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

Procyon Advisors LLC increased its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 8.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,700 shares of the wireless technology company’s stock after purchasing an additional 1,917 shares during the quarter. Procyon Advisors LLC’s holdings in QUALCOMM were worth $3,717,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Milestone Investment Advisors LLC bought a new position in QUALCOMM during the 1st quarter valued at $26,000. DHJJ Financial Advisors Ltd. bought a new position in QUALCOMM during the 3rd quarter valued at $26,000. Financial Gravity Asset Management Inc. boosted its stake in QUALCOMM by 102.5% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock valued at $26,000 after acquiring an additional 122 shares during the last quarter. Fortitude Family Office LLC bought a new position in QUALCOMM during the 4th quarter valued at $35,000. Finally, Pacific Center for Financial Services bought a new position in QUALCOMM during the 1st quarter valued at $31,000. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider James J. Cathey sold 1,000 shares of the firm’s stock in a transaction dated Thursday, January 11th. The shares were sold at an average price of $139.00, for a total transaction of $139,000.00. Following the completion of the transaction, the insider now owns 4,972 shares in the company, valued at approximately $691,108. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other QUALCOMM news, insider James J. Cathey sold 1,000 shares of the firm’s stock in a transaction dated Thursday, January 11th. The shares were sold at an average price of $139.00, for a total value of $139,000.00. Following the completion of the transaction, the insider now directly owns 4,972 shares in the company, valued at $691,108. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Neil Martin sold 371 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total transaction of $55,586.93. Following the completion of the transaction, the chief accounting officer now owns 689 shares of the company’s stock, valued at $103,232.87. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,360 shares of company stock worth $5,457,048. Corporate insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

QCOM has been the topic of a number of research analyst reports. Citigroup downgraded shares of QUALCOMM from a “buy” rating to a “neutral” rating and set a $160.00 price objective on the stock. in a research note on Thursday, February 1st. JPMorgan Chase & Co. dropped their target price on shares of QUALCOMM from $173.00 to $170.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. KeyCorp increased their target price on shares of QUALCOMM from $165.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. Barclays increased their target price on shares of QUALCOMM from $140.00 to $155.00 and gave the stock an “overweight” rating in a report on Tuesday, January 16th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $150.00 target price on shares of QUALCOMM in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, QUALCOMM has a consensus rating of “Moderate Buy” and an average price target of $148.71.

QUALCOMM Price Performance

QUALCOMM stock traded down $0.57 during trading hours on Thursday, hitting $168.56. 550,682 shares of the company traded hands, compared to its average volume of 8,926,068. The firm has a market cap of $188.11 billion, a P/E ratio of 24.51, a P/E/G ratio of 2.28 and a beta of 1.41. The company has a quick ratio of 1.88, a current ratio of 2.56 and a debt-to-equity ratio of 0.63. The firm’s 50-day simple moving average is $157.05 and its two-hundred day simple moving average is $135.64. QUALCOMM Incorporated has a 1-year low of $101.47 and a 1-year high of $177.59.

QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, January 31st. The wireless technology company reported $2.33 EPS for the quarter, beating the consensus estimate of $1.90 by $0.43. The firm had revenue of $9.94 billion for the quarter, compared to analysts’ expectations of $9.50 billion. QUALCOMM had a net margin of 21.39% and a return on equity of 38.06%. As a group, analysts forecast that QUALCOMM Incorporated will post 7.67 earnings per share for the current fiscal year.

QUALCOMM Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Thursday, February 29th were given a dividend of $0.80 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $3.20 annualized dividend and a dividend yield of 1.90%. QUALCOMM’s dividend payout ratio (DPR) is 46.38%.

QUALCOMM Company 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.