ProVise Management Group LLC Invests $259,000 in QUALCOMM Incorporated (NASDAQ:QCOM)

ProVise Management Group LLC acquired a new stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,791 shares of the wireless technology company’s stock, valued at approximately $259,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Peoples Bank OH acquired a new stake in shares of QUALCOMM during the 4th quarter valued at about $219,000. Bank Hapoalim BM grew its position in QUALCOMM by 35.0% in the fourth quarter. Bank Hapoalim BM now owns 35,423 shares of the wireless technology company’s stock worth $5,123,000 after acquiring an additional 9,192 shares in the last quarter. NewEdge Wealth LLC increased its stake in shares of QUALCOMM by 120.2% during the 4th 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. raised its holdings in shares of QUALCOMM by 6.6% during the 4th quarter. 1834 Investment Advisors Co. now owns 45,570 shares of the wireless technology company’s stock valued at $6,591,000 after purchasing an additional 2,818 shares in the last quarter. Finally, Alexander Randolph Advisory Inc. acquired a new stake in shares of QUALCOMM in the 4th quarter valued at $305,000. Institutional investors and hedge funds own 74.35% of the company’s stock.

QUALCOMM Price Performance

Shares of NASDAQ:QCOM traded up $8.60 during midday trading on Friday, reaching $210.36. 13,809,903 shares of the company’s stock were exchanged, compared to its average volume of 9,331,276. The firm has a market capitalization of $234.76 billion, a PE ratio of 28.27, a price-to-earnings-growth ratio of 2.60 and a beta of 1.33. The company’s 50 day simple moving average is $175.50 and its two-hundred day simple moving average is $155.24. QUALCOMM Incorporated has a 12 month low of $101.47 and a 12 month high of $211.30. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.98 and a current ratio of 2.65.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, May 1st. The wireless technology company reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.82 by $0.11. QUALCOMM had a net margin of 23.03% and a return on equity of 37.09%. The firm had revenue of $9.39 billion during the quarter, compared to analysts’ expectations of $9.32 billion. Equities research analysts expect that QUALCOMM Incorporated will post 7.83 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, May 30th will be given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 1.62%. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Thursday, May 30th. QUALCOMM’s dividend payout ratio is 43.01%.

Insiders Place Their Bets

In other news, Director Sylvia Acevedo sold 2,056 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $178.21, for a total value of $366,399.76. Following the sale, the director now owns 54 shares in the company, valued at approximately $9,623.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Sylvia Acevedo sold 2,056 shares of QUALCOMM stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $178.21, for a total value of $366,399.76. Following the completion of the transaction, the director now owns 54 shares in the company, valued at $9,623.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO James H. Thompson sold 8,000 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $159.39, for a total value of $1,275,120.00. Following the sale, the chief technology officer now owns 269,893 shares in the company, valued at $43,018,245.27. The disclosure for this sale can be found here. Insiders sold 70,074 shares of company stock worth $12,258,386 over the last three months. 0.08% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

QCOM has been the topic of several analyst reports. Mizuho increased their target price on shares of QUALCOMM from $160.00 to $180.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. TD Cowen raised their price objective on QUALCOMM from $160.00 to $170.00 and gave the company an “outperform” rating in a research note on Thursday, February 1st. Susquehanna upped their target price on QUALCOMM from $175.00 to $205.00 and gave the stock a “positive” rating in a research report on Wednesday, April 10th. Barclays lifted their price target on shares of QUALCOMM from $155.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Finally, Piper Sandler upped their price objective on shares of QUALCOMM from $165.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $180.48.

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.