Summit Securities Group LLC Purchases New Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Summit Securities Group LLC acquired a new position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 23,276 shares of the wireless technology company's stock, valued at approximately $3,576,000. QUALCOMM accounts for 0.7% of Summit Securities Group LLC's holdings, making the stock its 19th largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in QCOM. Kohmann Bosshard Financial Services LLC purchased a new stake in QUALCOMM in the fourth quarter worth $26,000. CKW Financial Group purchased a new position in shares of QUALCOMM in the fourth quarter worth $27,000. Centricity Wealth Management LLC purchased a new position in shares of QUALCOMM in the fourth quarter worth $29,000. CoreFirst Bank & Trust bought a new position in shares of QUALCOMM during the fourth quarter valued at $33,000. Finally, Synergy Asset Management LLC purchased a new stake in shares of QUALCOMM during the fourth quarter valued at $38,000. 74.35% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

QCOM has been the subject of a number of recent analyst reports. Piper Sandler decreased their target price on QUALCOMM from $205.00 to $190.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. Barclays lowered their price objective on shares of QUALCOMM from $200.00 to $185.00 and set an "overweight" rating on the stock in a research report on Friday, January 17th. Melius Research initiated coverage on shares of QUALCOMM in a report on Monday, December 9th. They issued a "hold" rating and a $180.00 target price on the stock. StockNews.com lowered shares of QUALCOMM from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, March 12th. Finally, Mizuho dropped their price target on QUALCOMM from $245.00 to $215.00 and set an "outperform" rating on the stock in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $205.32.

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Insider Transactions at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the business's stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 63,115 shares of the company's stock, valued at $10,716,927. The trade was a 4.54 % 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 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 completion of the sale, the chief accounting officer now directly owns 461 shares of the company's stock, valued at $80,596.63. The trade was a 61.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,968 shares of company stock valued at $4,685,077 in the last ninety days. Corporate insiders own 0.08% of the company's stock.

QUALCOMM Price Performance

Shares of QUALCOMM stock traded up $0.89 on Monday, hitting $153.61. 8,610,780 shares of the company traded hands, compared to its average volume of 8,605,370. 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 has a 50-day simple moving average of $164.16 and a 200 day simple moving average of $163.82. QUALCOMM Incorporated has a 52 week low of $147.99 and a 52 week high of $230.63. The stock has a market capitalization of $169.89 billion, a P/E ratio of 16.41, a price-to-earnings-growth ratio of 2.01 and a beta of 1.28.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced 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 net margin of 25.94% and a return on equity of 39.51%. Research analysts expect that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 6th were paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date was Thursday, March 6th. QUALCOMM's payout ratio is 36.32%.

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.