CNB Bank Trims Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

CNB Bank cut its holdings in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 24.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 quarter.

Several other institutional investors also recently modified their holdings of QCOM. Eagle Strategies LLC grew its position in shares of QUALCOMM by 4.3% during the 4th quarter. Eagle Strategies LLC now owns 1,427 shares of the wireless technology company's stock valued at $219,000 after acquiring an additional 59 shares during the period. Clark Capital Management Group Inc. grew its position in shares of QUALCOMM by 3.6% during the 4th quarter. Clark Capital Management Group Inc. now owns 1,717 shares of the wireless technology company's stock valued at $264,000 after acquiring an additional 59 shares during the period. PDS Planning Inc grew its position in shares of QUALCOMM by 1.6% during the 4th quarter. PDS Planning Inc now owns 4,110 shares of the wireless technology company's stock valued at $631,000 after acquiring an additional 64 shares during the period. Cassady Schiller Wealth Management LLC grew its position in shares of QUALCOMM by 15.8% during the 4th quarter. Cassady Schiller Wealth Management LLC now owns 477 shares of the wireless technology company's stock valued at $73,000 after acquiring an additional 65 shares during the period. Finally, Pettyjohn Wood & White Inc. grew its position in shares of QUALCOMM by 2.9% during the 4th quarter. Pettyjohn Wood & White Inc. now owns 2,415 shares of the wireless technology company's stock valued at $371,000 after acquiring an additional 67 shares during the period. 74.35% of the stock is owned by institutional investors.

QUALCOMM Price Performance

QCOM stock traded up $0.72 during mid-day trading on Monday, hitting $159.26. The company had a trading volume of 7,973,248 shares, compared to its average volume of 8,519,360. The company has a market capitalization of $174.87 billion, a price-to-earnings ratio of 16.22, a P/E/G ratio of 2.05 and a beta of 1.26. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month 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. The company has a 50-day moving average price of $149.90 and a 200 day moving average price of $154.78.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $10.58 billion. During the same quarter last year, the business posted $2.44 earnings per share. The firm's revenue was up 17.0% on a year-over-year basis. On average, research analysts anticipate that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th were given a dividend of $0.89 per share. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $3.56 annualized dividend and a dividend yield of 2.24%. This is an increase from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's payout ratio is currently 36.25%.

Insider Activity at QUALCOMM

In related news, insider Heather S. Ace sold 1,600 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $137.74, for a total value of $220,384.00. Following the completion of the sale, the insider directly owned 22,793 shares in the company, valued at $3,139,507.82. This trade represents a 6.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $146.10, for a total transaction of $486,951.30. Following the transaction, the chief financial officer owned 49,779 shares in the company, valued at $7,272,711.90. This trade represents a 6.28% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 423,464 shares of company stock worth $8,135,164. Company insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on QCOM. Citigroup cut their price objective on shares of QUALCOMM from $185.00 to $145.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Bank of America dropped their target price on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, June 17th. Seaport Res Ptn raised shares of QUALCOMM to a "hold" rating in a report on Friday, May 9th. Wells Fargo & Company dropped their target price on shares of QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a report on Thursday, May 1st. Finally, Benchmark dropped their target price on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $186.96.

QUALCOMM Profile

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.