Raymond James & Associates Boosts Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Raymond James & Associates raised its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 9.9% during the second quarter, Holdings Channel.com reports. The firm owned 2,791,741 shares of the wireless technology company’s stock after buying an additional 252,390 shares during the period. Raymond James & Associates’ holdings in QUALCOMM were worth $556,059,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of QCOM. WFA Asset Management Corp acquired a new position in shares of QUALCOMM during the 1st quarter valued at about $27,000. CarsonAllaria Wealth Management Ltd. increased its position in QUALCOMM by 327.1% during the fourth quarter. CarsonAllaria Wealth Management Ltd. now owns 205 shares of the wireless technology company’s stock worth $30,000 after purchasing an additional 157 shares during the last quarter. DiNuzzo Private Wealth Inc. purchased a new position in QUALCOMM during the fourth quarter worth approximately $32,000. Cherry Tree Wealth Management LLC boosted its holdings in shares of QUALCOMM by 95.0% in the 4th quarter. Cherry Tree Wealth Management LLC now owns 236 shares of the wireless technology company’s stock valued at $34,000 after purchasing an additional 115 shares during the last quarter. Finally, Aspect Partners LLC grew its stake in shares of QUALCOMM by 71.8% during the 2nd quarter. Aspect Partners LLC now owns 177 shares of the wireless technology company’s stock valued at $35,000 after buying an additional 74 shares during the period. 74.35% of the stock is owned by institutional investors and hedge funds.

QUALCOMM Stock Performance

NASDAQ:QCOM traded down $1.16 during trading hours on Friday, reaching $172.18. 5,435,739 shares of the stock were exchanged, compared to its average volume of 10,985,338. The stock has a market capitalization of $191.81 billion, a P/E ratio of 23.14, a P/E/G ratio of 1.84 and a beta of 1.27. The firm has a 50 day simple moving average of $192.28 and a 200-day simple moving average of $179.36. The company has a quick ratio of 1.78, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. QUALCOMM Incorporated has a 52 week low of $104.33 and a 52 week high of $230.63.

QUALCOMM Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 5th will be paid a dividend of $0.85 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $3.40 annualized dividend and a yield of 1.97%. QUALCOMM’s payout ratio is 45.70%.

Analyst Upgrades and Downgrades

QCOM has been the subject of several research analyst reports. Morgan Stanley upped their price target on QUALCOMM from $158.00 to $172.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 2nd. Barclays lifted their price target on shares of QUALCOMM from $185.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Piper Sandler reissued an “overweight” rating and issued a $205.00 price objective (up previously from $185.00) on shares of QUALCOMM in a research report on Thursday, August 1st. DZ Bank upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 target price on the stock in a report on Friday, August 2nd. Finally, KeyCorp increased their price target on QUALCOMM from $205.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $210.63.

Insiders Place Their Bets

In other QUALCOMM news, Director Neil Smit sold 3,069 shares of QUALCOMM stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $200.94, for a total value of $616,684.86. Following the completion of the transaction, the director now directly owns 5,902 shares in the company, valued at $1,185,947.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $199.47, for a total value of $1,595,760.00. Following the sale, the chief technology officer now directly owns 237,893 shares in the company, valued at approximately $47,452,516.71. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Neil Smit sold 3,069 shares of the company’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $200.94, for a total transaction of $616,684.86. Following the completion of the transaction, the director now owns 5,902 shares of the company’s stock, valued at approximately $1,185,947.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,185 shares of company stock valued at $4,332,134. Company insiders own 0.08% of the company’s stock.

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.