Korea Investment CORP Lowers Stake in QUALCOMM Incorporated $QCOM

Key Points

• Korea Investment CORP has reduced its stake in QUALCOMM by 12.2%, owning 770,752 shares valued at approximately $118.4 million after selling 106,864 shares in the first quarter.
• Research firms have recently adjusted their price targets for QUALCOMM, with Susquehanna lowering its target from $210 to $190, while UBS Group increased its target from $145 to $165.
• QUALCOMM announced a quarterly dividend of $0.89 per share to be paid on September 25, representing an annual yield of 2.3% and a payout ratio of 34.33%.

Korea Investment CORP lessened its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 12.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 770,752 shares of the wireless technology company's stock after selling 106,864 shares during the period. Korea Investment CORP owned approximately 0.07% of QUALCOMM worth $118,395,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in QCOM. Banque Transatlantique SA acquired a new position in shares of QUALCOMM during the fourth quarter worth about $26,000. Atlantic Edge Private Wealth Management LLC lifted its stake in shares of QUALCOMM by 70.0% during 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 in the last quarter. WFA Asset Management Corp acquired a new position in shares of QUALCOMM during the first quarter worth about $27,000. Sunbeam Capital Management LLC acquired a new position in shares of QUALCOMM during the fourth quarter worth about $29,000. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of QUALCOMM during the fourth quarter worth about $30,000. Hedge funds and other institutional investors own 74.35% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on QCOM. Susquehanna cut their price target on QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a research note on Thursday, May 1st. Citigroup reiterated a "hold" rating on shares of QUALCOMM in a research note on Thursday, July 17th. Sanford C. Bernstein set a $185.00 price target on QUALCOMM and gave the stock an "outperform" rating in a research note on Monday, July 28th. Evercore ISI cut their price target on QUALCOMM from $179.00 to $157.00 and set an "in-line" rating on the stock in a research note on Friday, May 2nd. Finally, UBS Group boosted their price target on QUALCOMM from $145.00 to $165.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $181.10.

QUALCOMM Stock Down 0.2%

Shares of QUALCOMM stock opened at $157.85 on Monday. QUALCOMM Incorporated has a twelve month low of $120.80 and a twelve month high of $182.10. The company has a current ratio of 3.19, a quick ratio of 2.38 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $170.32 billion, a price-to-earnings ratio of 15.22, a PEG ratio of 2.30 and a beta of 1.23. The business's 50 day simple moving average is $155.73 and its 200-day simple moving average is $153.48.

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

QUALCOMM Announces Dividend

The company also recently declared 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. The ex-dividend date is Thursday, September 4th. This represents a $3.56 annualized dividend and a dividend yield of 2.3%. QUALCOMM's dividend payout ratio (DPR) is 34.33%.

Insider Activity

In other news, major shareholder Inc/De Qualcomm sold 412,500 shares of QUALCOMM 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Heather S. Ace sold 1,600 shares of the firm's stock in a transaction on 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 directly owned 21,193 shares of the company's stock, valued at approximately $3,102,655.20. This represents a 7.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 424,099 shares of company stock worth $8,352,355. 0.08% of the stock is owned by company insiders.

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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