Akash J. Palkhiwala Sells 3,333 Shares of QUALCOMM Incorporated (NASDAQ:QCOM) 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 QUALCOMM stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $148.10, for a total transaction of $493,617.30. Following the completion of the sale, the chief financial officer directly 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

QUALCOMM Price Performance

QCOM stock traded down $0.68 during trading on Monday, reaching $147.51. 8,142,086 shares of the company were exchanged, compared to its average volume of 8,379,979. The company has a market cap of $159.16 billion, a P/E ratio of 14.22, a PEG ratio of 2.18 and a beta of 1.23. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $182.10. The stock's 50 day moving average price is $155.11 and its 200 day moving average price is $154.81. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.38 and a current ratio of 3.19.

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

QUALCOMM Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be given 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 of this dividend is Thursday, September 4th. QUALCOMM's payout ratio is currently 34.33%.

Hedge Funds Weigh In On QUALCOMM

Institutional investors have recently modified their holdings of the company. Banque Transatlantique SA acquired a new position in shares of QUALCOMM in the fourth quarter valued at approximately $26,000. Atlantic Edge Private Wealth Management LLC raised its position in shares of QUALCOMM by 70.0% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock valued at $26,000 after buying an additional 70 shares during the last quarter. Vermillion & White Wealth Management Group LLC grew its holdings in QUALCOMM by 122.4% in the first quarter. Vermillion & White Wealth Management Group LLC now owns 169 shares of the wireless technology company's stock valued at $26,000 after purchasing an additional 93 shares during the period. WFA Asset Management Corp purchased a new stake in QUALCOMM in the first quarter valued at approximately $27,000. Finally, Sunbeam Capital Management LLC purchased a new stake in QUALCOMM in the fourth quarter valued at approximately $29,000. Institutional investors and hedge funds own 74.35% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Sanford C. Bernstein set a $185.00 price objective on shares of QUALCOMM and gave the company an "outperform" rating in a research report on Monday, July 28th. Piper Sandler cut their price objective on shares of QUALCOMM from $190.00 to $175.00 and set an "overweight" rating for the company in a research report on Thursday. TD Cowen cut their price objective on shares of QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. UBS Group upped their target price on shares of QUALCOMM from $145.00 to $165.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Finally, Susquehanna dropped their target price on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a 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 assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $181.10.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.