GAMMA Investing LLC Invests $873,000 in QUALCOMM Incorporated (NASDAQ:QCOM)

GAMMA Investing LLC bought a new position in QUALCOMM Incorporated (NASDAQ:QCOM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,879 shares of the wireless technology company’s stock, valued at approximately $873,000.

A number of other hedge funds have also recently modified their holdings of the stock. Financial Gravity Asset Management Inc. increased its holdings in shares of QUALCOMM by 102.5% in the third quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock valued at $26,000 after purchasing an additional 122 shares during the last quarter. Fortitude Family Office LLC acquired a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $35,000. Cranbrook Wealth Management LLC increased its holdings in shares of QUALCOMM by 68.0% in the fourth quarter. Cranbrook Wealth Management LLC now owns 247 shares of the wireless technology company’s stock valued at $36,000 after purchasing an additional 100 shares during the last quarter. Legacy Financial Group LLC acquired a new stake in shares of QUALCOMM in the third quarter valued at approximately $29,000. Finally, Buck Wealth Strategies LLC acquired a new stake in QUALCOMM during the third quarter worth $40,000. Hedge funds and other institutional investors own 74.35% of the company’s stock.

QUALCOMM Stock Performance

Shares of QCOM traded up $1.17 during midday trading on Tuesday, reaching $161.35. The stock had a trading volume of 6,605,127 shares, compared to its average volume of 8,601,207. The firm has a 50 day simple moving average of $165.01 and a 200-day simple moving average of $143.47. QUALCOMM Incorporated has a one year low of $101.47 and a one year high of $177.59. The firm has a market cap of $180.07 billion, a PE ratio of 23.35, a P/E/G ratio of 2.15 and a beta of 1.41. The company has a current ratio of 2.56, a quick ratio of 1.88 and a debt-to-equity ratio of 0.63.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, January 31st. The wireless technology company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.43. The company had revenue of $9.94 billion during the quarter, compared to analysts’ expectations of $9.50 billion. QUALCOMM had a net margin of 21.39% and a return on equity of 38.06%. As a group, sell-side analysts anticipate that QUALCOMM Incorporated will post 7.69 EPS for the current year.

QUALCOMM Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, May 30th will be given a $0.85 dividend. The ex-dividend date is Thursday, May 30th. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. This represents a $3.40 annualized dividend and a dividend yield of 2.11%. QUALCOMM’s payout ratio is presently 46.38%.

Wall Street Analyst Weigh In

Several research firms have recently commented on QCOM. Cantor Fitzgerald raised their price target on QUALCOMM from $150.00 to $190.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. JPMorgan Chase & Co. decreased their price target on QUALCOMM from $173.00 to $170.00 and set an “overweight” rating on the stock in a research note on Thursday, February 1st. Rosenblatt Securities upped their target price on QUALCOMM from $160.00 to $170.00 and gave the company a “buy” rating in a research note on Thursday, February 1st. Barclays boosted their price target on QUALCOMM from $140.00 to $155.00 and gave the company an “overweight” rating in a report on Tuesday, January 16th. Finally, Susquehanna increased their price target on QUALCOMM from $175.00 to $205.00 and gave the company a “positive” rating in a report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $158.86.

Insider Activity

In other QUALCOMM news, CAO Neil Martin sold 371 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $149.83, for a total transaction of $55,586.93. Following the sale, the chief accounting officer now directly owns 689 shares of the company’s stock, valued at approximately $103,232.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other QUALCOMM news, CEO Cristiano R. Amon sold 8,100 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $159.50, for a total transaction of $1,291,950.00. Following the transaction, the chief executive officer now owns 24,300 shares in the company, valued at $3,875,850. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Neil Martin sold 371 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total transaction of $55,586.93. Following the transaction, the chief accounting officer now owns 689 shares in the company, valued at approximately $103,232.87. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,260 shares of company stock worth $5,973,728. 0.08% of the stock is currently owned by corporate 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.