Convergence Investment Partners LLC Has $2.64 Million Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Convergence Investment Partners LLC raised its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 55.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,216 shares of the wireless technology company’s stock after buying an additional 6,532 shares during the quarter. QUALCOMM comprises 1.4% of Convergence Investment Partners LLC’s portfolio, making the stock its 18th biggest position. Convergence Investment Partners LLC’s holdings in QUALCOMM were worth $2,635,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Financial Gravity Asset Management Inc. grew its position in shares of QUALCOMM by 102.5% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock valued at $26,000 after purchasing an additional 122 shares during the period. Legacy Financial Group LLC acquired a new position in shares of QUALCOMM in the 3rd quarter valued at approximately $29,000. Fortitude Family Office LLC acquired a new position in shares of QUALCOMM in the 4th quarter valued at approximately $35,000. Cranbrook Wealth Management LLC grew its position in shares of QUALCOMM by 68.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 247 shares of the wireless technology company’s stock valued at $36,000 after purchasing an additional 100 shares during the period. Finally, Leith Wheeler Investment Counsel Ltd. grew its position in shares of QUALCOMM by 184.3% in the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 252,913 shares of the wireless technology company’s stock valued at $37,000 after purchasing an additional 163,963 shares during the period. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on QCOM. KeyCorp boosted their price objective on QUALCOMM from $180.00 to $205.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Citigroup cut QUALCOMM from a “buy” rating to a “neutral” rating and set a $160.00 target price on the stock. in a research note on Thursday, February 1st. JPMorgan Chase & Co. cut their target price on QUALCOMM from $173.00 to $170.00 and set an “overweight” rating on the stock in a research note on Thursday, February 1st. Mizuho boosted their target price on QUALCOMM from $155.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday, February 1st. Finally, Barclays boosted their target price on QUALCOMM from $140.00 to $155.00 and gave the company an “overweight” rating in a research note on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, QUALCOMM has an average rating of “Moderate Buy” and an average target price of $158.86.

QUALCOMM Stock Performance

QCOM traded up $2.36 during trading hours on Friday, reaching $165.66. The company’s stock had a trading volume of 7,141,339 shares, compared to its average volume of 6,691,146. QUALCOMM Incorporated has a 52 week low of $101.47 and a 52 week high of $177.59. The company’s 50-day moving average is $165.84 and its 200-day moving average is $144.70. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.88 and a current ratio of 2.56. The firm has a market cap of $184.88 billion, a PE ratio of 24.01, a price-to-earnings-growth ratio of 2.27 and a beta of 1.41.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, January 31st. The wireless technology company reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $1.90 by $0.43. QUALCOMM had a return on equity of 38.06% and a net margin of 21.39%. The firm had revenue of $9.94 billion for the quarter, compared to analyst estimates of $9.50 billion. On average, equities analysts forecast that QUALCOMM Incorporated will post 7.64 EPS for the current year.

QUALCOMM Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, May 30th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 2.05%. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date is Thursday, May 30th. QUALCOMM’s dividend payout ratio is currently 49.28%.

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, CAO Neil Martin sold 371 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total value of $55,586.93. Following the transaction, the chief accounting officer now directly owns 689 shares of the company’s stock, valued at approximately $103,232.87. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $173.49, for a total transaction of $520,470.00. Following the sale, the chief financial officer now directly owns 69,343 shares of the company’s stock, valued at approximately $12,030,317.07. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Neil Martin sold 371 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total value of $55,586.93. Following the sale, the chief accounting officer now directly owns 689 shares in the company, valued at $103,232.87. The disclosure for this sale can be found here. Insiders have sold a total of 36,260 shares of company stock valued at $5,973,728 in the last ninety days. 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.