Bridges Investment Management Inc. Reduces Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Bridges Investment Management Inc. cut its holdings in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 13.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,336 shares of the wireless technology company's stock after selling 2,055 shares during the period. Bridges Investment Management Inc.'s holdings in QUALCOMM were worth $2,049,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of QCOM. Banque Transatlantique SA purchased a new stake in shares of QUALCOMM in the fourth quarter worth $26,000. Atlantic Edge Private Wealth Management LLC boosted its position in shares of 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 last quarter. WFA Asset Management Corp purchased a new position in shares of QUALCOMM during the first quarter worth about $27,000. Sunbeam Capital Management LLC bought a new position in shares of QUALCOMM in the fourth quarter worth approximately $29,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in QUALCOMM in the fourth quarter valued at approximately $30,000. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

QUALCOMM Stock Down 0.1%

Shares of QUALCOMM stock opened at $159.35 on Thursday. The company has a current ratio of 2.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.48. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $211.09. The company has a market cap of $174.97 billion, a P/E ratio of 16.23, a PEG ratio of 2.06 and a beta of 1.26. The company's fifty day simple moving average is $152.00 and its two-hundred day simple moving average is $155.07.

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 the consensus estimate of $2.82 by $0.03. QUALCOMM had a net margin of 26.11% and a return on equity of 40.11%. The company had revenue of $10.98 billion for the quarter, compared to analysts' expectations of $10.58 billion. During the same quarter in the previous year, the company earned $2.44 earnings per share. QUALCOMM's quarterly revenue was up 17.0% on a year-over-year basis. Research analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Cantor Fitzgerald reissued a "neutral" rating and issued a $150.00 price target on shares of QUALCOMM in a research note on Thursday, May 1st. Bank of America cut their target price on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating for the company in a research report on Tuesday, June 17th. Evercore ISI lowered their price target on QUALCOMM from $179.00 to $157.00 and set an "in-line" rating on the stock in a research report on Friday, May 2nd. JPMorgan Chase & Co. reiterated an "overweight" rating and issued a $185.00 price objective on shares of QUALCOMM in a report on Tuesday, April 29th. Finally, Wall Street Zen cut QUALCOMM from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $186.39.

Insider Activity at QUALCOMM

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total value of $537,546.24. Following the completion of the transaction, the chief financial officer directly owned 46,446 shares in the company, valued at $7,490,810.88. This trade represents a 6.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of QUALCOMM 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 disclosure for this sale can be found here. Insiders have sold 424,099 shares of company stock worth $8,310,735 over the last ninety days. 0.08% of the stock is owned by corporate insiders.

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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