First Interstate Bank Sells 13,663 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

First Interstate Bank cut its holdings in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 71.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,363 shares of the wireless technology company's stock after selling 13,663 shares during the quarter. First Interstate Bank's holdings in QUALCOMM were worth $824,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in QCOM. WFA Asset Management Corp acquired a new position in shares of QUALCOMM during the 1st quarter worth about $27,000. Banque Transatlantique SA acquired a new position in shares of QUALCOMM in the 4th quarter valued at approximately $26,000. Atlantic Edge Private Wealth Management LLC grew its position in shares of QUALCOMM by 70.0% in 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 purchasing an additional 70 shares during the period. Sunbeam Capital Management LLC acquired a new position in shares of QUALCOMM in the 4th quarter valued at approximately $29,000. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of QUALCOMM in the 4th quarter valued at approximately $30,000. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on QCOM. Wells Fargo & Company decreased their price objective on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st. Susquehanna decreased their price objective on QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a research report on Thursday, May 1st. JPMorgan Chase & Co. restated an "overweight" rating and issued a $185.00 target price on shares of QUALCOMM in a research note on Tuesday, April 29th. Rosenblatt Securities restated a "buy" rating and issued a $225.00 target price on shares of QUALCOMM in a research note on Thursday, May 1st. Finally, Wall Street Zen cut QUALCOMM from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $186.39.

QUALCOMM Trading Down 1.0%

QUALCOMM stock traded down $1.63 during mid-day trading on Friday, hitting $157.46. 5,902,831 shares of the stock were exchanged, compared to its average volume of 8,528,678. The stock has a market capitalization of $172.89 billion, a price-to-earnings ratio of 16.03, a PEG ratio of 2.06 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 firm's fifty day simple moving average is $152.48 and its two-hundred day simple moving average is $155.07.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, topping 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 net margin of 26.11% and a return on equity of 40.11%. QUALCOMM's quarterly revenue was up 17.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.44 earnings per share. Analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current year.

Insider Activity at QUALCOMM

In other news, major shareholder Inc/De Qualcomm sold 412,500 shares of the company's 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total transaction of $537,546.24. Following 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 disclosure for this sale can be found here. Insiders have sold a total of 424,099 shares of company stock worth $8,310,735 over the last quarter. 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.