Fred Alger Management LLC Boosts Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Fred Alger Management LLC raised its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 7.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 59,883 shares of the wireless technology company’s stock after purchasing an additional 3,911 shares during the quarter. Fred Alger Management LLC’s holdings in QUALCOMM were worth $10,183,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Massachusetts Financial Services Co. MA increased its stake in QUALCOMM by 1,778.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,219,303 shares of the wireless technology company’s stock valued at $641,221,000 after buying an additional 3,047,947 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of QUALCOMM by 1,702.6% in the third quarter. Pacer Advisors Inc. now owns 3,191,342 shares of the wireless technology company’s stock valued at $542,688,000 after acquiring an additional 3,014,302 shares in the last quarter. International Assets Investment Management LLC increased its stake in shares of QUALCOMM by 17,357.3% during the third quarter. International Assets Investment Management LLC now owns 2,936,310 shares of the wireless technology company’s stock worth $499,320,000 after acquiring an additional 2,919,490 shares during the period. Van ECK Associates Corp raised its holdings in QUALCOMM by 30.2% during the third quarter. Van ECK Associates Corp now owns 7,506,863 shares of the wireless technology company’s stock worth $1,250,644,000 after purchasing an additional 1,741,432 shares in the last quarter. Finally, Maj Invest Holding A S acquired a new stake in QUALCOMM in the third quarter valued at about $229,078,000. Institutional investors and hedge funds own 74.35% of the company’s stock.

Insider Activity

In other news, insider Alexander H. Rogers sold 3,245 shares of the company’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $166.15, for a total transaction of $539,156.75. Following the completion of the sale, the insider now directly owns 32,231 shares in the company, valued at $5,355,180.65. This represents a 9.15 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Neil Martin sold 1,304 shares of QUALCOMM stock in a transaction 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 transaction, the chief accounting officer now owns 94 shares in the company, valued at $14,570. The trade was a 93.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,450 shares of company stock valued at $2,911,306 in the last 90 days. 0.08% of the stock is currently owned by insiders.

QUALCOMM Price Performance

QCOM stock opened at $158.53 on Friday. The stock has a market capitalization of $176.13 billion, a price-to-earnings ratio of 17.63, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. The stock’s fifty day simple moving average is $166.64 and its 200-day simple moving average is $180.74. QUALCOMM Incorporated has a 52-week low of $127.49 and a 52-week high of $230.63. The company has a quick ratio of 1.79, a current ratio of 2.40 and a debt-to-equity ratio of 0.51.

QUALCOMM Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Thursday, December 5th. QUALCOMM’s dividend payout ratio (DPR) is 37.82%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Sanford C. Bernstein increased their target price on QUALCOMM from $200.00 to $215.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Susquehanna cut their price objective on QUALCOMM from $230.00 to $210.00 and set a “positive” rating for the company in a research report on Wednesday, November 20th. Morgan Stanley decreased their target price on shares of QUALCOMM from $207.00 to $204.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 7th. StockNews.com downgraded shares of QUALCOMM from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 2nd. Finally, Citigroup decreased their price objective 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. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $210.15.

About QUALCOMM

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.