Price T Rowe Associates Inc. MD Has $1.78 Billion Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Price T Rowe Associates Inc. MD lessened its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 28.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,586,287 shares of the wireless technology company's stock after selling 4,590,750 shares during the period. Price T Rowe Associates Inc. MD owned about 1.05% of QUALCOMM worth $1,779,887,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in QCOM. Vanguard Group Inc. boosted its position in QUALCOMM by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 113,730,186 shares of the wireless technology company's stock worth $17,471,231,000 after purchasing an additional 707,468 shares during the period. Geode Capital Management LLC boosted its holdings in shares of QUALCOMM by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 27,798,900 shares of the wireless technology company's stock worth $4,262,826,000 after buying an additional 670,432 shares during the period. Norges Bank acquired a new position in QUALCOMM in the 4th quarter valued at about $2,721,882,000. Amundi raised its holdings in QUALCOMM by 36.6% in the 4th quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock valued at $2,313,634,000 after acquiring an additional 3,905,918 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in QUALCOMM by 2.0% during the fourth quarter. Bank of New York Mellon Corp now owns 9,670,451 shares of the wireless technology company's stock worth $1,485,575,000 after acquiring an additional 193,236 shares during the last quarter. 74.35% of the stock is owned by institutional investors.

QUALCOMM Trading Up 4.8 %

Shares of NASDAQ QCOM traded up $6.75 during trading on Thursday, reaching $147.21. The company had a trading volume of 8,803,543 shares, compared to its average volume of 8,894,935. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $230.63. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49. The stock has a market cap of $162.81 billion, a P/E ratio of 15.73, a PEG ratio of 2.01 and a beta of 1.28. The company's fifty day moving average price is $150.61 and its 200-day moving average price is $159.63.

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

QUALCOMM Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be given a $0.89 dividend. The ex-dividend date of this dividend is Thursday, June 5th. This is a positive change from QUALCOMM's previous quarterly dividend of $0.85. This represents a $3.56 annualized dividend and a dividend yield of 2.42%. QUALCOMM's dividend payout ratio (DPR) is 36.32%.

Insider Activity

In other news, insider Heather S. Ace sold 1,600 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $154.24, for a total transaction of $246,784.00. Following the transaction, the insider now owns 24,393 shares of the company's stock, valued at $3,762,376.32. This represents a 6.16 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Neil Martin sold 744 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $174.83, for a total value of $130,073.52. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,666 shares of company stock valued at $5,047,052 in the last ninety days. 0.08% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Citigroup lowered their target price on QUALCOMM from $185.00 to $145.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Piper Sandler cut their price objective on shares of QUALCOMM from $205.00 to $190.00 and set an "overweight" rating for the company in a report on Thursday, February 6th. Benchmark reaffirmed a "buy" rating and set a $240.00 target price on shares of QUALCOMM in a report on Friday, February 7th. StockNews.com cut QUALCOMM from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, March 12th. Finally, Barclays lowered their price objective on QUALCOMM from $200.00 to $185.00 and set an "overweight" rating on the stock in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $201.21.

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.