Luts & Greenleigh Group Inc. Takes Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Luts & Greenleigh Group Inc. acquired a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) in the second quarter, HoldingsChannel reports. The fund acquired 2,752 shares of the wireless technology company’s stock, valued at approximately $548,000.

A number of other institutional investors have also made changes to their positions in the stock. WFA Asset Management Corp bought a new stake in shares of QUALCOMM in the 1st quarter valued at about $27,000. Financial Connections Group Inc. acquired a new stake in QUALCOMM in the second quarter worth $32,000. Aspect Partners LLC boosted its position in shares of QUALCOMM by 71.8% during the second quarter. Aspect Partners LLC now owns 177 shares of the wireless technology company’s stock worth $35,000 after purchasing an additional 74 shares in the last quarter. Richardson Capital Management LLC acquired a new position in shares of QUALCOMM in the 1st quarter valued at $37,000. Finally, Ables Iannone Moore & Associates Inc. bought a new stake in shares of QUALCOMM in the 4th quarter valued at $39,000. 74.35% of the stock is owned by institutional investors and hedge funds.

QUALCOMM Stock Performance

NASDAQ QCOM opened at $166.61 on Tuesday. The firm’s fifty day moving average price is $175.29 and its two-hundred day moving average price is $182.11. QUALCOMM Incorporated has a 1 year low of $104.33 and a 1 year high of $230.63. The firm has a market capitalization of $185.94 billion, a P/E ratio of 22.39, a price-to-earnings-growth ratio of 1.81 and a beta of 1.28. The company has a current ratio of 2.39, a quick ratio of 1.78 and a debt-to-equity ratio of 0.53.

QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.21. QUALCOMM had a net margin of 23.32% and a return on equity of 38.12%. The company had revenue of $9.39 billion for the quarter, compared to analysts’ expectations of $9.23 billion. As a group, research analysts anticipate that QUALCOMM Incorporated will post 8 EPS for the current year.

QUALCOMM Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders 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 dividend yield of 2.04%. QUALCOMM’s dividend payout ratio is currently 45.70%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on QCOM. KeyCorp boosted their target price on QUALCOMM from $205.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Wells Fargo & Company boosted their price objective on QUALCOMM from $140.00 to $170.00 and gave the company an “underweight” rating in a research report on Thursday, August 1st. Cantor Fitzgerald restated a “neutral” rating and set a $215.00 target price on shares of QUALCOMM in a report on Thursday, August 1st. Tigress Financial upped their price target on shares of QUALCOMM from $238.00 to $270.00 and gave the company a “buy” rating in a report on Friday, June 21st. Finally, Rosenblatt Securities increased their price objective on shares of QUALCOMM from $240.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, QUALCOMM presently has a consensus rating of “Moderate Buy” and a consensus price target of $210.63.

Insider Buying and Selling

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $205.61, for a total transaction of $616,830.00. Following the completion of the sale, the chief financial officer now owns 60,343 shares of the company’s stock, valued at approximately $12,407,124.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CTO James H. Thompson sold 8,000 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $160.50, for a total value of $1,284,000.00. Following the transaction, the chief technology officer now owns 229,987 shares of the company’s stock, valued at $36,912,913.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $205.61, for a total value of $616,830.00. Following the sale, the chief financial officer now directly owns 60,343 shares of the company’s stock, valued at $12,407,124.23. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,000 shares of company stock valued at $3,496,590. 0.08% of the stock is owned by insiders.

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.