Berger Financial Group Inc Decreases Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Berger Financial Group Inc significantly reduced its holdings in QUALCOMM Incorporated by 88.8%, selling 30,805 shares and ending with just 3,887 shares valued at approximately $597,000.
• Major institutional investors like GAMMA Investing LLC and Goldman Sachs significantly increased their positions in QUALCOMM, reflecting growing interest and confidence in the stock.
• QUALCOMM announced a quarterly dividend of $0.89, reflecting a 2.4% yield, with an upcoming ex-dividend date set for September 4th.

Berger Financial Group Inc decreased its position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 88.8% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 3,887 shares of the wireless technology company's stock after selling 30,805 shares during the period. Berger Financial Group Inc's holdings in QUALCOMM were worth $597,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Banque Transatlantique SA bought a new position in QUALCOMM in the 4th quarter valued at $26,000. Atlantic Edge Private Wealth Management LLC raised its holdings in QUALCOMM by 70.0% during the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock valued at $26,000 after acquiring an additional 70 shares during the period. WFA Asset Management Corp purchased a new position in QUALCOMM in the first quarter worth $27,000. Sunbeam Capital Management LLC bought a new position in shares of QUALCOMM during the fourth quarter valued at approximately $29,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in QUALCOMM in the fourth quarter worth approximately $30,000. 74.35% of the stock is owned by institutional investors and hedge funds.

Insider Activity at QUALCOMM

In other news, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $16.00, for a total transaction of $6,600,000.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,333 shares of QUALCOMM stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $148.10, for a total value of $493,617.30. Following the transaction, the chief financial officer directly owned 43,207 shares in the company, valued at approximately $6,398,956.70. This trade represents a 7.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 424,099 shares of company stock valued at $8,352,355 over the last 90 days. 0.08% of the stock is owned by corporate insiders.

QUALCOMM Stock Up 1.1%

Shares of NASDAQ QCOM traded up $1.66 during mid-day trading on Friday, reaching $147.56. 5,026,408 shares of the company traded hands, compared to its average volume of 8,698,109. The company's fifty day moving average is $155.07 and its two-hundred day moving average is $154.06. 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 Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $182.10. The stock has a market cap of $159.22 billion, a PE ratio of 14.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.23.

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

QUALCOMM Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be issued a $0.89 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $3.56 annualized dividend and a yield of 2.4%. QUALCOMM's dividend payout ratio (DPR) is 34.33%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Citigroup restated a "hold" rating on shares of QUALCOMM in a report on Thursday, July 17th. Rosenblatt Securities reiterated a "buy" rating and issued a $225.00 target price on shares of QUALCOMM in a research report on Thursday, July 31st. Wells Fargo & Company lowered their price objective on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a report on Thursday, May 1st. Wall Street Zen cut QUALCOMM from a "buy" rating to a "hold" rating in a report on Sunday, August 3rd. Finally, Bank of America cut their target price on QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, June 17th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average 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.