Cornerstone Advisors LLC Boosts Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Cornerstone Advisors LLC grew its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 79.5% during the third quarter, HoldingsChannel reports. The fund owned 30,700 shares of the wireless technology company’s stock after acquiring an additional 13,600 shares during the quarter. Cornerstone Advisors LLC’s holdings in QUALCOMM were worth $5,221,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in QCOM. Reston Wealth Management LLC acquired a new stake in QUALCOMM in the third quarter valued at approximately $26,000. HWG Holdings LP purchased a new stake in shares of QUALCOMM during the 2nd quarter valued at $30,000. Financial Connections Group Inc. purchased a new stake in shares of QUALCOMM during the 2nd quarter valued at $32,000. Planning Capital Management Corp boosted its position in shares of QUALCOMM by 137.3% in the 3rd quarter. Planning Capital Management Corp now owns 197 shares of the wireless technology company’s stock worth $34,000 after purchasing an additional 114 shares in the last quarter. Finally, Aspect Partners LLC grew its stake in QUALCOMM by 71.8% during the 2nd quarter. Aspect Partners LLC now owns 177 shares of the wireless technology company’s stock worth $35,000 after buying an additional 74 shares during the last quarter. 74.35% of the stock is owned by institutional investors.

QUALCOMM Trading Down 6.3 %

Shares of QCOM stock opened at $154.27 on Thursday. The firm has a market capitalization of $171.39 billion, a P/E ratio of 17.16, a PEG ratio of 2.77 and a beta of 1.28. QUALCOMM Incorporated has a fifty-two week low of $125.67 and a fifty-two week high of $230.63. The stock’s fifty day moving average is $168.23 and its two-hundred day moving average is $181.93. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.79 and a current ratio of 2.40.

QUALCOMM Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be issued a $0.85 dividend. The ex-dividend date is Thursday, December 5th. This represents a $3.40 annualized dividend and a dividend yield of 2.20%. QUALCOMM’s dividend payout ratio is presently 37.82%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on QCOM shares. UBS Group increased their price target on QUALCOMM from $185.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $160.00 price objective on shares of QUALCOMM in a research report on Wednesday. Piper Sandler reissued an “overweight” rating and set a $205.00 target price (up previously from $185.00) on shares of QUALCOMM in a research report on Thursday, August 1st. Susquehanna cut their price objective on QUALCOMM from $230.00 to $210.00 and set a “positive” rating on the stock in a report on Wednesday. Finally, JPMorgan Chase & Co. cut their price objective on shares of QUALCOMM from $210.00 to $195.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, QUALCOMM presently has a consensus rating of “Moderate Buy” and an average price target of $210.15.

Insider Transactions at QUALCOMM

In other news, General Counsel Ann C. Chaplin sold 1,901 shares of the company’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $165.06, for a total value of $313,779.06. Following the transaction, the general counsel now owns 12,007 shares of the company’s stock, valued at $1,981,875.42. This represents a 13.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO James H. Thompson sold 8,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $169.80, for a total value of $1,358,400.00. Following the transaction, the chief technology officer now owns 213,364 shares of the company’s stock, valued at approximately $36,229,207.20. This represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,146 shares of company stock worth $2,709,186 in the last quarter. Company insiders own 0.08% of the company’s stock.

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.