Gemmer Asset Management LLC Lowers Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Gemmer Asset Management LLC decreased its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 13.9% in the 1st quarter, Holdings Channel reports. The institutional investor owned 10,205 shares of the wireless technology company’s stock after selling 1,647 shares during the period. Gemmer Asset Management LLC’s holdings in QUALCOMM were worth $1,568,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. First City Capital Management Inc. grew its holdings in QUALCOMM by 1.5% in the 1st quarter. First City Capital Management Inc. now owns 5,589 shares of the wireless technology company’s stock valued at $859,000 after buying an additional 82 shares during the period. Harrington Investments INC grew its holdings in QUALCOMM by 1.6% in the 1st quarter. Harrington Investments INC now owns 23,087 shares of the wireless technology company’s stock valued at $3,546,000 after buying an additional 360 shares during the period. Butensky & Cohen Financial Security Inc. grew its holdings in QUALCOMM by 0.3% in the 1st quarter. Butensky & Cohen Financial Security Inc. now owns 28,789 shares of the wireless technology company’s stock valued at $4,422,000 after buying an additional 76 shares during the period. Radnor Capital Management LLC grew its holdings in QUALCOMM by 3.5% in the 1st quarter. Radnor Capital Management LLC now owns 26,447 shares of the wireless technology company’s stock valued at $4,063,000 after buying an additional 888 shares during the period. Finally, Constitution Capital LLC purchased a new stake in QUALCOMM in the 1st quarter valued at about $338,000. Hedge funds and other institutional investors own 74.35% of the company’s stock.

QUALCOMM Stock Performance

Shares of QCOM opened at $149.24 on Friday. The business’s 50 day moving average is $143.61 and its two-hundred day moving average is $155.12. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $230.63. The firm has a market cap of $163.87 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 2.01 and a beta of 1.26. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.03. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The company had revenue of $10.98 billion for the quarter, compared to analyst estimates of $10.58 billion. During the same period in the prior year, the company posted $2.44 EPS. QUALCOMM’s quarterly revenue was up 17.0% on a year-over-year basis. Analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be given a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.39%. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Thursday, June 5th. QUALCOMM’s dividend payout ratio is presently 36.25%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on QCOM shares. Evercore ISI reduced their price objective on QUALCOMM from $179.00 to $157.00 and set an “in-line” rating on the stock in a research note on Friday, May 2nd. Robert W. Baird reduced their price objective on QUALCOMM from $250.00 to $216.00 and set an “outperform” rating on the stock in a research note on Thursday, May 1st. TD Cowen reduced their price objective on QUALCOMM from $195.00 to $160.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th. Benchmark reduced their price objective on QUALCOMM from $240.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $225.00 price objective on shares of QUALCOMM in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $189.88.

Insider Buying and Selling at QUALCOMM

In related news, insider Heather S. Ace sold 1,600 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $154.24, for a total transaction of $246,784.00. Following the sale, the insider now directly owns 24,393 shares of the company’s stock, valued at approximately $3,762,376.32. This represents a 6.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $16.00, for a total value of $6,600,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 425,064 shares of company stock valued at $8,381,948 in the last three months. Corporate insiders own 0.08% of the company’s stock.

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.