Geode Capital Management LLC Acquires 1,989,725 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Geode Capital Management LLC boosted its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 7.9% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 27,128,468 shares of the wireless technology company’s stock after acquiring an additional 1,989,725 shares during the quarter. Geode Capital Management LLC’s holdings in QUALCOMM were worth $4,600,625,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Reston Wealth Management LLC bought a new position in shares of QUALCOMM in the third quarter valued at approximately $26,000. HWG Holdings LP bought a new position in shares of QUALCOMM during the 2nd quarter worth approximately $30,000. Financial Connections Group Inc. bought a new position in shares of QUALCOMM during the 2nd quarter worth approximately $32,000. Planning Capital Management Corp grew its holdings in shares of QUALCOMM by 137.3% in the third quarter. Planning Capital Management Corp now owns 197 shares of the wireless technology company’s stock valued at $34,000 after acquiring an additional 114 shares in the last quarter. Finally, Accordant Advisory Group Inc bought a new stake in QUALCOMM during the third quarter worth $36,000. Institutional investors own 74.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on QCOM shares. Wells Fargo & Company raised their target price on QUALCOMM from $170.00 to $175.00 and gave the company an “underweight” rating in a research report on Thursday, November 7th. TD Cowen raised shares of QUALCOMM to a “strong-buy” rating in a research report on Monday, September 16th. Loop Capital assumed coverage on shares of QUALCOMM in a research note on Monday, November 11th. They issued a “hold” rating and a $180.00 target price on the stock. Citigroup lowered their price target on shares of QUALCOMM from $200.00 to $185.00 and set a “neutral” rating on the stock in a report on Wednesday, October 16th. Finally, Evercore ISI increased their price objective on QUALCOMM from $190.00 to $199.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, QUALCOMM has a consensus rating of “Moderate Buy” and a consensus target price of $208.00.

Insider Buying and Selling

In other news, CAO Neil Martin sold 1,304 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $155.00, for a total value of $202,120.00. Following the completion of the sale, the chief accounting officer now directly owns 94 shares in the company, valued at approximately $14,570. The trade was a 93.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO James H. Thompson sold 8,000 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $169.80, for a total transaction of $1,358,400.00. Following the transaction, the chief technology officer now directly owns 213,364 shares in the company, valued at approximately $36,229,207.20. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,450 shares of company stock worth $3,395,926. Corporate insiders own 0.08% of the company’s stock.

QUALCOMM Trading Up 0.8 %

Shares of QCOM opened at $160.74 on Tuesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.40 and a quick ratio of 1.79. QUALCOMM Incorporated has a 1-year low of $134.07 and a 1-year high of $230.63. The company has a market capitalization of $178.58 billion, a P/E ratio of 17.88, a P/E/G ratio of 2.67 and a beta of 1.25. The firm’s 50 day simple moving average is $165.75 and its 200 day simple moving average is $179.03.

QUALCOMM Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date is Thursday, December 5th. QUALCOMM’s dividend payout ratio is currently 37.82%.

QUALCOMM 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.