Meyer Handelman Co. Acquires 2,370 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Meyer Handelman Co. raised its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOMGet Rating) by 0.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 300,607 shares of the wireless technology company’s stock after acquiring an additional 2,370 shares during the period. QUALCOMM makes up 1.6% of Meyer Handelman Co.’s holdings, making the stock its 14th largest position. Meyer Handelman Co.’s holdings in QUALCOMM were worth $38,400,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in QCOM. Rehmann Capital Advisory Group raised its position in QUALCOMM by 0.7% during the 4th quarter. Rehmann Capital Advisory Group now owns 9,132 shares of the wireless technology company’s stock worth $1,670,000 after buying an additional 66 shares during the last quarter. Wilson & Boucher Capital Management LLC boosted its stake in shares of QUALCOMM by 2.3% during the 1st quarter. Wilson & Boucher Capital Management LLC now owns 3,370 shares of the wireless technology company’s stock worth $515,000 after purchasing an additional 75 shares during the last quarter. Concord Wealth Partners boosted its stake in shares of QUALCOMM by 4.0% during the 1st quarter. Concord Wealth Partners now owns 1,945 shares of the wireless technology company’s stock worth $297,000 after purchasing an additional 75 shares during the last quarter. Ritholtz Wealth Management boosted its stake in shares of QUALCOMM by 0.5% during the 1st quarter. Ritholtz Wealth Management now owns 15,747 shares of the wireless technology company’s stock worth $2,406,000 after purchasing an additional 76 shares during the last quarter. Finally, Manchester Financial Inc. lifted its holdings in shares of QUALCOMM by 0.8% during the 1st quarter. Manchester Financial Inc. now owns 10,092 shares of the wireless technology company’s stock worth $1,542,000 after acquiring an additional 78 shares during the period. Institutional investors and hedge funds own 71.55% of the company’s stock.

Insider Buying and Selling at QUALCOMM

In other news, insider James J. Cathey sold 2,084 shares of the firm’s stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $126.51, for a total transaction of $263,646.84. Following the transaction, the insider now directly owns 917 shares of the company’s stock, valued at $116,009.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.05% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on QCOM. Edward Jones upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating in a report on Thursday, July 28th. Cowen set a $185.00 price objective on shares of QUALCOMM in a research report on Tuesday, July 19th. Mizuho increased their price objective on shares of QUALCOMM from $168.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, July 28th. StockNews.com downgraded shares of QUALCOMM from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 28th. Finally, Piper Sandler decreased their price objective on shares of QUALCOMM from $190.00 to $185.00 and set an “overweight” rating for the company in a report on Thursday, July 28th. Ten analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, QUALCOMM has a consensus rating of “Moderate Buy” and an average price target of $191.04.

QUALCOMM Price Performance

Shares of QCOM stock traded down $3.03 on Friday, reaching $120.65. The company’s stock had a trading volume of 295,054 shares, compared to its average volume of 6,950,391. The company has a quick ratio of 1.15, a current ratio of 1.61 and a debt-to-equity ratio of 0.85. QUALCOMM Incorporated has a 12-month low of $118.22 and a 12-month high of $193.58. The company has a market capitalization of $135.49 billion, a P/E ratio of 10.95, a PEG ratio of 0.72 and a beta of 1.23. The stock’s 50 day simple moving average is $140.48 and its 200-day simple moving average is $139.40.

QUALCOMM (NASDAQ:QCOMGet Rating) last released its quarterly earnings results on Wednesday, July 27th. The wireless technology company reported $2.96 earnings per share for the quarter, beating analysts’ consensus estimates of $2.52 by $0.44. QUALCOMM had a return on equity of 95.77% and a net margin of 30.52%. The business had revenue of $10.93 billion for the quarter, compared to the consensus estimate of $10.85 billion. During the same quarter last year, the business posted $1.66 earnings per share. The company’s revenue for the quarter was up 36.7% on a year-over-year basis. As a group, equities analysts predict that QUALCOMM Incorporated will post 10.95 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Shareholders of record on Thursday, September 1st were given a dividend of $0.75 per share. The ex-dividend date was Wednesday, August 31st. This represents a $3.00 dividend on an annualized basis and a yield of 2.49%. QUALCOMM’s payout ratio is 26.57%.

About QUALCOMM

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QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide. The company 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, application processing, multimedia, and global positioning system products.

Further Reading

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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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