Kovitz Investment Group Partners LLC Has $55.74 Million Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Kovitz Investment Group Partners LLC increased its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 59.8% during the first quarter, Holdings Channel reports. The institutional investor owned 362,863 shares of the wireless technology company’s stock after purchasing an additional 135,837 shares during the period. Kovitz Investment Group Partners LLC’s holdings in QUALCOMM were worth $55,739,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. OVERSEA CHINESE BANKING Corp Ltd raised its stake in QUALCOMM by 565.0% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 124,327 shares of the wireless technology company’s stock worth $19,098,000 after buying an additional 105,631 shares during the period. PFG Advisors raised its stake in shares of QUALCOMM by 8.0% in the first quarter. PFG Advisors now owns 4,314 shares of the wireless technology company’s stock worth $663,000 after purchasing an additional 321 shares during the last quarter. Teza Capital Management LLC purchased a new stake in shares of QUALCOMM in the fourth quarter worth approximately $1,541,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of QUALCOMM by 3.3% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 188,654 shares of the wireless technology company’s stock worth $28,979,000 after purchasing an additional 6,017 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of QUALCOMM by 12.3% in the first quarter. Russell Investments Group Ltd. now owns 1,328,759 shares of the wireless technology company’s stock worth $203,904,000 after purchasing an additional 145,509 shares during the last quarter. 74.35% of the stock is owned by institutional investors and hedge funds.

QUALCOMM Trading Up 1.9%

NASDAQ:QCOM opened at $156.59 on Thursday. The company has a market cap of $168.96 billion, a P/E ratio of 15.10, a P/E/G ratio of 2.24 and a beta of 1.23. The stock’s fifty day moving average price is $155.35 and its two-hundred day moving average price is $153.91. QUALCOMM Incorporated has a 1 year low of $120.80 and a 1 year high of $182.10. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.19 and a quick ratio of 2.38.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.71 by $0.06. The firm had revenue of $10.37 billion for the quarter, compared to the consensus estimate of $10.33 billion. QUALCOMM had a return on equity of 40.35% and a net margin of 26.77%. The business’s quarterly revenue was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.33 earnings per share. As a group, analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be given a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Thursday, September 4th. QUALCOMM’s dividend payout ratio (DPR) is 34.33%.

Insider Buying and Selling

In related news, insider Heather S. Ace sold 1,600 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $146.40, for a total value of $234,240.00. Following the sale, the insider owned 21,193 shares in the company, valued at approximately $3,102,655.20. This trade represents a 7.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $148.10, for a total value of $493,617.30. Following the completion of the sale, the chief financial officer owned 43,207 shares in the company, valued at $6,398,956.70. This trade represents a 7.16% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 424,099 shares of company stock worth $8,352,355. Corporate insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on QCOM. Cantor Fitzgerald reissued a “neutral” rating and issued a $150.00 price objective on shares of QUALCOMM in a research note on Thursday, May 1st. Seaport Res Ptn raised QUALCOMM to a “hold” rating in a research note on Friday, May 9th. Loop Capital reduced their target price on QUALCOMM from $180.00 to $155.00 and set a “hold” rating for the company in a report on Thursday, May 1st. Susquehanna reduced their target price on QUALCOMM from $210.00 to $190.00 and set a “positive” rating for the company in a report on Thursday, May 1st. Finally, Benchmark reduced their target price on QUALCOMM from $240.00 to $200.00 and set a “buy” rating for the company in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $181.10.

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.