Heritage Trust Co Has $12.79 Million Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Heritage Trust Co has reduced its holdings in QUALCOMM by 6.7% in the first quarter, bringing its ownership to 83,243 shares valued at approximately $12.79 million.
• Multiple research analysts have lowered their price targets for QUALCOMM, with Benchmark and Bank of America both setting new targets at $200.00.
• QUALCOMM recently announced a quarterly dividend of $0.89 per share, representing an annualized dividend of $3.56 and a yield of 2.4%.

Heritage Trust Co cut its holdings in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 6.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 83,243 shares of the wireless technology company's stock after selling 6,011 shares during the quarter. QUALCOMM makes up 1.6% of Heritage Trust Co's portfolio, making the stock its 12th largest position. Heritage Trust Co's holdings in QUALCOMM were worth $12,787,000 as of its most recent SEC filing.

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

Insider Activity

In other news, major shareholder Inc/De Qualcomm sold 412,500 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total transaction of $6,600,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Heather S. Ace sold 1,600 shares of the company's stock in a transaction 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 sale, the insider owned 21,193 shares of the company's stock, valued at approximately $3,102,655.20. The trade was a 7.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 424,099 shares of company stock worth $8,352,355. 0.08% of the stock is currently owned by company insiders.

QUALCOMM Stock Performance

QCOM traded down $0.68 during trading on Monday, hitting $147.51. The stock had a trading volume of 8,142,086 shares, compared to its average volume of 8,379,979. The company has a 50 day moving average price of $155.11 and a 200-day moving average price of $154.81. The firm has a market cap of $159.16 billion, a price-to-earnings ratio of 14.22, a P/E/G ratio of 2.18 and a beta of 1.23. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $182.10. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.19 and a quick ratio of 2.38.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.71 by $0.06. The business had revenue of $10.37 billion during the quarter, compared to the consensus estimate of $10.33 billion. QUALCOMM had a return on equity of 40.35% and a net margin of 26.77%. The firm's quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.33 EPS. As a group, research analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be given a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Thursday, September 4th. QUALCOMM's dividend payout ratio is presently 34.33%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on QCOM. Rosenblatt Securities reiterated a "buy" rating and set a $225.00 price objective on shares of QUALCOMM in a report on Thursday. Evercore ISI dropped their target price 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. lifted their target price on QUALCOMM from $190.00 to $200.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Susquehanna dropped their target price on QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a research report on Thursday, May 1st. Finally, Bank of America dropped their target price on QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a research report on Tuesday, June 17th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $181.10.

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.