ING Groep NV Trims Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• ING Groep NV reduced its position in QUALCOMM by 26.9%, owning 494,149 shares after selling 181,995 shares in the 1st quarter, valued at approximately $75.9 million.
• QUALCOMM reported a quarterly EPS of $2.77, exceeding analyst expectations, with revenue up 10.4% compared to the same quarter last year, totaling $10.37 billion.
• The company announced a quarterly dividend of $0.89 per share, with an ex-dividend date of September 4th, representing an annualized yield of 2.4%.

ING Groep NV cut its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 26.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 494,149 shares of the wireless technology company's stock after selling 181,995 shares during the period. ING Groep NV's holdings in QUALCOMM were worth $75,906,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in QCOM. Banque Transatlantique SA purchased a new stake in QUALCOMM in the fourth quarter worth $26,000. Atlantic Edge Private Wealth Management LLC grew its stake in QUALCOMM by 70.0% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock worth $26,000 after purchasing an additional 70 shares during the period. WFA Asset Management Corp purchased a new stake in QUALCOMM in the first quarter worth $27,000. Sunbeam Capital Management LLC purchased a new stake in QUALCOMM in the fourth quarter worth $29,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in QUALCOMM in the fourth quarter worth $30,000. 74.35% of the stock is owned by hedge funds and other institutional investors.

QUALCOMM Stock Up 1.0%

QUALCOMM stock opened at $148.19 on Monday. The stock has a market cap of $159.90 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 2.18 and a beta of 1.23. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.38 and a current ratio of 3.19. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $182.10. The stock has a fifty day moving average of $155.11 and a 200 day moving average of $154.81.

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

QUALCOMM Dividend Announcement

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

Insider Buying and Selling

In related news, 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 completion of the sale, the chief financial officer owned 46,446 shares in the company, valued at approximately $7,490,810.88. This trade represents a 6.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Heather S. Ace sold 1,600 shares of the stock in a transaction dated Friday, August 1st. The stock was 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 $3,102,655.20. This represents a 7.02% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 420,766 shares of company stock worth $7,858,738. 0.08% of the stock is owned by corporate insiders.

Analyst Ratings Changes

QCOM has been the topic of several analyst reports. Citigroup reissued a "hold" rating on shares of QUALCOMM in a report on Thursday, July 17th. Sanford C. Bernstein set a $185.00 target price on QUALCOMM and gave the stock an "outperform" rating in a report on Monday, July 28th. Mizuho dropped their target price on QUALCOMM from $190.00 to $185.00 and set an "outperform" rating on the stock 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 report on Friday, May 2nd. Finally, Robert W. Baird dropped their target price on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $181.10.

QUALCOMM Company 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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