Qualcomm Incorporated $QCOM Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al lessened its stake in Qualcomm Incorporated (NASDAQ:QCOM) by 64.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 45,179 shares of the wireless technology company’s stock after selling 83,200 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Qualcomm were worth $8,315,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Parcion Private Wealth LLC lifted its position in Qualcomm by 9.8% in the third quarter. Parcion Private Wealth LLC now owns 2,352 shares of the wireless technology company’s stock worth $433,000 after purchasing an additional 210 shares during the period. Partners Wealth Management LLC acquired a new stake in Qualcomm during the third quarter worth $966,000. Crew Capital Management Ltd boosted its stake in Qualcomm by 2.1% during the third quarter. Crew Capital Management Ltd now owns 8,781 shares of the wireless technology company’s stock worth $1,616,000 after buying an additional 182 shares in the last quarter. Choreo LLC increased its holdings in Qualcomm by 1.7% in the 3rd quarter. Choreo LLC now owns 31,018 shares of the wireless technology company’s stock valued at $5,708,000 after buying an additional 506 shares during the period. Finally, Interchange Capital Partners LLC increased its holdings in Qualcomm by 12.0% in the 3rd quarter. Interchange Capital Partners LLC now owns 4,543 shares of the wireless technology company’s stock valued at $836,000 after buying an additional 485 shares during the period. Institutional investors own 74.35% of the company’s stock.

Qualcomm Stock Down 11.1%

NASDAQ QCOM opened at $164.79 on Friday. The firm has a market cap of $175.97 billion, a PE ratio of 19.07, a price-to-earnings-growth ratio of 3.71 and a beta of 1.65. Qualcomm Incorporated has a one year low of $121.99 and a one year high of $259.92. The stock’s 50 day simple moving average is $177.83 and its 200 day simple moving average is $169.44. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.02 and a quick ratio of 1.28.

Qualcomm (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, July 29th. The wireless technology company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.23 by ($0.02). Qualcomm had a net margin of 21.01% and a return on equity of 38.36%. The business had revenue of $9.95 billion during the quarter, compared to the consensus estimate of $9.69 billion. During the same quarter in the previous year, the firm posted $2.77 EPS. The company’s revenue for the quarter was down 4.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Qualcomm Incorporated will post 7.71 earnings per share for the current fiscal year.

Qualcomm Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Thursday, December 3rd will be issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Thursday, December 3rd. Qualcomm’s dividend payout ratio is presently 42.59%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on QCOM shares. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Qualcomm in a report on Wednesday, September 9th. Robert W. Baird set a $400.00 target price on shares of Qualcomm in a research note on Thursday, July 30th. Wells Fargo & Company cut their price target on shares of Qualcomm from $265.00 to $170.00 and set an “equal weight” rating for the company in a research note on Thursday, July 30th. Rosenblatt Securities reaffirmed a “buy” rating and set a $235.00 price objective on shares of Qualcomm in a report on Wednesday, September 9th. Finally, Freedom Capital raised Qualcomm from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, twenty-one have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Qualcomm presently has a consensus rating of “Hold” and an average target price of $205.83.

Insider Activity at Qualcomm

In other news, CAO Patricia Grech sold 208 shares of the firm’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $170.00, for a total value of $35,360.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Heather Ace sold 3,200 shares of Qualcomm stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $147.04, for a total value of $470,528.00. Following the completion of the transaction, the executive vice president directly owned 36,535 shares of the company’s stock, valued at $5,372,106.40. This represents a 8.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 33,458 shares of company stock valued at $6,198,144. 0.05% of the stock is currently owned by company insiders.

Qualcomm Company Profile

Qualcomm Incorporated is a technology company that develops and commercializes wireless communications and semiconductor technologies. Through Qualcomm Technologies, Inc, the company designs integrated circuits, system software and related platforms used in smartphones, personal computers, automobiles, industrial equipment, consumer devices and other connected products. Its Snapdragon platforms support mobile computing, connectivity, artificial intelligence and multimedia applications, while its broader portfolio includes radio-frequency systems, networking and edge-computing technologies.

Qualcomm also operates a significant technology-licensing business through its Qualcomm Technology Licensing segment.