TimesSquare Capital Management LLC Increases Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

TimesSquare Capital Management LLC lifted its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 10.3% in the 1st quarter, HoldingsChannel reports. The firm owned 5,045 shares of the wireless technology company’s stock after purchasing an additional 470 shares during the quarter. TimesSquare Capital Management LLC’s holdings in QUALCOMM were worth $669,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in the company. BlackRock Inc. raised its position in QUALCOMM by 4.5% during the first quarter. BlackRock Inc. now owns 83,599,923 shares of the wireless technology company’s stock valued at $11,084,513,000 after acquiring an additional 3,600,480 shares in the last quarter. FMR LLC raised its position in QUALCOMM by 3.4% during the fourth quarter. FMR LLC now owns 56,956,778 shares of the wireless technology company’s stock valued at $8,676,796,000 after acquiring an additional 1,855,061 shares in the last quarter. Alliancebernstein L.P. raised its position in QUALCOMM by 6.6% during the first quarter. Alliancebernstein L.P. now owns 14,154,422 shares of the wireless technology company’s stock valued at $1,876,735,000 after acquiring an additional 876,689 shares in the last quarter. Norges Bank purchased a new position in QUALCOMM during the fourth quarter valued at approximately $1,638,769,000. Finally, Clearbridge Investments LLC raised its position in QUALCOMM by 1.9% during the fourth quarter. Clearbridge Investments LLC now owns 9,447,792 shares of the wireless technology company’s stock valued at $1,439,277,000 after acquiring an additional 179,412 shares in the last quarter. Hedge funds and other institutional investors own 72.53% of the company’s stock.

NASDAQ:QCOM opened at $134.22 on Friday. QUALCOMM Incorporated has a 52 week low of $83.10 and a 52 week high of $167.94. The company has a debt-to-equity ratio of 2.05, a current ratio of 2.02 and a quick ratio of 1.72. The stock has a market capitalization of $151.40 billion, a P/E ratio of 19.26, a P/E/G ratio of 0.93 and a beta of 1.32. The company has a fifty day simple moving average of $134.68.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, April 28th. The wireless technology company reported $1.90 EPS for the quarter, beating the Zacks’ consensus estimate of $1.41 by $0.49. QUALCOMM had a return on equity of 103.71% and a net margin of 27.28%. The company had revenue of $7.93 billion for the quarter, compared to the consensus estimate of $7.62 billion. During the same quarter in the previous year, the business earned $0.88 earnings per share. The company’s revenue for the quarter was up 52.2% on a year-over-year basis. Equities analysts expect that QUALCOMM Incorporated will post 6.66 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 24th. Investors of record on Thursday, June 3rd will be issued a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 2.03%. The ex-dividend date is Wednesday, June 2nd. This is an increase from QUALCOMM’s previous quarterly dividend of $0.65. QUALCOMM’s payout ratio is currently 81.44%.

QCOM has been the topic of several research analyst reports. Citigroup dropped their price objective on QUALCOMM from $165.00 to $154.00 in a report on Thursday, April 29th. Morgan Stanley raised their price objective on QUALCOMM from $167.00 to $173.00 and gave the company an “overweight” rating in a report on Thursday, April 29th. Evercore ISI reissued an “in-line” rating and issued a $150.00 price objective (down from $195.00) on shares of QUALCOMM in a report on Monday, April 19th. JPMorgan Chase & Co. dropped their price objective on QUALCOMM from $185.00 to $170.00 and set an “overweight” rating on the stock in a report on Thursday, March 4th. Finally, Susquehanna Bancshares lowered QUALCOMM to a “neutral” rating and lowered their price target for the stock from $175.00 to $155.00 in a research note on Monday, April 19th. Twelve investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $163.65.

In related news, CAO Erin L. Polek sold 1,835 shares of the business’s stock in a transaction on Friday, May 21st. The stock was sold at an average price of $132.00, for a total value of $242,220.00. Also, EVP Brian Modoff sold 1,510 shares of the business’s stock in a transaction on Friday, May 14th. The shares were sold at an average price of $129.32, for a total value of $195,273.20. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by insiders.

About QUALCOMM

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies and products are used in mobile devices and other wireless products, including network equipment, broadband gateway equipment, consumer electronic devices, and other connected devices worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI).

Further Reading: Call Option

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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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