Cornercap Investment Counsel Inc. Buys 3,927 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Cornercap Investment Counsel Inc. raised its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 61.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,302 shares of the wireless technology company’s stock after buying an additional 3,927 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in QUALCOMM were worth $2,052,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Norges Bank bought a new stake in QUALCOMM during the 4th quarter worth approximately $2,507,978,000. Matrix Capital Management Company LP purchased a new position in shares of QUALCOMM during the 1st quarter valued at $1,171,516,000. Price T Rowe Associates Inc. MD increased its holdings in shares of QUALCOMM by 8.1% in 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 purchasing an additional 1,909,025 shares during the period. Van ECK Associates Corp raised its position in shares of QUALCOMM by 34.8% in the first quarter. Van ECK Associates Corp now owns 5,890,193 shares of the wireless technology company’s stock worth $997,210,000 after buying an additional 1,519,781 shares in the last quarter. Finally, Global Assets Advisory LLC bought a new stake in QUALCOMM during the first quarter valued at $238,770,000. 74.35% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $199.47, for a total transaction of $1,595,760.00. Following the completion of the transaction, the chief technology officer now directly owns 237,893 shares of the company’s stock, valued at approximately $47,452,516.71. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction on Monday, July 1st. The stock was sold at an average price of $199.47, for a total transaction of $1,595,760.00. Following the completion of the transaction, the chief technology officer now owns 237,893 shares in the company, valued at $47,452,516.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $205.61, for a total value of $616,830.00. Following the completion of the sale, the chief financial officer now directly owns 60,343 shares in the company, valued at $12,407,124.23. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,000 shares of company stock worth $3,496,590. Corporate insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on QCOM shares. DZ Bank upgraded QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 price target for the company in a research report on Friday, August 2nd. Citigroup boosted their price target 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 restated a “neutral” rating and set a $215.00 price objective on shares of QUALCOMM in a research report on Thursday, August 1st. TD Cowen upped their target price on shares of QUALCOMM from $200.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, June 4th. Finally, Robert W. Baird increased their target price on QUALCOMM from $200.00 to $250.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $210.63.

QUALCOMM Trading Up 3.0 %

NASDAQ:QCOM opened at $166.56 on Thursday. QUALCOMM Incorporated has a 12 month low of $104.33 and a 12 month high of $230.63. The company has a current ratio of 2.39, a quick ratio of 1.78 and a debt-to-equity ratio of 0.53. The company has a 50-day moving average price of $177.65 and a 200-day moving average price of $181.74. The stock has a market cap of $185.88 billion, a price-to-earnings ratio of 22.39, a P/E/G ratio of 1.74 and a beta of 1.28.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.21. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. The business had revenue of $9.39 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Equities analysts predict that QUALCOMM Incorporated will post 7.98 EPS for the current year.

QUALCOMM Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 5th will be given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend is Thursday, September 5th. QUALCOMM’s dividend payout ratio is currently 45.70%.

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.