Virginia Wealth Management Group Inc. Boosts Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Virginia Wealth Management Group Inc. lifted its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 16.1% during the third quarter, Holdings Channel.com reports. The firm owned 29,454 shares of the wireless technology company’s stock after acquiring an additional 4,088 shares during the period. QUALCOMM accounts for about 3.1% of Virginia Wealth Management Group Inc.’s portfolio, making the stock its 7th biggest position. Virginia Wealth Management Group Inc.’s holdings in QUALCOMM were worth $5,009,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of QCOM. Matrix Capital Management Company LP acquired a new position in QUALCOMM during the first quarter worth about $1,171,516,000. Massachusetts Financial Services Co. MA grew its holdings in QUALCOMM by 1,778.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,219,303 shares of the wireless technology company’s stock worth $641,221,000 after acquiring an additional 3,047,947 shares during the period. Price T Rowe Associates Inc. MD increased its stake in QUALCOMM by 8.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock worth $3,664,418,000 after purchasing an additional 1,909,025 shares in the last quarter. Van ECK Associates Corp increased its stake in QUALCOMM by 34.8% in the 1st quarter. Van ECK Associates Corp now owns 5,890,193 shares of the wireless technology company’s stock worth $997,210,000 after purchasing an additional 1,519,781 shares in the last quarter. Finally, Global Assets Advisory LLC purchased a new position in QUALCOMM in the 1st quarter worth about $238,770,000. 74.35% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $165.95, for a total transaction of $497,850.00. Following the completion of the sale, the chief financial officer now directly owns 51,437 shares in the company, valued at approximately $8,535,970.15. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $169.80, for a total transaction of $1,358,400.00. Following the completion of the transaction, the chief technology officer now owns 213,364 shares of the company’s stock, valued at approximately $36,229,207.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $165.95, for a total value of $497,850.00. Following the completion of the transaction, the chief financial officer now directly owns 51,437 shares of the company’s stock, valued at approximately $8,535,970.15. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 22,245 shares of company stock worth $3,679,407. 0.08% of the stock is currently owned by company insiders.

QUALCOMM Stock Performance

Shares of QCOM traded down $0.45 during mid-day trading on Friday, reaching $168.07. The company’s stock had a trading volume of 657,170 shares, compared to its average volume of 9,048,468. The stock has a market cap of $187.23 billion, a P/E ratio of 21.65, a PEG ratio of 1.71 and a beta of 1.28. The business has a 50-day simple moving average of $167.63 and a two-hundred day simple moving average of $181.97. The company has a current ratio of 2.39, a quick ratio of 1.78 and a debt-to-equity ratio of 0.53. QUALCOMM Incorporated has a 1-year low of $104.33 and a 1-year high of $230.63.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.21. The business had revenue of $9.39 billion during the quarter, compared to the consensus estimate of $9.23 billion. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. As a group, equities research analysts anticipate that QUALCOMM Incorporated will post 8.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on QCOM shares. KeyCorp cut QUALCOMM from an “overweight” rating to a “sector weight” rating in a research note on Tuesday. Wolfe Research cut QUALCOMM from an “outperform” rating to a “peer perform” rating in a research note on Monday, August 12th. Deutsche Bank Aktiengesellschaft lifted their price target on QUALCOMM from $155.00 to $170.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. DZ Bank raised QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 target price on the stock in a research note on Friday, August 2nd. Finally, Tigress Financial lifted their target price on QUALCOMM from $238.00 to $270.00 and gave the company a “buy” rating in a research note on Friday, June 21st. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $209.38.

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.