Kornitzer Capital Management Inc. KS Sells 7,379 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Kornitzer Capital Management Inc. KS lowered its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 2.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 351,288 shares of the wireless technology company's stock after selling 7,379 shares during the period. QUALCOMM makes up approximately 1.1% of Kornitzer Capital Management Inc. KS's portfolio, making the stock its 19th biggest holding. Kornitzer Capital Management Inc. KS's holdings in QUALCOMM were worth $53,961,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of QUALCOMM by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 113,730,186 shares of the wireless technology company's stock worth $17,471,231,000 after buying an additional 707,468 shares during the period. Geode Capital Management LLC grew its position in shares of QUALCOMM by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 27,798,900 shares of the wireless technology company's stock worth $4,262,826,000 after buying an additional 670,432 shares in the last quarter. Norges Bank bought a new stake in shares of QUALCOMM in the 4th quarter worth about $2,721,882,000. Northern Trust Corp increased its holdings in QUALCOMM by 12.7% in the fourth quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company's stock valued at $2,041,535,000 after buying an additional 1,493,076 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of QUALCOMM by 17.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,780,687 shares of the wireless technology company's stock valued at $1,502,509,000 after acquiring an additional 1,424,106 shares during the last quarter. Institutional investors and hedge funds own 74.35% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on QCOM. Seaport Res Ptn raised shares of QUALCOMM to a "hold" rating in a report on Friday, May 9th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $150.00 target price on shares of QUALCOMM in a research report on Thursday, May 1st. Wells Fargo & Company dropped their price objective on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a research note on Thursday, May 1st. Wall Street Zen downgraded shares of QUALCOMM from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Robert W. Baird reduced their target price on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $186.39.

Insider Buying and Selling

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total value of $537,546.24. Following the transaction, the chief financial officer directly owned 46,446 shares in the company, valued at approximately $7,490,810.88. This trade represents a 6.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $137.74, for a total transaction of $220,384.00. Following the completion of the transaction, the insider owned 22,793 shares in the company, valued at $3,139,507.82. This trade represents a 6.56% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 424,099 shares of company stock worth $8,310,735. 0.08% of the stock is currently owned by insiders.

QUALCOMM Stock Down 0.1%

NASDAQ QCOM traded down $0.23 during trading on Wednesday, reaching $154.07. The company's stock had a trading volume of 7,101,101 shares, compared to its average volume of 8,529,562. The stock has a market capitalization of $169.17 billion, a PE ratio of 15.69, a PEG ratio of 1.99 and a beta of 1.26. QUALCOMM Incorporated has a 1-year low of $120.80 and a 1-year high of $200.00. The business has a 50-day moving average price of $153.60 and a 200-day moving average price of $154.97. The company has a current ratio of 2.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.48.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its quarterly 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 company had revenue of $10.98 billion during the quarter, compared to analysts' expectations of $10.58 billion. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. The business's quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.44 earnings per share. On average, research analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

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.