Bessemer Group Inc. Decreases Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Bessemer Group Inc. decreased its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 26.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 737,923 shares of the wireless technology company's stock after selling 267,318 shares during the period. Bessemer Group Inc. owned approximately 0.07% of QUALCOMM worth $113,352,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Kohmann Bosshard Financial Services LLC acquired a new position in shares of QUALCOMM in the fourth quarter valued at approximately $26,000. Banque Transatlantique SA purchased a new position in QUALCOMM during the 4th quarter worth $26,000. WFA Asset Management Corp purchased a new position in QUALCOMM during the 1st quarter worth $27,000. Sunbeam Capital Management LLC acquired a new stake in shares of QUALCOMM in the 4th quarter worth $29,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of QUALCOMM in the fourth quarter valued at about $30,000. Institutional investors and hedge funds own 74.35% of the company's stock.

Wall Street Analyst Weigh In

QCOM has been the subject of a number of analyst reports. Evercore ISI cut 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. Loop Capital reduced their target price on QUALCOMM from $180.00 to $155.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Wells Fargo & Company lowered their price target on shares of QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a research note on Thursday, May 1st. Wall Street Zen downgraded shares of QUALCOMM from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Bank of America lowered their price target on QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, June 17th. One equities 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $186.96.

Insider Activity

In other news, major shareholder Inc/De Qualcomm sold 412,500 shares of QUALCOMM stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $16.00, for a total value of $6,600,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the business's stock in a transaction dated 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 of the company's stock, valued at $7,272,711.90. The trade was a 6.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 423,464 shares of company stock valued at $8,135,164 in the last 90 days. 0.08% of the stock is currently owned by insiders.

QUALCOMM Trading Up 1.0%

QCOM stock traded up $1.57 during midday trading on Friday, hitting $159.76. The stock had a trading volume of 1,804,783 shares, compared to its average volume of 8,483,570. The company's 50-day moving average price is $149.00 and its 200 day moving average price is $154.82. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08. The firm has a market cap of $175.41 billion, a PE ratio of 16.29, a price-to-earnings-growth ratio of 2.01 and a beta of 1.26. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $211.09.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter was up 17.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.44 earnings per share. On average, equities research analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

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

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.