IndexIQ Advisors LLC Buys 822 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

IndexIQ Advisors LLC increased its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 4.4% during the third quarter, HoldingsChannel reports. The firm owned 19,572 shares of the wireless technology company’s stock after acquiring an additional 822 shares during the period. IndexIQ Advisors LLC’s holdings in QUALCOMM were worth $2,524,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of QCOM. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of QUALCOMM by 13.2% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 210,215 shares of the wireless technology company’s stock worth $30,046,000 after purchasing an additional 24,517 shares during the period. BerganKDV Wealth Management LLC boosted its holdings in shares of QUALCOMM by 15.4% in the second quarter. BerganKDV Wealth Management LLC now owns 758 shares of the wireless technology company’s stock worth $108,000 after acquiring an additional 101 shares during the period. Cresset Asset Management LLC boosted its holdings in shares of QUALCOMM by 148.8% in the second quarter. Cresset Asset Management LLC now owns 33,892 shares of the wireless technology company’s stock worth $4,844,000 after acquiring an additional 20,271 shares during the period. JustInvest LLC boosted its holdings in shares of QUALCOMM by 93.5% in the second quarter. JustInvest LLC now owns 25,578 shares of the wireless technology company’s stock worth $3,656,000 after acquiring an additional 12,361 shares during the period. Finally, Fiera Capital Corp boosted its holdings in shares of QUALCOMM by 41.2% in the second quarter. Fiera Capital Corp now owns 38,317 shares of the wireless technology company’s stock worth $3,495,000 after acquiring an additional 11,182 shares during the period. 72.08% of the stock is currently owned by institutional investors.

In other QUALCOMM news, CAO Erin L. Polek sold 2,847 shares of the firm’s stock in a transaction that occurred on Monday, November 22nd. The stock was sold at an average price of $180.98, for a total transaction of $515,250.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Alexander H. Rogers sold 21,006 shares of the firm’s stock in a transaction that occurred on Tuesday, December 7th. The shares were sold at an average price of $179.94, for a total value of $3,779,819.64. The disclosure for this sale can be found here. Insiders have sold a total of 44,229 shares of company stock worth $8,058,506 in the last three months. 0.14% of the stock is owned by corporate insiders.

QCOM has been the subject of a number of analyst reports. UBS Group raised their price target on QUALCOMM from $155.00 to $160.00 and gave the stock a “neutral” rating in a report on Thursday, November 4th. Summit Insights downgraded QUALCOMM from a “buy” rating to a “hold” rating in a research report on Wednesday, November 3rd. Deutsche Bank Aktiengesellschaft raised their price target on QUALCOMM from $190.00 to $210.00 and gave the company a “buy” rating in a research report on Wednesday, November 17th. KeyCorp raised their price objective on QUALCOMM from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. raised their price objective on QUALCOMM from $180.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, November 4th. Eleven research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, QUALCOMM has an average rating of “Buy” and an average price target of $183.87.

NASDAQ QCOM opened at $188.69 on Friday. The stock’s 50-day moving average price is $180.28 and its 200-day moving average price is $153.56. The company has a quick ratio of 1.41, a current ratio of 1.68 and a debt-to-equity ratio of 1.38. QUALCOMM Incorporated has a 52 week low of $122.17 and a 52 week high of $193.58. The company has a market capitalization of $211.33 billion, a P/E ratio of 23.98, a price-to-earnings-growth ratio of 1.25 and a beta of 1.24.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, November 3rd. The wireless technology company reported $2.55 EPS for the quarter, topping the consensus estimate of $2.06 by $0.49. QUALCOMM had a return on equity of 104.16% and a net margin of 26.94%. The firm had revenue of $9.34 billion for the quarter, compared to the consensus estimate of $8.88 billion. During the same quarter last year, the company earned $1.23 earnings per share. Research analysts anticipate that QUALCOMM Incorporated will post 9.59 EPS for the current year.

QUALCOMM announced that its board has authorized a stock buyback plan on Tuesday, October 12th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the wireless technology company to reacquire up to 7.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

About QUALCOMM

QUALCOMM, Inc engages in the development, design, and provision of digital telecommunications products and services. It operates through the following 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 technologies for the use in voice and data communications, networking, application processing, multimedia, and global positioning system products.

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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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