Provence Wealth Management Group Boosts Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Provence Wealth Management Group lifted its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 62.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,600 shares of the wireless technology company’s stock after acquiring an additional 1,389 shares during the period. Provence Wealth Management Group’s holdings in QUALCOMM were worth $521,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of QUALCOMM by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 110,717,388 shares of the wireless technology company’s stock valued at $12,296,273,000 after acquiring an additional 483,390 shares during the last quarter. Morgan Stanley raised its holdings in shares of QUALCOMM by 2.2% during the third quarter. Morgan Stanley now owns 20,767,489 shares of the wireless technology company’s stock worth $2,306,438,000 after purchasing an additional 438,660 shares during the last quarter. Northern Trust Corp lifted its position in QUALCOMM by 3.5% during the third quarter. Northern Trust Corp now owns 12,291,482 shares of the wireless technology company’s stock valued at $1,365,092,000 after purchasing an additional 415,398 shares during the period. Invesco Ltd. boosted its holdings in QUALCOMM by 15.7% in the third quarter. Invesco Ltd. now owns 9,249,675 shares of the wireless technology company’s stock valued at $1,027,269,000 after purchasing an additional 1,253,173 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in QUALCOMM by 2.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,058,454 shares of the wireless technology company’s stock worth $672,852,000 after purchasing an additional 128,373 shares during the period. Hedge funds and other institutional investors own 74.35% of the company’s stock.

Insider Buying and Selling

In other QUALCOMM news, CAO Neil Martin sold 371 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total value of $55,586.93. Following the completion of the sale, the chief accounting officer now directly owns 689 shares in the company, valued at approximately $103,232.87. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other QUALCOMM news, CAO Neil Martin sold 371 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $149.83, for a total value of $55,586.93. Following the transaction, the chief accounting officer now directly owns 689 shares in the company, valued at approximately $103,232.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $182.00, for a total transaction of $1,456,000.00. Following the sale, the chief technology officer now owns 253,893 shares of the company’s stock, valued at approximately $46,208,526. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,260 shares of company stock worth $7,429,728. 0.08% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wolfe Research boosted their price objective on QUALCOMM from $180.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday. UBS Group upped their price objective on QUALCOMM from $165.00 to $175.00 and gave the stock a “neutral” rating in a research report on Thursday. KeyCorp lifted their target price on shares of QUALCOMM from $180.00 to $205.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Bank of America increased their price target on shares of QUALCOMM from $173.00 to $180.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Benchmark reaffirmed a “buy” rating and issued a $200.00 price objective on shares of QUALCOMM in a report on Friday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $179.36.

QUALCOMM Price Performance

Shares of NASDAQ QCOM traded down $0.46 during mid-day trading on Friday, reaching $179.64. The company’s stock had a trading volume of 10,043,912 shares, compared to its average volume of 8,171,053. The stock has a 50-day moving average of $167.69 and a two-hundred day moving average of $146.59. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.88 and a current ratio of 2.65. The stock has a market capitalization of $200.48 billion, a P/E ratio of 24.15, a P/E/G ratio of 2.46 and a beta of 1.33. QUALCOMM Incorporated has a 1-year low of $101.47 and a 1-year high of $183.19.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, January 31st. The wireless technology company reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $1.90 by $0.43. QUALCOMM had a net margin of 23.03% and a return on equity of 37.09%. The company had revenue of $9.94 billion during the quarter, compared to the consensus estimate of $9.50 billion. On average, equities research analysts anticipate that QUALCOMM Incorporated will post 7.64 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Thursday, May 30th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 1.89%. The ex-dividend date is Thursday, May 30th. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. QUALCOMM’s dividend payout ratio (DPR) is currently 43.01%.

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.