CNB Bank trimmed its stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 24.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,837 shares of the wireless technology company's stock after selling 2,163 shares during the period. CNB Bank's holdings in QUALCOMM were worth $1,050,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new position in shares of QUALCOMM in the fourth quarter worth about $2,721,882,000. Amundi increased its holdings in QUALCOMM by 36.6% in the 4th quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock worth $2,313,634,000 after acquiring an additional 3,905,918 shares in the last quarter. Raymond James Financial Inc. bought a new stake in QUALCOMM during the 4th quarter worth approximately $527,053,000. GAMMA Investing LLC lifted its holdings in QUALCOMM by 20,700.4% during the first quarter. GAMMA Investing LLC now owns 3,262,754 shares of the wireless technology company's stock valued at $501,192,000 after purchasing an additional 3,247,068 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in QUALCOMM by 12.7% during the fourth quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company's stock valued at $2,041,535,000 after purchasing an additional 1,493,076 shares in the last quarter. 74.35% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on QCOM. Robert W. Baird reduced their price objective on shares of QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Cantor Fitzgerald reissued a "neutral" rating and set a $150.00 price target on shares of QUALCOMM in a report on Thursday, May 1st. Seaport Res Ptn raised QUALCOMM to a "hold" rating in a research note on Friday, May 9th. Rosenblatt Securities reiterated a "buy" rating and set a $225.00 target price on shares of QUALCOMM in a research report on Thursday, May 1st. Finally, Wells Fargo & Company lowered their price target on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a report 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 given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $186.96.
Check Out Our Latest Report on QCOM
QUALCOMM Price Performance
Shares of QUALCOMM stock opened at $158.19 on Friday. The stock has a market cap of $173.69 billion, a price-to-earnings ratio of 16.11, a price-to-earnings-growth ratio of 2.01 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. The stock has a 50 day moving average price of $149.00 and a 200-day moving average price of $154.82. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $211.09.
QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $10.58 billion. During the same period last year, the company earned $2.44 earnings per share. QUALCOMM's revenue was up 17.0% on a year-over-year basis. Equities analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current year.
QUALCOMM Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Thursday, June 5th were issued a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a yield of 2.25%. This is an increase from QUALCOMM's previous quarterly dividend of $0.85. The ex-dividend date was Thursday, June 5th. QUALCOMM's dividend payout ratio is presently 36.25%.
Insider Activity at QUALCOMM
In other QUALCOMM news, CFO Akash J. Palkhiwala sold 1,781 shares of the company's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $132.10, for a total value of $235,270.10. Following the transaction, the chief financial officer now owns 57,997 shares of the company's stock, valued at $7,661,403.70. This represents a 2.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of QUALCOMM 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. In the last ninety days, insiders have sold 423,464 shares of company stock worth $8,135,164. Insiders own 0.08% of the company's stock.
QUALCOMM Profile
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Free Report)
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.
See Also
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