Bank of New York Mellon Corp Has $1.44 Billion Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Bank of New York Mellon Corp decreased its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 3.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,374,572 shares of the wireless technology company's stock after selling 295,879 shares during the quarter. Bank of New York Mellon Corp owned about 0.85% of QUALCOMM worth $1,440,028,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in QCOM. Banque Transatlantique SA acquired a new position in QUALCOMM during the 4th quarter worth $26,000. WFA Asset Management Corp purchased a new stake in shares of QUALCOMM in the 1st quarter valued at about $27,000. Sunbeam Capital Management LLC acquired a new stake in QUALCOMM during the 4th quarter worth approximately $29,000. Mascagni Wealth Management Inc. acquired a new stake in QUALCOMM during the 4th quarter worth approximately $30,000. Finally, Wood Tarver Financial Group LLC acquired a new stake in shares of QUALCOMM in the 4th quarter valued at approximately $31,000. Hedge funds and other institutional investors own 74.35% of the company's stock.

QUALCOMM Stock Performance

Shares of NASDAQ:QCOM traded up $1.36 during trading on Tuesday, hitting $159.45. 6,874,128 shares of the company traded hands, compared to its average volume of 8,541,280. The stock has a market capitalization of $175.08 billion, a price-to-earnings ratio of 16.24, a PEG ratio of 2.04 and a beta of 1.26. The business's fifty day moving average is $151.78 and its 200-day moving average is $155.04. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $211.09. The company has a quick ratio of 2.08, a current ratio of 2.73 and a debt-to-equity ratio of 0.48.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.03. The business had revenue of $10.98 billion during the quarter, compared to the consensus estimate of $10.58 billion. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. The business's revenue was up 17.0% on a year-over-year basis. During the same period in the previous year, the firm posted $2.44 earnings per share. As a group, equities analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th were given a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a yield of 2.23%. This is an increase from QUALCOMM's previous quarterly dividend of $0.85. The ex-dividend date of this dividend was Thursday, June 5th. QUALCOMM's dividend payout ratio is 36.25%.

Insiders Place Their Bets

In other news, 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 transaction of $6,600,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total value of $537,546.24. Following the sale, the chief financial officer owned 46,446 shares of the company's stock, valued at $7,490,810.88. This trade represents a 6.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold 424,747 shares of company stock worth $8,402,174 over the last ninety days. Company insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Susquehanna dropped their price objective on QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a research note on Thursday, May 1st. Benchmark reduced their target price on QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. TD Cowen reduced their price objective on QUALCOMM from $195.00 to $160.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. Wall Street Zen cut QUALCOMM from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Citigroup boosted their price target on QUALCOMM from $145.00 to $170.00 and gave the stock a "neutral" rating in a research note on Monday. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $188.00.

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.