Commerce Bank Lowers Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Commerce Bank reduced its stake in QUALCOMM by 17.8%, holding 120,434 shares valued at $18.5 million after selling 26,111 shares.
• Several institutional investors made significant changes to their positions, with GAMMA Investing LLC increasing its holdings by an astonishing 20,700.4%.
• QUALCOMM's latest earnings report showed a net margin of 26.77% and earnings per share of $2.77, exceeding expectations.

Commerce Bank cut its stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 17.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 120,434 shares of the wireless technology company's stock after selling 26,111 shares during the quarter. Commerce Bank's holdings in QUALCOMM were worth $18,500,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in QCOM. GAMMA Investing LLC boosted its holdings in QUALCOMM by 20,700.4% in the first quarter. GAMMA Investing LLC now owns 3,262,754 shares of the wireless technology company's stock worth $501,192,000 after acquiring an additional 3,247,068 shares in the last quarter. Northern Trust Corp increased its holdings in shares of 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 acquiring an additional 1,493,076 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of QUALCOMM by 17.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,780,687 shares of the wireless technology company's stock valued at $1,502,509,000 after purchasing an additional 1,424,106 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in QUALCOMM in the 4th quarter worth approximately $204,085,000. Finally, Capital Research Global Investors grew its position in QUALCOMM by 525.5% during the 4th quarter. Capital Research Global Investors now owns 1,413,495 shares of the wireless technology company's stock worth $217,141,000 after purchasing an additional 1,187,531 shares during the last quarter. 74.35% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

QCOM has been the subject of several research reports. TD Cowen lowered their price objective on shares of QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Sanford C. Bernstein set a $185.00 price target on QUALCOMM and gave the stock an "outperform" rating in a research report on Monday. Benchmark cut their price objective on QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Rosenblatt Securities restated a "buy" rating and issued a $225.00 price objective on shares of QUALCOMM in a research note on Thursday. Finally, Susquehanna decreased their target price on QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and thirteen 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 $182.48.

QUALCOMM Stock Performance

Shares of NASDAQ QCOM opened at $148.19 on Friday. The company has a market capitalization of $162.71 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 1.88 and a beta of 1.26. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.08 and a current ratio of 3.19. The company's fifty day moving average price is $155.11 and its 200 day moving average price is $154.93. QUALCOMM Incorporated has a 1 year low of $120.80 and a 1 year high of $182.10.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share for the quarter, topping 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 business had revenue of $10.37 billion during the quarter, compared to the consensus estimate of $10.33 billion. During the same quarter in the prior year, the firm posted $2.33 earnings per share. The company's revenue was up 10.4% compared to the same quarter last year. On average, research analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Dividend Announcement

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

Insider Buying and Selling at QUALCOMM

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total transaction of $537,546.24. Following the completion of the transaction, the chief financial officer directly owned 46,446 shares of the company's stock, valued at $7,490,810.88. This represents a 6.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Heather S. Ace sold 1,600 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $146.40, for a total value of $234,240.00. Following the transaction, the insider owned 21,193 shares in the company, valued at $3,102,655.20. This trade represents a 7.02% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 424,099 shares of company stock valued at $8,324,591. Company insiders own 0.08% of the company's stock.

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.

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