MGO One Seven LLC has increased its investment in QUALCOMM Incorporated (NASDAQ:QCOM) by 17.5% during the third quarter of 2023. The firm reported its acquisition of an additional 4,333 shares, bringing its total holdings to 29,037 shares. As of the end of the most recent quarter, MGO One Seven LLC’s stake in the wireless technology company was valued at approximately $4.83 million.
This movement follows a broader trend among hedge funds, with several firms adjusting their positions in QUALCOMM. For instance, Harbor Capital Advisors Inc. significantly boosted its stake by 72.2%, increasing its holdings to 155 shares, valued at $26,000. Other notable hedge funds, including Chung Wu Investment Group LLC and Harbor Asset Planning Inc., also entered new positions, each valued at around $32,000. Currently, hedge funds and institutional investors collectively own 74.35% of QUALCOMM’s stock.
QUALCOMM’s Financial Overview and Recent Insider Transactions
On Tuesday, shares of QUALCOMM opened at $169.27. The company boasts a market capitalization of $181.29 billion and features a price-to-earnings (P/E) ratio of 34.62. Over the past year, QUALCOMM’s stock has fluctuated between a low of $120.80 and a high of $205.95. Its financial metrics indicate a debt-to-equity ratio of 0.70, a current ratio of 2.82, and a quick ratio of 2.10.
Recent transactions by company executives have also drawn attention. On December 16, 2023, Executive Vice President Alexander H. Rogers sold 15,917 shares at an average price of $178.01, totaling approximately $2.83 million. This sale marked a 37.91% reduction in his ownership. Similarly, EVP Ann C. Chaplin sold 7,180 shares for around $1.28 million, reducing her holdings by 23.07%.
Over the last quarter, insiders sold a total of 53,155 shares, valued at about $9.27 million. Currently, only 0.08% of the stock is owned by corporate insiders.
Analyst Ratings and Future Projections
Several analysts have recently evaluated QUALCOMM’s performance, contributing to varying ratings. On November 6, 2023, Rosenblatt Securities maintained a “buy” rating with a price target of $225.00. Citigroup adjusted its target from $170.00 to $175.00 while maintaining a “neutral” rating. TD Cowen raised its price target from $185.00 to $205.00, also rating it as a “buy.”
Overall, twelve research analysts currently rate the stock as a Buy, while eight maintain a Hold rating, and one analyst recommends a Sell. According to data from MarketBeat.com, the consensus rating stands at “Moderate Buy” with an average price target of $191.56.
QUALCOMM Incorporated is headquartered in San Diego, California, and was founded in 1985. The company is recognized for its innovations in wireless technology and plays a critical role in the development of digital cellular standards, including CDMA and various mobile technologies. Its product range includes semiconductor products and a patent licensing program, with offerings in system-on-chip platforms, cellular modem components, and connectivity solutions targeting automotive and IoT applications.
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