TimesSquare Capital Management LLC Increases Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

TimesSquare Capital Management LLC boosted its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 10.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,045 shares of the wireless technology company’s stock after purchasing an additional 470 shares during the quarter. TimesSquare Capital Management LLC’s holdings in QUALCOMM were worth $669,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in QCOM. Wealthcare Capital Management LLC purchased a new stake in QUALCOMM in the first quarter valued at approximately $26,000. Capital Directions Investment Advisors LLC raised its stake in QUALCOMM by 100.0% in the fourth quarter. Capital Directions Investment Advisors LLC now owns 200 shares of the wireless technology company’s stock valued at $30,000 after purchasing an additional 100 shares in the last quarter. RMR Wealth Builders purchased a new stake in QUALCOMM in the fourth quarter valued at approximately $30,000. Valley Brook Capital Group purchased a new position in shares of QUALCOMM during the fourth quarter worth approximately $30,000. Finally, IronBridge Private Wealth LLC purchased a new position in shares of QUALCOMM during the fourth quarter worth approximately $33,000. 72.53% of the stock is currently owned by institutional investors and hedge funds.

Shares of QCOM stock opened at $134.22 on Friday. QUALCOMM Incorporated has a 12 month low of $83.10 and a 12 month high of $167.94. The company has a market cap of $151.40 billion, a PE ratio of 19.26, a PEG ratio of 0.93 and a beta of 1.32. The company has a current ratio of 2.02, a quick ratio of 1.72 and a debt-to-equity ratio of 2.05. The firm’s fifty day simple moving average is $134.68.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, April 28th. The wireless technology company reported $1.90 EPS for the quarter, beating the Zacks’ consensus estimate of $1.41 by $0.49. QUALCOMM had a net margin of 27.28% and a return on equity of 103.71%. The firm had revenue of $7.93 billion for the quarter, compared to analysts’ expectations of $7.62 billion. During the same quarter in the previous year, the business posted $0.88 EPS. The company’s quarterly revenue was up 52.2% on a year-over-year basis. Equities research analysts expect that QUALCOMM Incorporated will post 6.66 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 24th. Stockholders of record on Thursday, June 3rd will be given a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend is Wednesday, June 2nd. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.65. QUALCOMM’s payout ratio is currently 81.44%.

Several research analysts have commented on the stock. Piper Sandler lifted their price target on shares of QUALCOMM from $160.00 to $175.00 and gave the stock an “overweight” rating in a research note on Thursday, April 29th. JPMorgan Chase & Co. decreased their price target on shares of QUALCOMM from $185.00 to $170.00 and set an “overweight” rating on the stock in a research note on Thursday, March 4th. Morgan Stanley lifted their price target on shares of QUALCOMM from $167.00 to $173.00 and gave the stock an “overweight” rating in a research note on Thursday, April 29th. Citigroup cut their target price on shares of QUALCOMM from $165.00 to $154.00 in a report on Thursday, April 29th. Finally, Susquehanna restated a “neutral” rating and issued a $155.00 target price (down previously from $175.00) on shares of QUALCOMM in a report on Monday, April 26th. Twelve equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. QUALCOMM has a consensus rating of “Buy” and an average target price of $163.65.

In other news, EVP Brian Modoff sold 1,510 shares of QUALCOMM stock in a transaction dated Friday, May 14th. The stock was sold at an average price of $129.32, for a total value of $195,273.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Erin L. Polek sold 1,835 shares of QUALCOMM stock in a transaction dated Friday, May 21st. The stock was sold at an average price of $132.00, for a total value of $242,220.00. 0.14% of the stock is owned by insiders.

QUALCOMM Company Profile

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies and products are used in mobile devices and other wireless products, including network equipment, broadband gateway equipment, consumer electronic devices, and other connected devices worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI).

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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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