CNA Financial Corp Invests $11.95 Million in QUALCOMM Incorporated (NASDAQ:QCOM)

CNA Financial Corp purchased a new stake in QUALCOMM Incorporated (NASDAQ:QCOM) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 60,000 shares of the wireless technology company’s stock, valued at approximately $11,951,000. QUALCOMM makes up approximately 6.7% of CNA Financial Corp’s portfolio, making the stock its 7th largest holding.

Other hedge funds have also bought and sold shares of the company. City Holding Co. increased its position in shares of QUALCOMM by 3.5% in the first quarter. City Holding Co. now owns 5,884 shares of the wireless technology company’s stock worth $996,000 after purchasing an additional 199 shares during the period. Bard Financial Services Inc. increased its holdings in QUALCOMM by 0.4% in the 4th quarter. Bard Financial Services Inc. now owns 34,790 shares of the wireless technology company’s stock valued at $5,032,000 after buying an additional 125 shares during the period. GUNN & Co INVESTMENT MANAGEMENT INC. bought a new position in QUALCOMM in the 4th quarter valued at about $296,000. BNP Paribas acquired a new position in shares of QUALCOMM in the 1st quarter valued at approximately $3,104,000. Finally, SWP Financial LLC bought a new stake in shares of QUALCOMM during the 4th quarter worth approximately $593,000. 74.35% of the stock is owned by institutional investors.

QUALCOMM Trading Up 3.4 %

Shares of QUALCOMM stock traded up $5.81 during midday trading on Friday, reaching $175.30. The company had a trading volume of 11,109,168 shares, compared to its average volume of 9,294,073. The stock has a fifty day moving average price of $184.07 and a 200 day moving average price of $180.77. QUALCOMM Incorporated has a fifty-two week low of $104.33 and a fifty-two week high of $230.63. The firm has a market cap of $195.63 billion, a PE ratio of 23.56, a P/E/G ratio of 1.89 and a beta of 1.27. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.78.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $9.39 billion for the quarter, compared to the consensus estimate of $9.23 billion. On average, equities analysts anticipate that QUALCOMM Incorporated will post 7.98 earnings per share for the current year.

QUALCOMM Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 5th will be issued a dividend of $0.85 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $3.40 dividend on an annualized basis and a yield of 1.94%. QUALCOMM’s payout ratio is currently 45.70%.

Insider Transactions at QUALCOMM

In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $199.47, for a total value of $1,595,760.00. Following the transaction, the chief technology officer now directly owns 237,893 shares of the company’s stock, valued at $47,452,516.71. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction on 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 completion of the sale, the chief technology officer now directly owns 237,893 shares of the company’s stock, valued at $47,452,516.71. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $205.61, for a total transaction of $616,830.00. Following the transaction, the chief financial officer now directly owns 60,343 shares in the company, valued at approximately $12,407,124.23. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,000 shares of company stock valued at $3,496,590. Corporate insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on QCOM. KeyCorp boosted their price objective on shares of QUALCOMM from $205.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Benchmark reissued a “buy” rating and set a $200.00 price target on shares of QUALCOMM in a report on Friday, May 3rd. Canaccord Genuity Group upped their price objective on QUALCOMM from $180.00 to $206.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. TD Cowen lifted their target price on QUALCOMM from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, June 4th. Finally, Citigroup increased their target price on shares of QUALCOMM from $170.00 to $200.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, QUALCOMM presently has an average rating of “Moderate Buy” and a consensus target price of $210.63.

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.