Allstate Corp Invests $5.06 Million in QUALCOMM Incorporated (NASDAQ:QCOM)

Allstate Corp purchased a new stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 32,909 shares of the wireless technology company's stock, valued at approximately $5,055,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in QUALCOMM by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 113,730,186 shares of the wireless technology company's stock valued at $17,471,231,000 after buying an additional 707,468 shares during the last quarter. State Street Corp lifted its stake in QUALCOMM by 1.7% during the 3rd quarter. State Street Corp now owns 51,615,929 shares of the wireless technology company's stock valued at $8,777,289,000 after acquiring an additional 870,814 shares during the period. Geode Capital Management LLC boosted its holdings in shares of QUALCOMM by 7.9% in the 3rd quarter. Geode Capital Management LLC now owns 27,128,468 shares of the wireless technology company's stock valued at $4,600,625,000 after acquiring an additional 1,989,725 shares during the last quarter. Norges Bank acquired a new stake in shares of QUALCOMM in the fourth quarter worth $2,721,882,000. Finally, Amundi raised its holdings in shares of QUALCOMM by 36.6% during the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock worth $2,313,634,000 after purchasing an additional 3,905,918 shares during the last quarter. Hedge funds and other institutional investors own 74.35% of the company's stock.

Wall Street Analysts Forecast Growth

QCOM has been the topic of several recent research reports. Evercore ISI cut their price target on QUALCOMM from $199.00 to $179.00 and set an "in-line" rating on the stock in a research report on Thursday, February 6th. Melius Research assumed coverage on QUALCOMM in a research note on Monday, December 9th. They issued a "hold" rating and a $180.00 target price on the stock. Rosenblatt Securities reiterated a "buy" rating and set a $250.00 price target on shares of QUALCOMM in a research report on Thursday, February 6th. Benchmark restated a "buy" rating and issued a $240.00 price objective on shares of QUALCOMM in a research report on Friday, February 7th. Finally, Barclays cut their target price on shares of QUALCOMM from $200.00 to $185.00 and set an "overweight" rating for the company in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, QUALCOMM has an average rating of "Moderate Buy" and a consensus price target of $205.32.

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Insider Transactions at QUALCOMM

In other news, CAO Neil Martin sold 744 shares of the firm's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $174.83, for a total value of $130,073.52. Following the sale, the chief accounting officer now directly owns 461 shares in the company, valued at approximately $80,596.63. This trade represents a 61.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the business's stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $169.80, for a total transaction of $509,400.00. Following the transaction, the chief financial officer now owns 63,115 shares of the company's stock, valued at approximately $10,716,927. The trade was a 4.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,968 shares of company stock worth $4,685,077 in the last 90 days. Insiders own 0.08% of the company's stock.

QUALCOMM Price Performance

Shares of NASDAQ:QCOM traded down $0.56 during midday trading on Tuesday, hitting $153.05. The company's stock had a trading volume of 1,423,538 shares, compared to its average volume of 8,577,094. QUALCOMM Incorporated has a 12-month low of $147.88 and a 12-month high of $230.63. The company has a market cap of $169.27 billion, a P/E ratio of 16.34, a price-to-earnings-growth ratio of 2.01 and a beta of 1.28. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.99 and a current ratio of 2.62. The business's 50 day simple moving average is $163.94 and its 200 day simple moving average is $163.74.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. On average, analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 6th were issued a dividend of $0.85 per share. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $3.40 annualized dividend and a dividend yield of 2.22%. QUALCOMM's dividend payout ratio is presently 36.32%.

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.