Kentucky Retirement Systems Insurance Trust Fund Sells 27,341 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Kentucky Retirement Systems Insurance Trust Fund cut its holdings in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 45.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,487 shares of the wireless technology company's stock after selling 27,341 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund's holdings in QUALCOMM were worth $4,990,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Eagle Strategies LLC lifted its holdings in shares of QUALCOMM by 4.3% in the 4th quarter. Eagle Strategies LLC now owns 1,427 shares of the wireless technology company's stock valued at $219,000 after buying an additional 59 shares during the period. Clark Capital Management Group Inc. lifted its holdings in shares of QUALCOMM by 3.6% in 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 buying an additional 59 shares during the period. PDS Planning Inc lifted its holdings in shares of QUALCOMM by 1.6% in the 4th quarter. PDS Planning Inc now owns 4,110 shares of the wireless technology company's stock valued at $631,000 after buying an additional 64 shares during the period. Cassady Schiller Wealth Management LLC lifted its holdings in shares of QUALCOMM by 15.8% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 477 shares of the wireless technology company's stock valued at $73,000 after buying an additional 65 shares during the period. Finally, Pettyjohn Wood & White Inc. lifted its holdings in shares of QUALCOMM by 2.9% in the 4th quarter. Pettyjohn Wood & White Inc. now owns 2,415 shares of the wireless technology company's stock valued at $371,000 after buying an additional 67 shares during the period. 74.35% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Cantor Fitzgerald reissued a "neutral" rating and issued a $150.00 price objective on shares of QUALCOMM in a report on Thursday, May 1st. Rosenblatt Securities reissued a "buy" rating and issued a $225.00 price objective on shares of QUALCOMM in a report on Thursday, May 1st. Citigroup decreased their price objective on QUALCOMM from $185.00 to $145.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Susquehanna decreased their price objective on QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a report on Thursday, May 1st. Finally, Benchmark lowered their price target on QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. 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 stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $186.96.

Insiders Place Their Bets

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 1,781 shares of the firm's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $132.10, for a total value of $235,270.10. Following the completion of the sale, the chief financial officer now directly owns 57,997 shares of the company's stock, valued at $7,661,403.70. This trade represents a 2.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total value of $6,600,000.00. The disclosure for this sale can be found here. Insiders sold 423,464 shares of company stock valued at $8,135,164 in the last three months. 0.08% of the stock is currently owned by insiders.

QUALCOMM Price Performance

Shares of QUALCOMM stock opened at $151.32 on Friday. The business has a 50 day simple moving average of $147.54 and a two-hundred day simple moving average of $154.91. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $211.09. The stock has a market capitalization of $166.15 billion, a P/E ratio of 15.41, a PEG ratio of 1.95 and a beta of 1.26. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, beating analysts' consensus estimates of $2.82 by $0.03. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. The business had revenue of $10.98 billion during the quarter, compared to analysts' expectations of $10.58 billion. During the same quarter in the prior year, the firm earned $2.44 earnings per share. The business's revenue was up 17.0% compared to the same quarter last year. As a group, analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be paid a $0.89 dividend. The ex-dividend date of this dividend is Thursday, June 5th. This is an increase from QUALCOMM's previous quarterly dividend of $0.85. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.35%. QUALCOMM's dividend payout ratio (DPR) is 36.25%.

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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