Abacus FCF Advisors LLC Cuts Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Abacus FCF Advisors LLC lowered its holdings in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 55.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,688 shares of the wireless technology company's stock after selling 31,752 shares during the quarter. Abacus FCF Advisors LLC's holdings in QUALCOMM were worth $3,946,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Howard Bailey Securities LLC purchased a new position in shares of QUALCOMM in the 4th quarter worth approximately $240,000. Teza Capital Management LLC purchased a new stake in shares of QUALCOMM in the fourth quarter worth $1,541,000. Purkiss Capital Advisors LLC purchased a new stake in QUALCOMM in the fourth quarter valued at approximately $303,000. Amundi raised its stake in QUALCOMM by 36.6% in the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock valued at $2,313,634,000 after purchasing an additional 3,905,918 shares in the last quarter. Finally, First Foundation Advisors raised its position in QUALCOMM by 41.2% during the fourth quarter. First Foundation Advisors now owns 156,770 shares of the wireless technology company's stock valued at $24,083,000 after purchasing an additional 45,769 shares in the last quarter. Institutional investors and hedge funds own 74.35% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on QCOM. Evercore ISI lowered their target price on QUALCOMM from $179.00 to $157.00 and set an "in-line" rating for the company in a research note on Friday, May 2nd. TD Cowen reduced their target price on shares of QUALCOMM from $195.00 to $160.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Robert W. Baird cut their price objective on shares of QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Susquehanna dropped their price target on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a report on Thursday, May 1st. Finally, Citigroup lowered their price objective on QUALCOMM from $185.00 to $145.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $189.88.

Insider Transactions at QUALCOMM

In related news, major shareholder Inc/De Qualcomm sold 412,500 shares of QUALCOMM stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total transaction of $6,600,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Akash J. Palkhiwala sold 1,781 shares of QUALCOMM stock in a transaction on Friday, April 4th. The shares were sold at an average price of $132.10, for a total value of $235,270.10. Following the completion of the sale, the chief financial officer now owns 57,997 shares in the company, valued at $7,661,403.70. This represents a 2.98% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 423,464 shares of company stock worth $8,135,164 over the last quarter. 0.08% of the stock is currently owned by insiders.

QUALCOMM Trading Down 2.5%

QCOM stock traded down $3.98 during trading on Friday, hitting $154.72. The company had a trading volume of 8,444,486 shares, compared to its average volume of 8,732,938. The company has a 50 day simple moving average of $145.25 and a 200-day simple moving average of $155.17. The firm has a market capitalization of $169.88 billion, a P/E ratio of 16.53, a PEG ratio of 2.01 and a beta of 1.26. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $230.63. 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 - Get Free Report) last announced its quarterly 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 business had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $10.58 billion. During the same period last year, the business posted $2.44 EPS. The business's revenue was up 17.0% compared to the same quarter last year. As a group, research analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be paid a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend is Thursday, June 5th. This is an increase from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's payout ratio is presently 36.25%.

QUALCOMM Company 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.