Allspring Global Investments Holdings LLC Sells 53,203 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Allspring Global Investments Holdings LLC reduced its position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 10.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 464,316 shares of the wireless technology company's stock after selling 53,203 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in QUALCOMM were worth $71,064,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of QCOM. Kohmann Bosshard Financial Services LLC bought a new position in shares of QUALCOMM in the fourth quarter worth approximately $26,000. Banque Transatlantique SA bought a new position in shares of QUALCOMM in the fourth quarter worth approximately $26,000. WFA Asset Management Corp bought a new position in QUALCOMM in the 1st quarter worth approximately $27,000. Sunbeam Capital Management LLC bought a new position in QUALCOMM in the 4th quarter worth approximately $29,000. Finally, Mascagni Wealth Management Inc. bought a new position in QUALCOMM in the 4th quarter worth approximately $30,000. 74.35% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $146.10, for a total value of $486,951.30. Following the sale, the chief financial officer now owns 49,779 shares in the company, valued at $7,272,711.90. This trade represents a 6.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total value of $6,600,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 423,464 shares of company stock worth $8,135,164 over the last quarter. Company insiders own 0.08% of the company's stock.

QUALCOMM Stock Performance

NASDAQ:QCOM opened at $158.54 on Friday. The stock's fifty day moving average is $149.44 and its 200 day moving average is $154.80. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $211.09. The firm has a market capitalization of $174.08 billion, a PE ratio of 16.14, a PEG ratio of 2.05 and a beta of 1.26. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.08 and a current ratio of 2.73.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.03. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. The company had revenue of $10.98 billion for the quarter, compared to analyst estimates of $10.58 billion. During the same quarter in the prior year, the firm posted $2.44 EPS. QUALCOMM's quarterly revenue was up 17.0% compared to the same quarter last year. On average, sell-side analysts anticipate that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th were paid a $0.89 dividend. This is a positive change from QUALCOMM's previous quarterly dividend of $0.85. The ex-dividend date was Thursday, June 5th. This represents a $3.56 dividend on an annualized basis and a yield of 2.25%. QUALCOMM's dividend payout ratio (DPR) is presently 36.25%.

Wall Street Analysts Forecast Growth

QCOM has been the subject of several recent analyst reports. Robert W. Baird dropped their price target on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Susquehanna dropped their price target on QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a research note on Thursday, May 1st. Rosenblatt Securities restated a "buy" rating and issued a $225.00 price target on shares of QUALCOMM in a research note on Thursday, May 1st. TD Cowen dropped their price target on QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Finally, Benchmark dropped their price target on QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $186.96.

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.

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