Conning Inc. Decreases Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Conning Inc. lessened its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 15.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 260,945 shares of the wireless technology company’s stock after selling 47,015 shares during the quarter. QUALCOMM comprises 1.3% of Conning Inc.’s holdings, making the stock its 11th biggest position. Conning Inc.’s holdings in QUALCOMM were worth $37,666,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Vontobel Holding Ltd. raised its stake in QUALCOMM by 23.5% in the 4th quarter. Vontobel Holding Ltd. now owns 463,877 shares of the wireless technology company’s stock worth $67,091,000 after acquiring an additional 88,192 shares during the last quarter. River Street Advisors LLC lifted its position in QUALCOMM by 6.1% during the fourth quarter. River Street Advisors LLC now owns 7,320 shares of the wireless technology company’s stock valued at $1,059,000 after purchasing an additional 424 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in QUALCOMM by 1.3% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,450,714 shares of the wireless technology company’s stock worth $499,077,000 after purchasing an additional 43,731 shares during the period. Lecap Asset Management Ltd. purchased a new position in shares of QUALCOMM during the 4th quarter valued at about $2,836,000. Finally, Aire Advisors LLC acquired a new position in shares of QUALCOMM in the 4th quarter valued at about $235,000. 74.35% of the stock is owned by institutional investors and hedge funds.

QUALCOMM Trading Down 2.2 %

QCOM stock traded down $3.84 during trading on Friday, reaching $171.29. 8,216,680 shares of the stock were exchanged, compared to its average volume of 6,572,647. The company has a current ratio of 2.56, a quick ratio of 1.88 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $191.16 billion, a price-to-earnings ratio of 24.82, a P/E/G ratio of 2.34 and a beta of 1.41. The business has a 50 day moving average price of $163.10 and a 200-day moving average price of $141.00. QUALCOMM Incorporated has a 1 year low of $101.47 and a 1 year high of $177.59.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, January 31st. The wireless technology company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.43. QUALCOMM had a net margin of 21.39% and a return on equity of 38.06%. The business had revenue of $9.94 billion during the quarter, compared to the consensus estimate of $9.50 billion. On average, research analysts predict that QUALCOMM Incorporated will post 7.67 earnings per share for the current year.

Insider Transactions at QUALCOMM

In related news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $173.49, for a total value of $520,470.00. Following the completion of the sale, the chief financial officer now owns 69,343 shares in the company, valued at approximately $12,030,317.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other QUALCOMM news, CEO Cristiano R. Amon sold 8,100 shares of the business’s stock in a transaction dated Friday, January 19th. The shares were sold at an average price of $149.50, for a total transaction of $1,210,950.00. Following the sale, the chief executive officer now directly owns 32,400 shares in the company, valued at $4,843,800. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $173.49, for a total transaction of $520,470.00. Following the completion of the transaction, the chief financial officer now directly owns 69,343 shares of the company’s stock, valued at approximately $12,030,317.07. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,360 shares of company stock worth $7,184,678. 0.08% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

QCOM has been the subject of several recent research reports. KeyCorp lifted their price target on QUALCOMM from $180.00 to $205.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Piper Sandler boosted their target price on shares of QUALCOMM from $140.00 to $165.00 and gave the company an “overweight” rating in a research note on Thursday, February 1st. TD Cowen raised their price target on shares of QUALCOMM from $160.00 to $170.00 and gave the company an “outperform” rating in a research report on Thursday, February 1st. Canaccord Genuity Group raised their price objective on QUALCOMM from $152.00 to $175.00 and gave the company a “buy” rating in a report on Friday, January 19th. Finally, Susquehanna upped their target price on QUALCOMM from $175.00 to $205.00 and gave the stock a “positive” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $154.90.

QUALCOMM Company Profile

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.