Sterling Investment Management LLC Reduces Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Sterling Investment Management LLC trimmed its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 6.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,153 shares of the wireless technology company’s stock after selling 501 shares during the quarter. Sterling Investment Management LLC’s holdings in QUALCOMM were worth $1,216,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in QCOM. Wedge Capital Management L L P NC lifted its holdings in shares of QUALCOMM by 17.1% in the 3rd quarter. Wedge Capital Management L L P NC now owns 354,389 shares of the wireless technology company’s stock valued at $60,264,000 after buying an additional 51,879 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in QUALCOMM by 39.9% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 176,817 shares of the wireless technology company’s stock worth $30,068,000 after purchasing an additional 50,438 shares during the period. Czech National Bank raised its holdings in QUALCOMM by 6.5% in the 3rd quarter. Czech National Bank now owns 226,933 shares of the wireless technology company’s stock worth $38,590,000 after purchasing an additional 13,888 shares during the period. Legal & General Group Plc raised its holdings in QUALCOMM by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 10,036,779 shares of the wireless technology company’s stock worth $1,999,114,000 after purchasing an additional 86,195 shares during the period. Finally, Heritage Wealth Management Inc. acquired a new position in QUALCOMM in the 2nd quarter worth about $1,539,000. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

QUALCOMM Price Performance

Shares of NASDAQ:QCOM opened at $170.92 on Monday. The company has a 50-day moving average price of $169.11 and a 200 day moving average price of $182.25. QUALCOMM Incorporated has a 52 week low of $104.33 and a 52 week high of $230.63. The company has a quick ratio of 1.78, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. The company has a market cap of $190.75 billion, a P/E ratio of 22.97, a PEG ratio of 1.79 and a beta of 1.28.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.21. QUALCOMM had a net margin of 23.32% and a return on equity of 38.12%. The company had revenue of $9.39 billion during the quarter, compared to the consensus estimate of $9.23 billion. Research analysts predict that QUALCOMM Incorporated will post 8.02 earnings per share for the current year.

QUALCOMM Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be given a dividend of $0.85 per share. The ex-dividend date is Thursday, December 5th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.99%. QUALCOMM’s payout ratio is 45.70%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on QCOM shares. HSBC lowered QUALCOMM from a “buy” rating to a “hold” rating and set a $200.00 price objective for the company. in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft increased their target price on QUALCOMM from $155.00 to $170.00 and gave the company a “hold” rating in a report on Thursday, August 1st. StockNews.com lowered QUALCOMM from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 2nd. DZ Bank raised QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 price objective on the stock in a report on Friday, August 2nd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $205.00 price objective (up previously from $185.00) on shares of QUALCOMM in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, QUALCOMM presently has a consensus rating of “Moderate Buy” and an average price target of $208.75.

Insider Activity

In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $169.80, for a total value of $1,358,400.00. Following the completion of the transaction, the chief technology officer now owns 213,364 shares in the company, valued at approximately $36,229,207.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CTO James H. Thompson sold 8,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $169.80, for a total transaction of $1,358,400.00. Following the completion of the sale, the chief technology officer now directly owns 213,364 shares of the company’s stock, valued at $36,229,207.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alexander H. Rogers sold 3,245 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $166.15, for a total transaction of $539,156.75. Following the sale, the insider now directly owns 32,231 shares of the company’s stock, valued at approximately $5,355,180.65. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 22,245 shares of company stock worth $3,679,407. Company insiders own 0.08% of the company’s stock.

QUALCOMM 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.