ratio is presently 45.70%.

Insider Buying and Selling at QUALCOMM

In other news, CTO James H. Thompson sold 8,000 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $199.47, for a total transaction of $1,595,760.00. Following the transaction, the chief technology officer now directly owns 237,893 shares in the company, valued at approximately $47,452,516.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $12,407,124.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $199.47, for a total value of $1,595,760.00. Following the completion of the transaction, the chief technology officer now directly owns 237,893 shares in the company, valued at $47,452,516.71. The disclosure for this sale can be found here. Insiders have sold 19,000 shares of company stock worth $3,496,590 over the last 90 days. Corporate insiders own 0.08% of the company’s stock.

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.