On June 22, 2023, Baker Tilly Wealth Management LLC reported a reduction in their position in Qualcomm Incorporated (NASDAQ:QCOM) by 12.0% during the first quarter. As per their recent filing with the Securities and Exchange Commission (SEC), the firm currently owns 31,941 shares of the wireless technology company’s stock after selling 4,349 shares during the period. This divestment has brought down Baker Tilly Wealth Management LLC’s holdings in QUALCOMM to $4,075,000.
Qualcomm Incorporated is a recognized leader in developing and commercializing foundational technologies for the wireless industry around the world. The company operates through three main segments – Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Strategic Initiatives (QSI). Among them, QCT develops and manages integrated circuits and system software based on advanced technological applications for use in areas such as wireless communication networking, application processing services, multimedia devices as well as global positioning systems.
Shares of NASDAQ QCOM opened at $115.76 on Thursday, marking an impressive 1-year high point of $156.66 and low points of $101.47 within this period respectively. The stock boasts a market capitalization of $128.96 billion with an appealing P/E ratio of 12.41 to go alongside its current beta score of 1.24.
When viewing its debt reporting ratios, QUALCOMM Incorporated stands at a favorable debt-to-equity ratio valued at just 0.79 while holding a quick ratio of 1.55 and a current ratio of 2.42 respectively.
Overall, there seems to be no reason not to consider investing in QUALCOMM Incorporated given its outstanding track record thus far within the wireless technology space as well as its strategic focus on innovative solutions that have continually proven successful over time in meeting customers’ needs and keeping pace with evolving industry trends.
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Institutional Investors and Hedge Funds Show Continued Interest in Qualcomm
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”QCOM” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Institutional investors and hedge funds have shown continued interest in Qualcomm (NASDAQ:QCOM), a wireless technology company, by modifying their holdings in the first quarter of 2023. Fairfield Bush & CO. increased its stake by 1.3%, with Mirae Asset Global Investments Co. Ltd., Merit Financial Group LLC, NewEdge Advisors LLC, and Mackenzie Financial Corp following suit with significant share increases ranging from 12.5% to 30.4%. According to reports from the United States Securities and Exchange Commission, around 71.48% of QCOM’s stock is currently owned by hedge funds and other institutional investors.
Recently, analysts have reported varied views on QCOM’s performance outlook. Bloomberg estimates show that one analyst rated QCOM as a sell investment, while five issued hold ratings and seventeen issued buy ratings resulting in a “Moderate Buy” consensus rating for the stock with an average target price of $146.75.
Qualcomm Incorporated operates worldwide by providing foundational technologies for the wireless industry through three primary segments: Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Strategic Initiatives (QSI). The QCT segment specifically develops integrated circuits based on several technologies for use in networking, multimedia processing, global positioning systems, application processing, wireless voice and data communications etc.
The company recently reported its earnings for the first quarter of FY2023 on May 3rd announcing that it missed its consensus estimate of $1.83 per share at $1.69 EPS which resulted in a net margin of 25.67% as well as ROE (return on equity) of 56.33%. Despite missing its EPS estimate, QCOM earned $9.28 billion revenue compared to expected revenue of $9.08 billion.
Additionally, QCOM declared a quarterly dividend whose record date is June 1st thereby paying an annualized dividend payment of $3.20 per share with an ex-dividend date of May 31st. This represents a new increase from its former quarterly dividend of $0.75 and a dividend yield of 2.76%. A company’s payout ratio helps to calculate the percentage of earnings distributed as dividends to shareholders, and in QCOM’s case, it is 34.30%.
Looking ahead, analysts are predicting that QUALCOMM Incorporated will post six-point thirty-six EPS for the current year- encouraging data for QCOM investors as the global economic recovery proceeds amidst post-pandemic market volatility.
