QUALCOMM Incorporated (NASDAQ:QCOM) CFO Sells $493,617.30 in Stock

Key Points

• Akash J. Palkhiwala, CFO of QUALCOMM, sold 3,333 shares of the company's stock for approximately $493,617, reducing his ownership by 7.16% to a total of 43,207 shares valued at about $6.4 million.
• QUALCOMM's recent earnings report showed an EPS of $2.77, surpassing analyst expectations, with a quarterly revenue of $10.37 billion, representing a 10.4% increase from the previous year.
• The company has announced a quarterly dividend of $0.89 per share, with an annualized yield of 2.4%, payable on September 25th.

QUALCOMM Incorporated (NASDAQ:QCOM - Get Free Report) CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $148.10, for a total value of $493,617.30. Following the completion of the sale, the chief financial officer owned 43,207 shares of the company's stock, valued at approximately $6,398,956.70. This trade represents a 7.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

QUALCOMM Stock Performance

Shares of QUALCOMM stock traded down $0.37 on Thursday, reaching $145.47. 3,554,751 shares of the stock were exchanged, compared to its average volume of 8,498,376. QUALCOMM Incorporated has a 1-year low of $120.80 and a 1-year high of $182.10. The firm has a market capitalization of $156.96 billion, a PE ratio of 14.05, a PEG ratio of 2.14 and a beta of 1.23. The company has a current ratio of 3.19, a quick ratio of 2.38 and a debt-to-equity ratio of 0.54. The business has a fifty day moving average price of $155.08 and a two-hundred day moving average price of $154.58.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.71 by $0.06. The company had revenue of $10.37 billion for the quarter, compared to the consensus estimate of $10.33 billion. QUALCOMM had a net margin of 26.77% and a return on equity of 40.35%. The company's revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.33 earnings per share. As a group, research analysts anticipate that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be paid a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Thursday, September 4th. QUALCOMM's dividend payout ratio is 34.33%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on QCOM. Benchmark lowered their price objective on QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. JPMorgan Chase & Co. lifted their target price on QUALCOMM from $190.00 to $200.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Citigroup restated a "hold" rating on shares of QUALCOMM in a research note on Thursday, July 17th. Wall Street Zen lowered QUALCOMM from a "buy" rating to a "hold" rating in a research note on Sunday. Finally, Susquehanna reduced their target price on QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, QUALCOMM has an average rating of "Hold" and a consensus price target of $181.10.

Hedge Funds Weigh In On QUALCOMM

Large investors have recently bought and sold shares of the stock. Brighton Jones LLC raised its position in shares of QUALCOMM by 116.6% in the fourth quarter. Brighton Jones LLC now owns 17,356 shares of the wireless technology company's stock valued at $2,666,000 after purchasing an additional 9,343 shares during the period. Revolve Wealth Partners LLC increased its position in QUALCOMM by 15.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 2,542 shares of the wireless technology company's stock worth $391,000 after buying an additional 340 shares during the period. Grantham Mayo Van Otterloo & Co. LLC grew its holdings in shares of QUALCOMM by 144.2% during the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 178,621 shares of the wireless technology company's stock worth $27,440,000 after purchasing an additional 105,469 shares during the last quarter. Perennial Investment Advisors LLC lifted its stake in QUALCOMM by 3.0% in the fourth quarter. Perennial Investment Advisors LLC now owns 3,689 shares of the wireless technology company's stock valued at $567,000 after buying an additional 109 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in QUALCOMM by 8.8% in the 4th quarter. Envestnet Asset Management Inc. now owns 2,398,617 shares of the wireless technology company's stock valued at $368,476,000 after buying an additional 193,279 shares during the last quarter. Institutional investors and hedge funds own 74.35% 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.