Sumitomo Mitsui Trust Holdings Inc. Raises Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 0.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,476,901 shares of the wireless technology company’s stock after buying an additional 26,187 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in QUALCOMM were worth $588,639,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of QUALCOMM during the fourth quarter valued at about $2,507,978,000. International Assets Investment Management LLC increased its stake in QUALCOMM by 12,998.7% in the 4th quarter. International Assets Investment Management LLC now owns 3,006,156 shares of the wireless technology company’s stock valued at $434,780,000 after buying an additional 2,983,206 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of QUALCOMM by 1,543.8% during the 4th quarter. Pacer Advisors Inc. now owns 2,831,577 shares of the wireless technology company’s stock worth $409,531,000 after buying an additional 2,659,323 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of QUALCOMM by 8.1% in the 4th 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 buying an additional 1,909,025 shares during the last quarter. Finally, Global Assets Advisory LLC bought a new position in shares of QUALCOMM in the first quarter valued at approximately $238,770,000. Institutional investors own 74.35% of the company’s stock.

Insider Activity 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 Thursday, April 4th. The stock was sold at an average price of $173.49, for a total value of $520,470.00. Following the completion of the sale, the chief financial officer now owns 69,343 shares in the company, valued at $12,030,317.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other QUALCOMM news, CAO Neil Martin sold 1,116 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $196.11, for a total value of $218,858.76. Following the completion of the sale, the chief accounting officer now owns 358 shares in the company, valued at approximately $70,207.38. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $173.49, for a total value of $520,470.00. Following the transaction, the chief financial officer now directly owns 69,343 shares in the company, valued at $12,030,317.07. The disclosure for this sale can be found here. Insiders sold 45,185 shares of company stock worth $8,456,475 in the last ninety days. 0.08% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on QCOM shares. Evercore ISI began coverage on QUALCOMM in a research report on Tuesday, April 16th. They issued an “in-line” rating and a $177.00 price objective on the stock. Barclays increased their price target on shares of QUALCOMM from $155.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. TD Cowen lifted their price objective 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. Benchmark reissued a “buy” rating and set a $200.00 target price on shares of QUALCOMM in a research report on Friday, May 3rd. Finally, Morgan Stanley lifted their price target on shares of QUALCOMM from $158.00 to $172.00 and gave the stock an “equal weight” rating in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $192.13.

QUALCOMM Price Performance

Shares of NASDAQ QCOM traded up $0.76 during trading hours on Wednesday, reaching $200.92. 689,146 shares of the stock traded hands, compared to its average volume of 9,253,017. The company’s 50-day simple moving average is $196.62 and its two-hundred day simple moving average is $170.08. The company has a market capitalization of $224.23 billion, a P/E ratio of 26.90, a price-to-earnings-growth ratio of 2.42 and a beta of 1.27. QUALCOMM Incorporated has a 52-week low of $104.33 and a 52-week high of $230.63. The company has a quick ratio of 1.98, a current ratio of 2.65 and a debt-to-equity ratio of 0.59.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.11. QUALCOMM had a net margin of 23.03% and a return on equity of 37.09%. The firm had revenue of $9.39 billion during the quarter, compared to analyst estimates of $9.32 billion. Equities research analysts forecast that QUALCOMM Incorporated will post 7.85 EPS for the current year.

QUALCOMM Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Thursday, May 30th were issued a $0.85 dividend. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $3.40 annualized dividend and a dividend yield of 1.69%. This is an increase from QUALCOMM’s previous quarterly dividend of $0.80. QUALCOMM’s 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.