Patrick M Sweeney & Associates Inc. Purchases Shares of 3,204 QUALCOMM Incorporated (NASDAQ:QCOM)

Patrick M Sweeney & Associates Inc. acquired a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 3,204 shares of the wireless technology company’s stock, valued at approximately $463,000.

A number of other hedge funds also recently added to or reduced their stakes in QCOM. Financial Gravity Asset Management Inc. grew its position in shares of QUALCOMM by 102.5% in the third quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock valued at $26,000 after purchasing an additional 122 shares during the period. DiNuzzo Private Wealth Inc. acquired a new stake in shares of QUALCOMM in the fourth quarter worth approximately $32,000. Fortitude Family Office LLC purchased a new stake in QUALCOMM in the fourth quarter valued at approximately $35,000. Cranbrook Wealth Management LLC grew its holdings in QUALCOMM by 68.0% in the fourth quarter. Cranbrook Wealth Management LLC now owns 247 shares of the wireless technology company’s stock valued at $36,000 after purchasing an additional 100 shares during the period. Finally, Leith Wheeler Investment Counsel Ltd. increased its position in QUALCOMM by 184.3% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 252,913 shares of the wireless technology company’s stock worth $37,000 after purchasing an additional 163,963 shares during the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Sylvia Acevedo sold 2,056 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $178.21, for a total transaction of $366,399.76. Following the transaction, the director now owns 54 shares in the company, valued at approximately $9,623.34. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other QUALCOMM news, CAO Neil Martin sold 371 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $149.83, for a total value of $55,586.93. Following the completion of the sale, the chief accounting officer now directly owns 689 shares of the company’s stock, valued at approximately $103,232.87. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Sylvia Acevedo sold 2,056 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $178.21, for a total transaction of $366,399.76. Following the transaction, the director now owns 54 shares in the company, valued at approximately $9,623.34. The disclosure for this sale can be found here. Insiders sold 46,316 shares of company stock worth $7,796,128 over the last quarter. Corporate insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on QCOM. Benchmark reissued a “buy” rating and set a $200.00 price objective on shares of QUALCOMM in a research note on Friday, May 3rd. UBS Group raised their target price on QUALCOMM from $165.00 to $175.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Susquehanna boosted their price target on QUALCOMM from $175.00 to $205.00 and gave the stock a “positive” rating in a research note on Wednesday, April 10th. Citigroup lifted their price objective on QUALCOMM from $160.00 to $170.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $190.00 target price on shares of QUALCOMM in a research report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $180.48.

QUALCOMM Stock Performance

NASDAQ QCOM traded up $0.40 during trading hours on Wednesday, reaching $180.55. The company’s stock had a trading volume of 5,859,029 shares, compared to its average volume of 8,695,011. The stock has a market cap of $201.49 billion, a PE ratio of 24.14, a PEG ratio of 2.27 and a beta of 1.33. The business has a 50-day simple moving average of $168.62 and a 200 day simple moving average of $148.09. QUALCOMM Incorporated has a 52 week low of $101.47 and a 52 week high of $184.31. The company has a current ratio of 2.65, a quick ratio of 1.98 and a debt-to-equity ratio of 0.59.

QUALCOMM Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Thursday, May 30th will be issued a dividend of $0.85 per share. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date is Thursday, May 30th. This represents a $3.40 annualized dividend and a yield of 1.88%. QUALCOMM’s payout ratio is presently 45.70%.

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.