CIBC Asset Management Inc Grows Position in QUALCOMM Incorporated (NASDAQ:QCOM)

CIBC Asset Management Inc lifted its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 2.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 394,029 shares of the wireless technology company’s stock after buying an additional 8,736 shares during the period. CIBC Asset Management Inc’s holdings in QUALCOMM were worth $60,531,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Creative Planning raised its position in QUALCOMM by 0.5% during the third quarter. Creative Planning now owns 403,811 shares of the wireless technology company’s stock valued at $68,147,000 after acquiring an additional 2,086 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of QUALCOMM by 33.8% during the 3rd quarter. Blue Trust Inc. now owns 14,197 shares of the wireless technology company’s stock worth $2,414,000 after acquiring an additional 3,585 shares during the period. First Citizens Bank & Trust Co. grew its holdings in shares of QUALCOMM by 2.7% in the third quarter. First Citizens Bank & Trust Co. now owns 4,528 shares of the wireless technology company’s stock valued at $770,000 after purchasing an additional 120 shares during the period. Chicago Capital LLC increased its position in QUALCOMM by 1.3% during the third quarter. Chicago Capital LLC now owns 31,014 shares of the wireless technology company’s stock worth $5,274,000 after purchasing an additional 397 shares during the last quarter. Finally, E&G Advisors LP raised its stake in QUALCOMM by 4.8% during the third quarter. E&G Advisors LP now owns 4,341 shares of the wireless technology company’s stock worth $738,000 after purchasing an additional 198 shares during the period. 74.35% of the stock is owned by institutional investors and hedge funds.

QUALCOMM Trading Up 0.0 %

NASDAQ QCOM opened at $172.23 on Monday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.79. The firm’s fifty day moving average price is $163.13 and its 200 day moving average price is $165.39. QUALCOMM Incorporated has a 12 month low of $148.90 and a 12 month high of $230.63. The company has a market capitalization of $190.49 billion, a price-to-earnings ratio of 18.40, a price-to-earnings-growth ratio of 2.80 and a beta of 1.25.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.07). QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. On average, sell-side analysts expect that QUALCOMM Incorporated will post 9.19 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 6th will be paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date is Thursday, March 6th. QUALCOMM’s payout ratio is currently 36.32%.

Insider Buying and Selling at QUALCOMM

In related news, insider Alexander H. Rogers sold 19,287 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $169.83, for a total transaction of $3,275,511.21. Following the transaction, the insider now owns 20,762 shares of the company’s stock, valued at approximately $3,526,010.46. This represents a 48.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Neil Martin sold 1,304 shares of QUALCOMM stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $155.00, for a total transaction of $202,120.00. Following the completion of the sale, the chief accounting officer now directly owns 94 shares of the company’s stock, valued at $14,570. The trade was a 93.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,268 shares of company stock worth $7,785,781. 0.08% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on QCOM. Wells Fargo & Company increased their price target on shares of QUALCOMM from $170.00 to $175.00 and gave the company an “underweight” rating in a research note on Thursday, November 7th. Susquehanna reduced their target price on QUALCOMM from $230.00 to $210.00 and set a “positive” rating on the stock in a research report on Wednesday, November 20th. Melius Research initiated coverage on QUALCOMM in a research note on Monday, December 9th. They issued a “hold” rating and a $180.00 price target on the stock. Barclays reduced their price objective on shares of QUALCOMM from $200.00 to $185.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Finally, Piper Sandler dropped their price target on shares of QUALCOMM from $205.00 to $190.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, QUALCOMM currently has a consensus rating of “Moderate Buy” and an average target price of $205.32.

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.