GM Advisory Group Inc. Buys Shares of 43,908 QUALCOMM, Inc. (NASDAQ:QCOM)
GM Advisory Group Inc. purchased a new position in shares of QUALCOMM, Inc. (NASDAQ:QCOM) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 43,908 shares of the wireless technology company’s stock, valued at approximately $2,970,000. QUALCOMM makes up about 0.8% of GM Advisory Group Inc.’s holdings, making the stock its 21st biggest position.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Federated Hermes Inc. raised its holdings in shares of QUALCOMM by 152.0% during the first quarter. Federated Hermes Inc. now owns 53,975 shares of the wireless technology company’s stock valued at $3,651,000 after acquiring an additional 32,553 shares during the period. Cornerstone Wealth Management LLC grew its position in QUALCOMM by 14.4% in the first quarter. Cornerstone Wealth Management LLC now owns 4,885 shares of the wireless technology company’s stock worth $330,000 after acquiring an additional 615 shares in the last quarter. Pictet Asset Management Ltd. lifted its stake in shares of QUALCOMM by 9.8% in the first quarter. Pictet Asset Management Ltd. now owns 2,458,228 shares of the wireless technology company’s stock worth $166,299,000 after buying an additional 219,205 shares during the last quarter. Bogle Investment Management L P DE acquired a new stake in shares of QUALCOMM in the first quarter worth $2,395,000. Finally, Franklin Resources Inc. raised its stake in QUALCOMM by 7.0% during the 1st quarter. Franklin Resources Inc. now owns 323,154 shares of the wireless technology company’s stock valued at $21,870,000 after purchasing an additional 21,066 shares during the last quarter. Institutional investors and hedge funds own 74.56% of the company’s stock.
Shares of NASDAQ QCOM traded down $0.25 during trading hours on Wednesday, reaching $84.38. 10,203,011 shares of the stock traded hands, compared to its average volume of 9,386,989. The company has a quick ratio of 1.39, a current ratio of 1.57 and a debt-to-equity ratio of 4.42. The company’s 50-day simple moving average is $77.41 and its two-hundred day simple moving average is $81.59. The company has a market capitalization of $89.69 billion, a P/E ratio of 24.83, a price-to-earnings-growth ratio of 1.41 and a beta of 1.35. QUALCOMM, Inc. has a 52-week low of $58.00 and a 52-week high of $96.17.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Investors of record on Thursday, June 4th will be given a dividend of $0.65 per share. The ex-dividend date is Wednesday, June 3rd. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.62. This represents a $2.60 annualized dividend and a dividend yield of 3.08%. QUALCOMM’s payout ratio is currently 87.32%.
In related news, CAO Erin L. Polek sold 1,646 shares of QUALCOMM stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $79.47, for a total transaction of $130,807.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.12% of the company’s stock.
A number of equities analysts have recently issued reports on the stock. Canaccord Genuity restated a “buy” rating and issued a $102.00 price objective on shares of QUALCOMM in a research note on Thursday, May 21st. Morgan Stanley raised their target price on shares of QUALCOMM from $78.00 to $83.00 and gave the company an “equal weight” rating in a research note on Thursday, April 30th. Zacks Investment Research downgraded shares of QUALCOMM from a “hold” rating to a “sell” rating and set a $85.00 price target on the stock. in a research report on Thursday, May 21st. Raymond James dropped their target price on shares of QUALCOMM from $115.00 to $110.00 and set a “strong-buy” rating on the stock in a report on Monday, April 13th. Finally, Nomura Securities initiated coverage on shares of QUALCOMM in a research note on Monday, March 9th. They set a “buy” rating and a $98.00 price target for the company. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. QUALCOMM currently has a consensus rating of “Hold” and an average price target of $89.77.
QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products 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 code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.
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