Prosperity Consulting Group LLC Lowers Stake in QUALCOMM Incorporated $QCOM

Prosperity Consulting Group LLC reduced its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 3.1% in the second quarter, Holdings Channel reports. The firm owned 29,575 shares of the wireless technology company’s stock after selling 952 shares during the period. Prosperity Consulting Group LLC’s holdings in QUALCOMM were worth $4,710,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in QCOM. Vanguard Group Inc. lifted its stake in QUALCOMM by 0.6% in the first quarter. Vanguard Group Inc. now owns 114,368,470 shares of the wireless technology company’s stock worth $17,568,141,000 after acquiring an additional 638,284 shares during the period. Kingstone Capital Partners Texas LLC boosted its stake in shares of QUALCOMM by 656,661.0% during the second quarter. Kingstone Capital Partners Texas LLC now owns 58,773,542 shares of the wireless technology company’s stock valued at $9,360,274,000 after purchasing an additional 58,764,593 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of QUALCOMM by 6.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 10,422,341 shares of the wireless technology company’s stock valued at $1,600,976,000 after purchasing an additional 641,654 shares in the last quarter. Invesco Ltd. boosted its stake in shares of QUALCOMM by 2.2% during the first quarter. Invesco Ltd. now owns 9,846,093 shares of the wireless technology company’s stock valued at $1,512,458,000 after purchasing an additional 215,900 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of QUALCOMM by 5.3% during the first quarter. Ameriprise Financial Inc. now owns 9,389,620 shares of the wireless technology company’s stock valued at $1,441,847,000 after purchasing an additional 471,648 shares in the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at QUALCOMM

In related news, CFO Akash J. Palkhiwala sold 8,335 shares of the stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $166.06, for a total value of $1,384,110.10. Following the transaction, the chief financial officer owned 36,541 shares in the company, valued at approximately $6,067,998.46. This represents a 18.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Cristiano R. Amon sold 150,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $165.56, for a total transaction of $24,834,000.00. Following the completion of the transaction, the chief executive officer owned 149,304 shares in the company, valued at approximately $24,718,770.24. This trade represents a 50.12% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 163,169 shares of company stock worth $26,978,998. 0.08% of the stock is owned by insiders.

QUALCOMM Stock Performance

QCOM opened at $180.72 on Tuesday. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $205.95. The company has a quick ratio of 2.38, a current ratio of 3.19 and a debt-to-equity ratio of 0.54. The company has a market cap of $195.00 billion, a P/E ratio of 17.43, a price-to-earnings-growth ratio of 2.59 and a beta of 1.23. The firm’s 50-day moving average price is $166.34 and its 200-day moving average price is $157.13.

QUALCOMM Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 18th. Stockholders of record on Thursday, December 4th will be issued a dividend of $0.89 per share. The ex-dividend date is Thursday, December 4th. This represents a $3.56 annualized dividend and a dividend yield of 2.0%. QUALCOMM’s dividend payout ratio is 34.33%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on QCOM shares. Citigroup increased their price objective on shares of QUALCOMM from $170.00 to $175.00 and gave the company a “neutral” rating in a research note on Tuesday, October 28th. UBS Group set a $165.00 price target on shares of QUALCOMM in a research report on Monday, October 27th. Arete raised shares of QUALCOMM from a “neutral” rating to a “buy” rating and set a $200.00 price target for the company in a research report on Tuesday, August 26th. Mizuho decreased their price target on shares of QUALCOMM from $190.00 to $185.00 and set an “outperform” rating for the company in a research report on Thursday, July 31st. Finally, Weiss Ratings raised shares of QUALCOMM from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Saturday, October 25th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $183.95.

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.