Summit Securities Group LLC Takes $3.58 Million Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Summit Securities Group LLC purchased a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 23,276 shares of the wireless technology company’s stock, valued at approximately $3,576,000. QUALCOMM accounts for 0.7% of Summit Securities Group LLC’s investment portfolio, making the stock its 19th biggest position.

Other institutional investors have also recently bought and sold shares of the company. Nordea Investment Management AB lifted its stake in QUALCOMM by 39.7% during the fourth quarter. Nordea Investment Management AB now owns 1,841,103 shares of the wireless technology company’s stock worth $284,708,000 after purchasing an additional 523,244 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its position in shares of QUALCOMM by 21.9% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 27,596 shares of the wireless technology company’s stock worth $4,239,000 after purchasing an additional 4,955 shares during the period. FNY Investment Advisers LLC purchased a new stake in shares of QUALCOMM in the 4th quarter valued at approximately $2,058,000. Burney Co. boosted its holdings in shares of QUALCOMM by 665.6% during the fourth quarter. Burney Co. now owns 146,911 shares of the wireless technology company’s stock worth $22,568,000 after purchasing an additional 127,722 shares during the period. Finally, Howard Bailey Securities LLC acquired a new position in QUALCOMM in the fourth quarter worth approximately $240,000. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

QUALCOMM Stock Down 3.3 %

QUALCOMM stock opened at $152.72 on Friday. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $168.91 billion, a P/E ratio of 16.32, a P/E/G ratio of 2.01 and a beta of 1.28. QUALCOMM Incorporated has a twelve month low of $149.43 and a twelve month high of $230.63. The firm has a 50 day moving average price of $164.16 and a 200-day moving average price of $163.84.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.07). QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. As a group, equities analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 6th were paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend was Thursday, March 6th. QUALCOMM’s payout ratio is currently 36.32%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on QCOM shares. Melius assumed coverage on QUALCOMM in a research note on Monday, December 9th. They set a “hold” rating and a $180.00 price target on the stock. Barclays decreased their price target on shares of QUALCOMM from $200.00 to $185.00 and set an “overweight” rating on the stock in a research note on Friday, January 17th. Melius Research started coverage on shares of QUALCOMM in a research report on Monday, December 9th. They set a “hold” rating and a $180.00 price target for the company. Rosenblatt Securities restated a “buy” rating and issued a $250.00 price objective on shares of QUALCOMM in a research report on Thursday, February 6th. Finally, Mizuho lowered their price objective on shares of QUALCOMM from $245.00 to $215.00 and set an “outperform” rating on the stock in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, QUALCOMM presently has an average rating of “Moderate Buy” and a consensus target price of $205.32.

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, insider Heather S. Ace sold 1,600 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $154.24, for a total transaction of $246,784.00. Following the sale, the insider now directly owns 24,393 shares of the company’s stock, valued at $3,762,376.32. This trade represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Neil Martin sold 744 shares of QUALCOMM stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $174.83, for a total value of $130,073.52. Following the completion of the sale, the chief accounting officer now directly owns 461 shares in the company, valued at approximately $80,596.63. The trade was a 61.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,968 shares of company stock worth $4,685,077. 0.08% of the stock is owned by 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.