Procyon Advisors LLC Grows Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Procyon Advisors LLC increased its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 33.2% during the 1st quarter, Holdings Channel.com reports. The fund owned 34,244 shares of the wireless technology company’s stock after purchasing an additional 8,544 shares during the quarter. Procyon Advisors LLC’s holdings in QUALCOMM were worth $5,797,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Peoples Bank OH purchased a new stake in shares of QUALCOMM in the fourth quarter valued at about $219,000. Bank Hapoalim BM increased its position in QUALCOMM by 35.0% during the fourth quarter. Bank Hapoalim BM now owns 35,423 shares of the wireless technology company’s stock worth $5,123,000 after purchasing an additional 9,192 shares during the last quarter. NewEdge Wealth LLC increased its position in QUALCOMM by 120.2% during the fourth quarter. NewEdge Wealth LLC now owns 20,677 shares of the wireless technology company’s stock worth $2,991,000 after purchasing an additional 11,285 shares during the last quarter. 1834 Investment Advisors Co. increased its position in QUALCOMM by 6.6% during the fourth quarter. 1834 Investment Advisors Co. now owns 45,570 shares of the wireless technology company’s stock worth $6,591,000 after purchasing an additional 2,818 shares during the last quarter. Finally, Alexander Randolph Advisory Inc. acquired a new stake in shares of QUALCOMM in the fourth quarter worth $305,000. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at QUALCOMM

In related news, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $168.27, for a total value of $1,346,160.00. Following the sale, the chief technology officer now directly owns 261,893 shares in the company, valued at approximately $44,068,735.11. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other QUALCOMM news, Director Sylvia Acevedo sold 744 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $181.52, for a total transaction of $135,050.88. Following the transaction, the director now directly owns 54 shares in the company, valued at $9,802.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $168.27, for a total value of $1,346,160.00. Following the transaction, the chief technology officer now directly owns 261,893 shares in the company, valued at approximately $44,068,735.11. The disclosure for this sale can be found here. Insiders sold a total of 45,185 shares of company stock worth $8,206,875 in the last 90 days. Corporate insiders own 0.08% of the company’s stock.

QUALCOMM Price Performance

Shares of NASDAQ QCOM traded down $2.18 during mid-day trading on Thursday, reaching $195.15. The company’s stock had a trading volume of 11,907,313 shares, compared to its average volume of 9,320,601. The stock has a fifty day moving average of $194.32 and a two-hundred day moving average of $168.60. QUALCOMM Incorporated has a 52 week low of $104.33 and a 52 week high of $230.63. The firm has a market capitalization of $217.79 billion, a PE ratio of 26.17, a P/E/G ratio of 2.46 and a beta of 1.30. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.65 and a quick ratio of 1.98.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.11. The firm had revenue of $9.39 billion during the quarter, compared to analysts’ expectations of $9.32 billion. QUALCOMM had a return on equity of 37.09% and a net margin of 23.03%. As a group, sell-side analysts anticipate that QUALCOMM Incorporated will post 7.85 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Thursday, May 30th were paid a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend was Thursday, May 30th. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.80. QUALCOMM’s payout ratio is currently 45.70%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on QCOM. KeyCorp upped their target price on shares of QUALCOMM from $180.00 to $205.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Wolfe Research raised their price target on shares of QUALCOMM from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. Morgan Stanley increased their price objective on shares of QUALCOMM from $158.00 to $172.00 and gave the stock an “equal weight” rating in a report on Thursday, May 2nd. Barclays increased their price objective on shares of QUALCOMM from $155.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Finally, Susquehanna increased their price objective on shares of QUALCOMM from $175.00 to $205.00 and gave the stock a “positive” rating in a report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, QUALCOMM currently has an average rating of “Moderate Buy” and a consensus target price of $192.13.

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.