Patrick M Sweeney & Associates Inc. Invests $463,000 in QUALCOMM Incorporated (NASDAQ:QCOM)

Patrick M Sweeney & Associates Inc. bought a new stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,204 shares of the wireless technology company’s stock, valued at approximately $463,000.

Several other large investors have also added to or reduced their stakes in QCOM. Financial Gravity Asset Management Inc. grew its position in shares of QUALCOMM by 102.5% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock worth $26,000 after buying an additional 122 shares during the period. DiNuzzo Private Wealth Inc. acquired a new stake in QUALCOMM in the fourth quarter worth $32,000. Fortitude Family Office LLC bought a new stake in QUALCOMM in the fourth quarter valued at $35,000. Cranbrook Wealth Management LLC raised its holdings in shares of QUALCOMM by 68.0% during 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 period. Finally, Leith Wheeler Investment Counsel Ltd. boosted its position in shares of QUALCOMM by 184.3% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 252,913 shares of the wireless technology company’s stock worth $37,000 after purchasing an additional 163,963 shares in the last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

Insider Transactions at QUALCOMM

In related news, Director Sylvia Acevedo sold 2,056 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $9,623.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Cristiano R. Amon sold 8,100 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $159.50, for a total value of $1,291,950.00. Following the sale, the chief executive officer now directly owns 24,300 shares in the company, valued at $3,875,850. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Sylvia Acevedo sold 2,056 shares of the company’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 completion of the transaction, the director now directly owns 54 shares in the company, valued at approximately $9,623.34. The disclosure for this sale can be found here. Insiders have sold a total of 46,316 shares of company stock worth $7,796,128 in the last three months. Insiders own 0.08% of the company’s stock.

QUALCOMM Price Performance

NASDAQ:QCOM traded up $0.40 during trading hours on Wednesday, reaching $180.55. The stock had a trading volume of 5,859,029 shares, compared to its average volume of 8,695,011. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.98 and a current ratio of 2.65. The stock has a market capitalization of $201.49 billion, a PE ratio of 24.14, a PEG ratio of 2.27 and a beta of 1.33. QUALCOMM Incorporated has a 52 week low of $101.47 and a 52 week high of $184.31. The company has a 50 day moving average price of $168.62 and a two-hundred day moving average price of $148.09.

QUALCOMM Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, May 30th will be given a dividend of $0.85 per share. The ex-dividend date is Thursday, May 30th. This represents a $3.40 annualized dividend and a yield of 1.88%. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.80. QUALCOMM’s dividend payout ratio (DPR) is 45.70%.

Wall Street Analysts Forecast Growth

QCOM has been the topic of several recent research reports. Susquehanna increased their price target on QUALCOMM from $175.00 to $205.00 and gave the stock a “positive” rating in a report on Wednesday, April 10th. Cantor Fitzgerald restated a “neutral” rating and set a $190.00 price target on shares of QUALCOMM in a research report on Thursday, May 2nd. Citigroup boosted their target price on shares of QUALCOMM from $160.00 to $170.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Barclays raised their target price on QUALCOMM from $155.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Finally, Wells Fargo & Company lifted their price objective on QUALCOMM from $120.00 to $140.00 and gave the stock an “underweight” 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target 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.