Tower Bridge Advisors Acquires 1,561 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Tower Bridge Advisors grew its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 2.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,706 shares of the wireless technology company’s stock after acquiring an additional 1,561 shares during the period. Tower Bridge Advisors’ holdings in QUALCOMM were worth $10,038,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Norges Bank bought a new stake in shares of QUALCOMM during the 4th quarter worth $1,638,769,000. BlackRock Inc. boosted its holdings in shares of QUALCOMM by 5.4% during the 4th quarter. BlackRock Inc. now owns 79,999,443 shares of the wireless technology company’s stock worth $12,187,113,000 after buying an additional 4,097,822 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of QUALCOMM by 31.2% during the 4th quarter. Alliancebernstein L.P. now owns 13,277,733 shares of the wireless technology company’s stock worth $2,022,730,000 after buying an additional 3,158,229 shares during the period. FMR LLC boosted its holdings in shares of QUALCOMM by 3.4% during the 4th quarter. FMR LLC now owns 56,956,778 shares of the wireless technology company’s stock worth $8,676,796,000 after buying an additional 1,855,061 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in QUALCOMM by 2,766.4% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,401,954 shares of the wireless technology company’s stock valued at $213,574,000 after purchasing an additional 1,353,044 shares during the period. 72.53% of the stock is owned by institutional investors.

In related news, EVP Brian Modoff sold 1,510 shares of QUALCOMM stock in a transaction that occurred on Friday, May 14th. The shares were sold at an average price of $129.32, for a total transaction of $195,273.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Erin L. Polek sold 1,835 shares of QUALCOMM stock in a transaction that occurred on Friday, May 21st. The stock was sold at an average price of $132.00, for a total transaction of $242,220.00. 0.14% of the stock is currently owned by company insiders.

A number of brokerages have weighed in on QCOM. Canaccord Genuity increased their price target on shares of QUALCOMM from $180.00 to $188.00 and gave the company a “buy” rating in a report on Thursday, April 29th. Susquehanna Bancshares downgraded shares of QUALCOMM to a “neutral” rating and reduced their price target for the company from $175.00 to $155.00 in a report on Monday, April 19th. Piper Sandler increased their price target on shares of QUALCOMM from $160.00 to $175.00 and gave the company an “overweight” rating in a report on Thursday, April 29th. Mizuho increased their price objective on shares of QUALCOMM from $170.00 to $175.00 and gave the company a “buy” rating in a research note on Thursday, April 29th. Finally, Citigroup dropped their price objective on shares of QUALCOMM from $165.00 to $154.00 in a research note on Thursday, April 29th. Twelve research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $163.65.

Shares of NASDAQ QCOM traded down $0.24 during mid-day trading on Friday, hitting $133.98. The company’s stock had a trading volume of 257,316 shares, compared to its average volume of 10,027,211. The stock has a market capitalization of $151.13 billion, a PE ratio of 19.26, a price-to-earnings-growth ratio of 0.93 and a beta of 1.32. The company has a current ratio of 2.02, a quick ratio of 1.72 and a debt-to-equity ratio of 2.05. QUALCOMM Incorporated has a one year low of $83.10 and a one year high of $167.94. The company has a fifty day simple moving average of $134.68.

QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, April 28th. The wireless technology company reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.49. The company had revenue of $7.93 billion for the quarter, compared to analyst estimates of $7.62 billion. QUALCOMM had a net margin of 27.28% and a return on equity of 103.71%. The company’s revenue for the quarter was up 52.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.88 EPS. On average, equities research analysts anticipate that QUALCOMM Incorporated will post 6.66 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 24th. Stockholders of record on Thursday, June 3rd will be paid a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend is Wednesday, June 2nd. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.65. QUALCOMM’s dividend payout ratio (DPR) is 81.44%.

QUALCOMM Company Profile

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies and products are used in mobile devices and other wireless products, including network equipment, broadband gateway equipment, consumer electronic devices, and other connected devices worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI).

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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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