Oversea Chinese Banking Corp Ltd has significantly increased its investment in QUALCOMM Incorporated (NASDAQ: QCOM) by 51.3% in the second quarter of 2023, according to the latest 13F filing submitted to the Securities and Exchange Commission (SEC). The bank now holds 28,432 shares of the wireless technology company, valued at approximately $4.51 million, after purchasing an additional 9,635 shares during the quarter.
Other institutional investors have also adjusted their positions in QUALCOMM, with Solstein Capital LLC increasing its holdings by 28.1%, adding 384 shares to now own a total of 1,750 shares worth about $279,000. Resonant Capital Advisors LLC grew its stake by 8.0%, now owning 30,947 shares valued at $4.93 million. Hixon Zuercher LLC and New Hampshire Trust also boosted their investments modestly, enhancing their respective holdings by 4.7% and 1.5%. Oppenheimer Asset Management Inc. rounded out the list with a 5.3% increase, holding 108,215 shares worth $17.23 million. Overall, institutional investors own 74.35% of QUALCOMM’s stock.
On the stock market front, QUALCOMM shares opened at $168.94 on Monday, reflecting a minor decrease of 0.6%. The company has a current market capitalization of $182.29 billion, alongside a PE ratio of 16.29 and a PEG ratio of 2.45. QUALCOMM recently reported strong earnings, with an earnings per share (EPS) of $2.77 for the quarter, surpassing analysts’ estimates of $2.71. They also noted a revenue of $10.37 billion, marking a 10.4% increase year-over-year.
Furthermore, QUALCOMM has announced a quarterly dividend of $0.89 per share, which will be paid on December 18, representing an annualized payout of $3.56 and a yield of 2.1%. This reflects the company’s commitment to providing returns to its shareholders.
In recent insider trading activities, CEO Cristiano R. Amon sold 150,000 shares valued at over $24.8 million, reducing his position by 50.12%. Additionally, CFO Akash J. Palkhiwala sold 8,335 shares for approximately $1.38 million, further indicating a trend of insider selling.
Analysts remain cautiously optimistic about QUALCOMM, with several firms setting ambitious price targets. Arete Research has a target price of $200, while UBS Group raised their target from $145 to $165, maintaining a “neutral” rating. The overall sentiment among analysts rates QUALCOMM as a “Moderate Buy,” with a consensus target price of $183.27.
As QUALCOMM continues to make strategic moves in its investments and shows strong financial performance, the company’s outlook remains positive amid industry competition and evolving technological advancements.