Mediolanum International Funds Ltd Sells 13,328 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Mediolanum International Funds Ltd has reduced its stake in QUALCOMM by 5.1%, selling 13,328 shares, leaving them with a total of 245,955 shares valued at $37,562,000.
• Several institutional investors have adjusted their positions in QUALCOMM, with institutional ownership now at 74.35% of the company's stock.
• The company announced a quarterly dividend of $0.89 per share, to be paid on September 25th, representing an annual yield of 2.25%.

Mediolanum International Funds Ltd lessened its stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 5.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 245,955 shares of the wireless technology company's stock after selling 13,328 shares during the quarter. Mediolanum International Funds Ltd's holdings in QUALCOMM were worth $37,562,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. Eagle Strategies LLC grew its holdings in shares of QUALCOMM by 4.3% during the fourth quarter. Eagle Strategies LLC now owns 1,427 shares of the wireless technology company's stock worth $219,000 after buying an additional 59 shares in the last quarter. Clark Capital Management Group Inc. boosted its position in QUALCOMM by 3.6% during the 4th quarter. Clark Capital Management Group Inc. now owns 1,717 shares of the wireless technology company's stock worth $264,000 after acquiring an additional 59 shares during the last quarter. Westwood Holdings Group Inc. boosted its position in QUALCOMM by 2.1% during the 4th quarter. Westwood Holdings Group Inc. now owns 3,313 shares of the wireless technology company's stock worth $509,000 after acquiring an additional 69 shares during the last quarter. Atlantic Edge Private Wealth Management LLC grew its stake 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 worth $26,000 after acquiring an additional 70 shares in the last quarter. Finally, Circle Wealth Management LLC raised its holdings in shares of QUALCOMM by 1.0% in the fourth quarter. Circle Wealth Management LLC now owns 7,176 shares of the wireless technology company's stock valued at $1,102,000 after purchasing an additional 74 shares during the last quarter. Institutional investors own 74.35% of the company's stock.

Insiders Place Their Bets

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the business's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total value of $537,546.24. Following the completion of the sale, the chief financial officer owned 46,446 shares of the company's stock, valued at approximately $7,490,810.88. The trade was a 6.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Heather S. Ace sold 1,600 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $137.74, for a total transaction of $220,384.00. Following the transaction, the insider directly owned 22,793 shares in the company, valued at approximately $3,139,507.82. This represents a 6.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 424,099 shares of company stock worth $8,310,735 in the last 90 days. Company insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on QCOM shares. Susquehanna cut their price objective on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a research report on Thursday, May 1st. Wall Street Zen raised shares of QUALCOMM from a "hold" rating to a "buy" rating in a research report on Saturday. Wells Fargo & Company reduced their price objective on shares of QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a research note on Thursday, May 1st. Benchmark lowered their target price on QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Finally, TD Cowen dropped their target price on QUALCOMM from $195.00 to $160.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $184.86.

QUALCOMM Stock Down 0.3%

Shares of QCOM opened at $158.40 on Friday. The firm has a market cap of $173.92 billion, a P/E ratio of 16.13, a price-to-earnings-growth ratio of 2.05 and a beta of 1.26. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.08 and a current ratio of 2.73. QUALCOMM Incorporated has a 52 week low of $120.80 and a 52 week high of $182.64. The firm's 50-day simple moving average is $154.60 and its 200 day simple moving average is $155.03.

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

QUALCOMM Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 4th will be given a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a yield of 2.25%. The ex-dividend date is Thursday, September 4th. QUALCOMM's payout ratio is 36.25%.

About QUALCOMM

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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