Westover Capital Advisors LLC Buys New Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Westover Capital Advisors LLC purchased a new stake in QUALCOMM Incorporated (NASDAQ:QCOM) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 1,985 shares of the wireless technology company’s stock, valued at approximately $395,000.

Other hedge funds have also added to or reduced their stakes in the company. Gilbert & Cook Inc. boosted its holdings in shares of QUALCOMM by 7.3% during the 4th quarter. Gilbert & Cook Inc. now owns 5,254 shares of the wireless technology company’s stock valued at $760,000 after buying an additional 356 shares in the last quarter. Gryphon Financial Partners LLC purchased a new stake in QUALCOMM in the fourth quarter worth about $334,000. Summit X LLC bought a new position in shares of QUALCOMM during the fourth quarter valued at approximately $233,000. Brown Advisory Inc. lifted its holdings in shares of QUALCOMM by 0.7% during the fourth quarter. Brown Advisory Inc. now owns 554,430 shares of the wireless technology company’s stock valued at $80,187,000 after purchasing an additional 3,851 shares during the last quarter. Finally, Prestige Wealth Management Group LLC boosted its position in shares of QUALCOMM by 3.1% in the 4th quarter. Prestige Wealth Management Group LLC now owns 3,489 shares of the wireless technology company’s stock worth $505,000 after purchasing an additional 106 shares in the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Mizuho raised their price objective on QUALCOMM from $180.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Bank of America increased their price objective on shares of QUALCOMM from $180.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, May 31st. TD Cowen lifted their target price on shares of QUALCOMM from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday, June 4th. Tigress Financial increased their price target on shares of QUALCOMM from $238.00 to $270.00 and gave the company a “buy” rating in a report on Friday, June 21st. Finally, Piper Sandler restated an “overweight” rating and issued a $205.00 price objective (up from $185.00) on shares of QUALCOMM in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, QUALCOMM currently has an average rating of “Moderate Buy” and an average target price of $210.63.

Insider Activity at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $205.61, for a total transaction of $616,830.00. Following the sale, the chief financial officer now directly owns 60,343 shares of the company’s stock, valued at $12,407,124.23. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $205.61, for a total transaction of $616,830.00. Following the completion of the sale, the chief financial officer now owns 60,343 shares in the company, valued at $12,407,124.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $160.50, for a total value of $1,284,000.00. Following the completion of the transaction, the chief technology officer now directly owns 229,987 shares in the company, valued at $36,912,913.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,000 shares of company stock worth $3,496,590. 0.08% of the stock is owned by corporate insiders.

QUALCOMM Price Performance

Shares of QUALCOMM stock opened at $167.73 on Friday. The stock has a market cap of $186.85 billion, a P/E ratio of 22.54, a P/E/G ratio of 1.82 and a beta of 1.28. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.78 and a current ratio of 2.39. The stock’s fifty day moving average is $176.11 and its 200 day moving average is $181.86. QUALCOMM Incorporated has a one year low of $104.33 and a one year high of $230.63.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 31st. The wireless technology company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.72 by $0.21. The firm had revenue of $9.39 billion for the quarter, compared to the consensus estimate of $9.23 billion. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. Sell-side analysts anticipate that QUALCOMM Incorporated will post 8 earnings per share for the current year.

QUALCOMM Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 5th will be given a dividend of $0.85 per share. The ex-dividend date is Thursday, September 5th. This represents a $3.40 annualized dividend and a dividend yield of 2.03%. QUALCOMM’s payout ratio is 45.70%.

QUALCOMM 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.