Summit Financial LLC Raises Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Summit Financial LLC increased its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 190.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 15,606 shares of the wireless technology company's stock after purchasing an additional 10,234 shares during the period. Summit Financial LLC's holdings in QUALCOMM were worth $2,397,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of QUALCOMM during the fourth quarter worth about $26,000. CKW Financial Group acquired a new stake in QUALCOMM during the 4th quarter worth approximately $27,000. Centricity Wealth Management LLC purchased a new position in QUALCOMM in the 4th quarter valued at approximately $29,000. CoreFirst Bank & Trust purchased a new position in QUALCOMM in the 4th quarter valued at approximately $33,000. Finally, Synergy Asset Management LLC purchased a new position in QUALCOMM in the 4th quarter valued at approximately $38,000. Hedge funds and other institutional investors own 74.35% of the company's stock.

QUALCOMM Stock Performance

NASDAQ:QCOM traded down $0.56 during trading hours on Tuesday, reaching $153.05. 5,704,405 shares of the company's stock were exchanged, compared to its average volume of 8,601,419. QUALCOMM Incorporated has a 1-year low of $147.88 and a 1-year 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 firm has a market capitalization of $169.27 billion, a price-to-earnings ratio of 16.35, a P/E/G ratio of 2.01 and a beta of 1.28. The company has a 50-day moving average of $163.66 and a 200 day moving average of $163.64.

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QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced 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%. Research analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 6th were paid a $0.85 dividend. 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 (DPR) is currently 36.32%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on QCOM. Melius began coverage on QUALCOMM in a research note on Monday, December 9th. They issued a "hold" rating and a $180.00 price objective on the stock. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $160.00 price target on shares of QUALCOMM in a research report on Thursday, February 6th. Barclays lowered their price objective on QUALCOMM from $200.00 to $185.00 and set an "overweight" rating for the company in a research report on Friday, January 17th. Benchmark restated a "buy" rating and set a $240.00 target price on shares of QUALCOMM in a research note on Friday, February 7th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $250.00 target price on shares of QUALCOMM in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $205.32.

Insider Transactions at QUALCOMM

In other news, insider Alexander H. Rogers sold 19,287 shares of the business's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $169.83, for a total transaction of $3,275,511.21. Following the transaction, the insider now directly owns 20,762 shares in the company, valued at $3,526,010.46. The trade was a 48.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Neil Martin sold 744 shares of the firm's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $174.83, for a total transaction of $130,073.52. Following the completion of the sale, the chief accounting officer now owns 461 shares of the company's stock, valued at approximately $80,596.63. The trade was a 61.74 % 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 over the last 90 days. 0.08% of the stock is currently owned by insiders.

QUALCOMM Company 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.