Summitry LLC Sells 426 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Summitry LLC trimmed its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 8.7% during the fourth quarter, HoldingsChannel.com reports. The fund owned 4,472 shares of the wireless technology company’s stock after selling 426 shares during the quarter. Summitry LLC’s holdings in QUALCOMM were worth $687,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Amundi raised its holdings in shares of QUALCOMM by 36.6% during the 4th quarter. Amundi now owns 14,579,529 shares of the wireless technology company’s stock worth $2,313,634,000 after buying an additional 3,905,918 shares in the last quarter. Raymond James Financial Inc. bought a new position in QUALCOMM in the fourth quarter valued at about $527,053,000. Geode Capital Management LLC raised its stake in QUALCOMM by 7.9% during the third quarter. Geode Capital Management LLC now owns 27,128,468 shares of the wireless technology company’s stock worth $4,600,625,000 after acquiring an additional 1,989,725 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in shares of QUALCOMM by 202.6% in the third quarter. Two Sigma Advisers LP now owns 2,061,900 shares of the wireless technology company’s stock worth $350,626,000 after acquiring an additional 1,380,500 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of QUALCOMM by 1.7% in the 3rd quarter. State Street Corp now owns 51,615,929 shares of the wireless technology company’s stock valued at $8,777,289,000 after purchasing an additional 870,814 shares in the last quarter. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at QUALCOMM

In related news, insider Alexander H. Rogers sold 19,287 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $169.83, for a total value of $3,275,511.21. Following the sale, the insider now owns 20,762 shares in the company, valued at $3,526,010.46. This represents a 48.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Neil Martin sold 744 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $174.83, for a total value of $130,073.52. Following the sale, the chief accounting officer now directly owns 461 shares of the company’s stock, valued at $80,596.63. This represents a 61.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,968 shares of company stock valued at $4,685,077. 0.08% of the stock is owned by company insiders.

Analyst Ratings Changes

QCOM has been the subject of several research reports. Evercore ISI dropped their price objective on shares of QUALCOMM from $199.00 to $179.00 and set an “in-line” rating for the company in a research note on Thursday, February 6th. Piper Sandler cut their price objective on QUALCOMM from $205.00 to $190.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Melius Research initiated coverage on QUALCOMM in a report on Monday, December 9th. They issued a “hold” rating and a $180.00 target price for the company. Cantor Fitzgerald reissued a “neutral” rating and set a $160.00 price target on shares of QUALCOMM in a research note on Thursday, February 6th. Finally, Melius initiated coverage on QUALCOMM in a research note on Monday, December 9th. They issued a “hold” rating and a $180.00 price objective for the company. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, QUALCOMM has a consensus rating of “Moderate Buy” and a consensus price target of $205.32.

QUALCOMM Trading Up 0.0 %

NASDAQ:QCOM opened at $160.15 on Wednesday. QUALCOMM Incorporated has a 12 month low of $149.43 and a 12 month high of $230.63. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $177.13 billion, a price-to-earnings ratio of 17.11, a PEG ratio of 2.01 and a beta of 1.28. The firm has a fifty day simple moving average of $164.59 and a two-hundred day simple moving average of $163.96.

QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.07). QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. Analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 6th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date is Thursday, March 6th. QUALCOMM’s dividend payout ratio is currently 36.32%.

About QUALCOMM

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.