Cornerstone Advisors LLC Increases Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Cornerstone Advisors LLC grew its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 79.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,700 shares of the wireless technology company’s stock after buying an additional 13,600 shares during the period. Cornerstone Advisors LLC’s holdings in QUALCOMM were worth $5,221,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. HWG Holdings LP purchased a new stake in QUALCOMM during the second quarter valued at about $30,000. Reston Wealth Management LLC purchased a new position in shares of QUALCOMM during the 3rd quarter valued at about $26,000. Financial Connections Group Inc. bought a new stake in QUALCOMM in the 2nd quarter worth approximately $32,000. Aspect Partners LLC boosted its stake in QUALCOMM by 71.8% in the second quarter. Aspect Partners LLC now owns 177 shares of the wireless technology company’s stock worth $35,000 after buying an additional 74 shares in the last quarter. Finally, Planning Capital Management Corp grew its position in QUALCOMM by 137.3% during the third quarter. Planning Capital Management Corp now owns 197 shares of the wireless technology company’s stock valued at $34,000 after acquiring an additional 114 shares during the last quarter. Institutional investors own 74.35% of the company’s stock.

QUALCOMM Price Performance

Shares of QCOM stock opened at $154.27 on Thursday. The stock has a 50 day moving average price of $168.23 and a 200 day moving average price of $181.93. The firm has a market capitalization of $171.39 billion, a P/E ratio of 17.16, a P/E/G ratio of 2.77 and a beta of 1.28. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.79 and a current ratio of 2.40. QUALCOMM Incorporated has a 52-week low of $125.67 and a 52-week high of $230.63.

QUALCOMM Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Thursday, December 5th. QUALCOMM’s dividend payout ratio is currently 37.82%.

Insider Transactions at QUALCOMM

In related news, General Counsel Ann C. Chaplin sold 1,901 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $165.06, for a total value of $313,779.06. Following the transaction, the general counsel now owns 12,007 shares of the company’s stock, valued at $1,981,875.42. This represents a 13.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $165.95, for a total value of $497,850.00. Following the sale, the chief financial officer now directly owns 51,437 shares of the company’s stock, valued at approximately $8,535,970.15. This trade represents a 5.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,146 shares of company stock worth $2,709,186. Insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on QCOM shares. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $160.00 price target on shares of QUALCOMM in a research note on Wednesday. StockNews.com cut shares of QUALCOMM from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 2nd. Wells Fargo & Company lifted their price target on shares of QUALCOMM from $170.00 to $175.00 and gave the stock an “underweight” rating in a research note on Thursday, November 7th. Wolfe Research cut shares of QUALCOMM from an “outperform” rating to a “peer perform” rating in a research note on Monday, August 12th. Finally, Rosenblatt Securities raised their target price on shares of QUALCOMM from $240.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, QUALCOMM currently has an average rating of “Moderate Buy” and a consensus target price of $210.15.

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.