Pekin Hardy Strauss Inc. Increases Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Pekin Hardy Strauss Inc. lifted its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 22.3% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 4,800 shares of the wireless technology company’s stock after purchasing an additional 875 shares during the period. Pekin Hardy Strauss Inc.’s holdings in QUALCOMM were worth $956,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of QCOM. City Holding Co. grew its stake in QUALCOMM by 3.5% in the 1st quarter. City Holding Co. now owns 5,884 shares of the wireless technology company’s stock worth $996,000 after acquiring an additional 199 shares in the last quarter. Federated Hermes Inc. grew its stake in QUALCOMM by 173.3% in the second quarter. Federated Hermes Inc. now owns 842,357 shares of the wireless technology company’s stock worth $167,781,000 after purchasing an additional 534,176 shares in the last quarter. BNP Paribas purchased a new position in QUALCOMM during the 1st quarter worth $3,104,000. SWP Financial LLC bought a new stake in QUALCOMM during the 4th quarter valued at $593,000. Finally, Horizon Investment Services LLC purchased a new stake in shares of QUALCOMM in the 1st quarter worth $3,832,000. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the company. 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. StockNews.com cut shares of QUALCOMM from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. cut their price objective on shares of QUALCOMM from $230.00 to $210.00 and set an “overweight” rating on the stock in a report on Tuesday. Robert W. Baird upped their target price on QUALCOMM from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Finally, Westpark Capital reiterated a “hold” rating on shares of QUALCOMM in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, QUALCOMM has a consensus rating of “Moderate Buy” and an average price target of $211.67.

Insider Transactions at QUALCOMM

In related news, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction on 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 in the company, valued at $47,452,516.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $205.61, for a total transaction of $616,830.00. Following the completion of the transaction, the chief financial officer now directly owns 60,343 shares of the company’s stock, valued at approximately $12,407,124.23. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO James H. Thompson sold 8,000 shares of the 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 sale, the chief technology officer now directly owns 237,893 shares in the company, valued at $47,452,516.71. The disclosure for this sale can be found here. Insiders have sold 19,000 shares of company stock worth $3,496,590 over the last 90 days. 0.08% of the stock is currently owned by company insiders.

QUALCOMM Stock Performance

Shares of QCOM stock opened at $168.70 on Wednesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.78. The business has a fifty day moving average of $174.52 and a 200 day moving average of $182.15. The firm has a market capitalization of $188.27 billion, a price-to-earnings ratio of 22.67, a price-to-earnings-growth ratio of 1.81 and a beta of 1.28. QUALCOMM Incorporated has a 1 year low of $104.33 and a 1 year high of $230.63.

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

QUALCOMM Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 5th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend is Thursday, September 5th. QUALCOMM’s dividend payout ratio (DPR) is currently 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.