Viking Fund Management LLC Buys 7,000 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Viking Fund Management LLC boosted its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 10.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,000 shares of the wireless technology company's stock after purchasing an additional 7,000 shares during the period. QUALCOMM makes up 2.0% of Viking Fund Management LLC's portfolio, making the stock its 7th biggest position. Viking Fund Management LLC's holdings in QUALCOMM were worth $12,244,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Voisard Asset Management Group Inc. bought a new stake in shares of QUALCOMM during the 4th quarter worth $58,000. Able Wealth Management LLC acquired a new position in shares of QUALCOMM during the 4th quarter worth about $85,000. Neo Ivy Capital Management bought a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $40,000. Centaurus Financial Inc. boosted its holdings in QUALCOMM by 5.1% in the 4th quarter. Centaurus Financial Inc. now owns 5,565 shares of the wireless technology company's stock valued at $805,000 after purchasing an additional 271 shares during the period. Finally, Syon Capital LLC raised its holdings in QUALCOMM by 167.7% in the 4th quarter. Syon Capital LLC now owns 4,890 shares of the wireless technology company's stock valued at $707,000 after acquiring an additional 3,063 shares in the last quarter. Institutional investors and hedge funds own 74.35% of the company's stock.

QUALCOMM Stock Performance

NASDAQ:QCOM traded up $1.46 during trading hours on Friday, reaching $169.98. The company had a trading volume of 3,801,395 shares, compared to its average volume of 9,064,405. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.78. The business's 50 day moving average price is $167.85 and its 200-day moving average price is $182.09. QUALCOMM Incorporated has a 1-year low of $104.33 and a 1-year high of $230.63. The firm has a market cap of $189.70 billion, a PE ratio of 22.85, a price-to-earnings-growth ratio of 1.71 and a beta of 1.28.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $9.39 billion for the quarter, compared to analyst estimates of $9.23 billion. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. Research analysts forecast that QUALCOMM Incorporated will post 8.02 EPS for the current year.

Insider Buying and Selling at QUALCOMM

In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $165.95, for a total transaction of $497,850.00. Following the completion of the sale, the chief financial officer now directly owns 51,437 shares of the company's stock, valued at $8,535,970.15. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other QUALCOMM news, insider Alexander H. Rogers sold 3,245 shares of QUALCOMM stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $166.15, for a total value of $539,156.75. Following the transaction, the insider now owns 32,231 shares in the company, valued at $5,355,180.65. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the company's stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $165.95, for a total transaction of $497,850.00. Following the sale, the chief financial officer now directly owns 51,437 shares of the company's stock, valued at approximately $8,535,970.15. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,245 shares of company stock valued at $3,679,407. Insiders own 0.08% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on QCOM. TD Cowen raised shares of QUALCOMM to a "strong-buy" rating in a report on Monday, September 16th. Citigroup upped their target price on shares of QUALCOMM from $170.00 to $200.00 and gave the stock a "neutral" rating in a research note on Monday, July 15th. Cantor Fitzgerald lowered their target price on shares of QUALCOMM from $215.00 to $160.00 and set a "neutral" rating on the stock in a report on Tuesday, October 8th. Piper Sandler reissued an "overweight" rating and issued a $205.00 price target (up from $185.00) on shares of QUALCOMM in a report on Thursday, August 1st. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on QUALCOMM from $155.00 to $170.00 and gave the stock a "hold" rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $209.38.

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.