Chase Investment Counsel Corp Takes $416,000 Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Chase Investment Counsel Corp acquired a new position in QUALCOMM Incorporated (NASDAQ:QCOM) in the 4th quarter, HoldingsChannel.com reports. The firm acquired 2,881 shares of the wireless technology company’s stock, valued at approximately $416,000.

Several other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. increased its position in QUALCOMM by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 110,717,388 shares of the wireless technology company’s stock worth $12,296,273,000 after purchasing an additional 483,390 shares during the last quarter. Morgan Stanley boosted its stake in QUALCOMM by 2.2% during the 3rd quarter. Morgan Stanley now owns 20,767,489 shares of the wireless technology company’s stock valued at $2,306,438,000 after purchasing an additional 438,660 shares during the period. Northern Trust Corp lifted its position in shares of QUALCOMM by 3.5% in the 3rd quarter. Northern Trust Corp now owns 12,291,482 shares of the wireless technology company’s stock worth $1,365,092,000 after acquiring an additional 415,398 shares during the period. Bank of New York Mellon Corp lifted its position in shares of QUALCOMM by 0.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 11,040,055 shares of the wireless technology company’s stock worth $1,226,109,000 after acquiring an additional 90,163 shares during the period. Finally, Invesco Ltd. lifted its position in shares of QUALCOMM by 15.7% in the 3rd quarter. Invesco Ltd. now owns 9,249,675 shares of the wireless technology company’s stock worth $1,027,269,000 after acquiring an additional 1,253,173 shares during the period. 74.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

QCOM has been the subject of several analyst reports. StockNews.com downgraded QUALCOMM from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th. KeyCorp raised their target price on QUALCOMM from $180.00 to $205.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Barclays raised their target price on QUALCOMM from $140.00 to $155.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 16th. Susquehanna raised 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. Finally, Benchmark began coverage on QUALCOMM in a research note on Tuesday, April 23rd. They issued a “buy” rating and a $200.00 target price for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, QUALCOMM presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.86.

QUALCOMM Stock Up 2.1 %

Shares of QUALCOMM stock opened at $169.20 on Tuesday. The business has a fifty day simple moving average of $166.17 and a 200 day simple moving average of $145.34. The company has a quick ratio of 1.88, a current ratio of 2.56 and a debt-to-equity ratio of 0.63. The stock has a market cap of $188.83 billion, a PE ratio of 24.52, a price-to-earnings-growth ratio of 2.27 and a beta of 1.41. QUALCOMM Incorporated has a 12 month low of $101.47 and a 12 month high of $177.59.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, January 31st. The wireless technology company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.43. The firm had revenue of $9.94 billion for the quarter, compared to analyst estimates of $9.50 billion. QUALCOMM had a return on equity of 38.06% and a net margin of 21.39%. Research analysts predict that QUALCOMM Incorporated will post 7.64 EPS for the current year.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, May 30th will be issued a dividend of $0.85 per share. The ex-dividend date is Thursday, May 30th. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.80. This represents a $3.40 annualized dividend and a yield of 2.01%. QUALCOMM’s payout ratio is currently 46.38%.

Insiders Place Their Bets

In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $173.49, for a total value of $520,470.00. Following the sale, the chief financial officer now directly owns 69,343 shares in the company, valued at $12,030,317.07. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CAO Neil Martin sold 371 shares of QUALCOMM stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total value of $55,586.93. Following the sale, the chief accounting officer now owns 689 shares of the company’s stock, valued at $103,232.87. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $173.49, for a total value of $520,470.00. Following the completion of the sale, the chief financial officer now directly owns 69,343 shares in the company, valued at approximately $12,030,317.07. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 36,260 shares of company stock worth $5,973,728. Corporate insiders own 0.08% of the company’s stock.

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.