Orrstown Financial Services Inc. Raises Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Orrstown Financial Services Inc. raised its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 26.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,524 shares of the wireless technology company’s stock after acquiring an additional 738 shares during the period. Orrstown Financial Services Inc.’s holdings in QUALCOMM were worth $541,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Kohmann Bosshard Financial Services LLC bought a new position in shares of QUALCOMM during the 4th quarter valued at approximately $26,000. Banque Transatlantique SA bought a new position in shares of QUALCOMM during the 4th quarter valued at approximately $26,000. Centricity Wealth Management LLC bought a new position in shares of QUALCOMM during the 4th quarter valued at approximately $29,000. Sunbeam Capital Management LLC bought a new position in shares of QUALCOMM during the 4th quarter valued at approximately $29,000. Finally, Mascagni Wealth Management Inc. bought a new position in shares of QUALCOMM during the 4th quarter valued at approximately $30,000. 74.35% of the stock is owned by hedge funds and other institutional investors.

QUALCOMM Trading Up 1.1%

QUALCOMM stock opened at $149.24 on Friday. The stock has a 50-day moving average of $143.61 and a two-hundred day moving average of $155.12. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.99 and a current ratio of 2.62. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $230.63. The stock has a market cap of $163.87 billion, a PE ratio of 15.94, a price-to-earnings-growth ratio of 2.01 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.03. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The company had revenue of $10.98 billion during the quarter, compared to analysts’ expectations of $10.58 billion. During the same period last year, the business posted $2.44 earnings per share. The firm’s revenue was up 17.0% compared to the same quarter last year. On average, research analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be paid a $0.89 dividend. The ex-dividend date is Thursday, June 5th. This is a boost from QUALCOMM’s previous quarterly dividend of $0.85. This represents a $3.56 dividend on an annualized basis and a yield of 2.39%. QUALCOMM’s dividend payout ratio (DPR) is 36.25%.

Analyst Upgrades and Downgrades

QCOM has been the topic of several analyst reports. Robert W. Baird cut their target price on QUALCOMM from $250.00 to $216.00 and set an “outperform” rating on the stock in a research report on Thursday, May 1st. Loop Capital cut their price objective on QUALCOMM from $180.00 to $155.00 and set a “hold” rating on the stock in a research report on Thursday, May 1st. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $185.00 price objective on shares of QUALCOMM in a research report on Tuesday, April 29th. Susquehanna cut their price objective on QUALCOMM from $210.00 to $190.00 and set a “positive” rating on the stock in a research report on Thursday, May 1st. Finally, Evercore ISI cut their price objective on QUALCOMM from $179.00 to $157.00 and set an “in-line” rating on the stock in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $189.88.

Insider Buying and Selling at QUALCOMM

In other news, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $16.00, for a total value of $6,600,000.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Heather S. Ace sold 1,600 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $154.24, for a total value of $246,784.00. Following the completion of the transaction, the insider now directly owns 24,393 shares in the company, valued at $3,762,376.32. This represents a 6.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 425,064 shares of company stock worth $8,381,948. 0.08% of the stock is owned by insiders.

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.