Meyer Handelman Co. Has $52.73 Million Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Meyer Handelman Co. trimmed its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 1.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 311,471 shares of the wireless technology company’s stock after selling 3,261 shares during the period. QUALCOMM accounts for approximately 1.8% of Meyer Handelman Co.’s holdings, making the stock its 11th largest holding. Meyer Handelman Co.’s holdings in QUALCOMM were worth $52,732,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in QUALCOMM during the fourth quarter worth about $2,507,978,000. International Assets Investment Management LLC lifted its holdings in QUALCOMM by 12,998.7% during the fourth quarter. International Assets Investment Management LLC now owns 3,006,156 shares of the wireless technology company’s stock worth $434,780,000 after acquiring an additional 2,983,206 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in QUALCOMM by 1,543.8% during the fourth quarter. Pacer Advisors Inc. now owns 2,831,577 shares of the wireless technology company’s stock worth $409,531,000 after acquiring an additional 2,659,323 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in QUALCOMM by 8.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock worth $3,664,418,000 after acquiring an additional 1,909,025 shares in the last quarter. Finally, California Public Employees Retirement System lifted its holdings in QUALCOMM by 48.8% during the fourth quarter. California Public Employees Retirement System now owns 3,324,303 shares of the wireless technology company’s stock worth $480,794,000 after acquiring an additional 1,090,504 shares in the last quarter. 74.35% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Evercore ISI assumed coverage on QUALCOMM in a report on Tuesday, April 16th. They issued an “in-line” rating and a $177.00 price target on the stock. Canaccord Genuity Group boosted their price target on QUALCOMM from $180.00 to $206.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Benchmark restated a “buy” rating and issued a $200.00 price target on shares of QUALCOMM in a report on Friday, May 3rd. Piper Sandler boosted their price target on QUALCOMM from $165.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Finally, Robert W. Baird boosted their price target on QUALCOMM from $160.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $192.13.

QUALCOMM Price Performance

NASDAQ:QCOM traded down $2.94 during trading hours on Friday, reaching $212.53. 22,741,323 shares of the company were exchanged, compared to its average volume of 10,186,122. The business has a 50 day moving average of $192.36 and a 200 day moving average of $166.92. The company has a market capitalization of $237.18 billion, a P/E ratio of 28.57, a P/E/G ratio of 2.62 and a beta of 1.30. QUALCOMM Incorporated has a 1-year low of $104.33 and a 1-year high of $230.63. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.65 and a quick ratio of 1.98.

QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.11. The firm had revenue of $9.39 billion for the quarter, compared to the consensus estimate of $9.32 billion. QUALCOMM had a return on equity of 37.09% and a net margin of 23.03%. Research analysts forecast that QUALCOMM Incorporated will post 7.83 EPS for the current year.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Thursday, May 30th were issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend was Thursday, May 30th. This is an increase from QUALCOMM’s previous quarterly dividend of $0.80. QUALCOMM’s dividend payout ratio (DPR) is currently 45.70%.

Insider Buying and Selling at QUALCOMM

In related news, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $168.27, for a total transaction of $1,346,160.00. Following the sale, the chief technology officer now owns 261,893 shares of the company’s stock, valued at approximately $44,068,735.11. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $168.27, for a total transaction of $1,346,160.00. Following the sale, the chief technology officer now owns 261,893 shares of the company’s stock, valued at approximately $44,068,735.11. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Cristiano R. Amon sold 8,100 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $181.00, for a total value of $1,466,100.00. Following the sale, the chief executive officer now directly owns 8,100 shares in the company, valued at approximately $1,466,100. The disclosure for this sale can be found here. In the last quarter, insiders have sold 45,185 shares of company stock valued at $8,206,875. 0.08% of the stock is currently owned by corporate insiders.

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.