Lipe & Dalton Buys Shares of 41,645 QUALCOMM Incorporated (NASDAQ:QCOM)

Lipe & Dalton acquired a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 41,645 shares of the wireless technology company’s stock, valued at approximately $2,388,000. QUALCOMM comprises approximately 1.7% of Lipe & Dalton’s holdings, making the stock its 28th largest position.

Other large investors have also recently made changes to their positions in the company. American National Bank increased its stake in shares of QUALCOMM by 41.0% in the first quarter. American National Bank now owns 2,825 shares of the wireless technology company’s stock worth $162,000 after buying an additional 822 shares in the last quarter. Welch Group LLC increased its stake in shares of QUALCOMM by 2.3% in the first quarter. Welch Group LLC now owns 3,037 shares of the wireless technology company’s stock worth $174,000 after buying an additional 69 shares in the last quarter. Advantage Investment Management LLC purchased a new stake in shares of QUALCOMM during the fourth quarter worth approximately $200,000. Commonwealth Financial Services LLC increased its position in QUALCOMM by 499.5% in the first quarter. Commonwealth Financial Services LLC now owns 3,627 shares of the wireless technology company’s stock worth $205,000 after buying an additional 3,022 shares during the period. Finally, Fox Run Management L.L.C. bought a new position in QUALCOMM during the first quarter worth approximately $218,000. 76.61% of the stock is currently owned by institutional investors.

Shares of QUALCOMM Incorporated (NASDAQ QCOM) traded up 0.92% during midday trading on Wednesday, hitting $52.77. 8,085,282 shares of the stock were exchanged. The stock has a market cap of $77.89 billion, a P/E ratio of 20.21 and a beta of 1.29. The stock’s 50-day moving average price is $55.08 and its 200 day moving average price is $55.95. QUALCOMM Incorporated has a one year low of $51.05 and a one year high of $71.62. QUALCOMM also saw some unusual options trading activity on Monday. Traders bought 21,472 put options on the company. This is an increase of 152% compared to the average daily volume of 8,513 put options.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 19th. The wireless technology company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.02. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The company had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.25 billion. During the same period in the prior year, the firm earned $1.16 earnings per share. The business’s quarterly revenue was down 11.1% on a year-over-year basis. On average, analysts anticipate that QUALCOMM Incorporated will post $4.16 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, August 30th will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date of this dividend is Monday, August 28th. QUALCOMM’s dividend payout ratio is presently 87.36%.

A number of research analysts recently commented on QCOM shares. Mizuho reaffirmed a “buy” rating and issued a $68.00 target price (down from $75.00) on shares of QUALCOMM in a research report on Saturday, April 22nd. Stifel Nicolaus reaffirmed a “buy” rating and issued a $64.00 target price on shares of QUALCOMM in a research report on Monday, April 17th. Canaccord Genuity dropped their target price on shares of QUALCOMM from $76.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday, April 20th. Standpoint Research raised shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research report on Friday, April 28th. Finally, Vetr downgraded shares of QUALCOMM from a “strong-buy” rating to a “buy” rating and set a $58.52 target price on the stock. in a research report on Tuesday, May 2nd. Two investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating, ten 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 “Hold” and a consensus target price of $63.96.

In other news, President Derek K. Aberle sold 23,104 shares of the stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $55.38, for a total value of $1,279,499.52. Following the completion of the sale, the president now directly owns 5,855 shares of the company’s stock, valued at $324,249.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michelle M. Sterling sold 5,509 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $59.11, for a total transaction of $325,636.99. The disclosure for this sale can be found here. Insiders have sold 62,802 shares of company stock valued at $3,544,381 over the last ninety days. Insiders own 0.24% of the company’s stock.

About QUALCOMM

QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.