KLP Kapitalforvaltning AS Acquires New Position in QUALCOMM Incorporated (NASDAQ:QCOM)

KLP Kapitalforvaltning AS 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 disclosure with the SEC. The firm purchased 497,200 shares of the wireless technology company's stock, valued at approximately $76,380,000.

Other institutional investors have also recently made changes to their positions in the company. Amundi lifted its position in QUALCOMM by 36.6% during the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock valued at $2,313,634,000 after purchasing an additional 3,905,918 shares during the period. Raymond James Financial Inc. bought a new position in shares of QUALCOMM during the 4th quarter valued at $527,053,000. Geode Capital Management LLC boosted its stake 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 worth $4,600,625,000 after buying an additional 1,989,725 shares during the last quarter. Two Sigma Advisers LP grew its holdings in shares of QUALCOMM by 202.6% in the third quarter. Two Sigma Advisers LP now owns 2,061,900 shares of the wireless technology company's stock worth $350,626,000 after acquiring an additional 1,380,500 shares during the period. Finally, State Street Corp increased its position in QUALCOMM by 1.7% during the third 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 last quarter. Hedge funds and other institutional investors own 74.35% of the company's stock.

QUALCOMM Price Performance

Shares of NASDAQ:QCOM traded down $1.76 on Wednesday, reaching $158.39. The company's stock had a trading volume of 5,959,028 shares, compared to its average volume of 8,222,043. The company has a 50-day simple moving average of $164.47 and a 200 day simple moving average of $163.92. QUALCOMM Incorporated has a 52-week low of $149.43 and a 52-week high of $230.63. 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 company has a market cap of $175.18 billion, a P/E ratio of 16.92, a PEG ratio of 2.01 and a beta of 1.28.

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QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its quarterly earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 EPS for the quarter, missing analysts' consensus estimates of $2.93 by ($0.07). QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. As a group, equities research analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 6th will be given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Thursday, March 6th. QUALCOMM's dividend payout ratio is currently 36.32%.

Insider Activity at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the firm's stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $169.80, for a total value of $509,400.00. Following the completion of the sale, the chief financial officer now owns 63,115 shares of the company's stock, valued at $10,716,927. This trade represents a 4.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Neil Martin sold 744 shares of the business's stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 461 shares of the company's stock, valued at $80,596.63. This trade represents a 61.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,968 shares of company stock worth $4,685,077. Company insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on QCOM shares. Melius Research assumed coverage on QUALCOMM in a research note on Monday, December 9th. They set a "hold" rating and a $180.00 price target for the company. Barclays reduced 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. Piper Sandler dropped their price target on shares of QUALCOMM from $205.00 to $190.00 and set an "overweight" rating on the stock in a research note on Thursday, February 6th. Mizuho cut their price target on QUALCOMM from $245.00 to $215.00 and set an "outperform" rating for the company in a report on Tuesday, January 7th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $250.00 price objective on shares of QUALCOMM in a research note on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, QUALCOMM presently has an average rating of "Moderate Buy" and a consensus price target of $205.32.

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.