Migdal Insurance & Financial Holdings Ltd. Sells 1,939 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Migdal Insurance & Financial Holdings Ltd. cut its stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 22.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,856 shares of the wireless technology company's stock after selling 1,939 shares during the period. Migdal Insurance & Financial Holdings Ltd.'s holdings in QUALCOMM were worth $1,053,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in QUALCOMM during the 4th quarter valued at $2,721,882,000. GAMMA Investing LLC increased its holdings in QUALCOMM by 20,700.4% during the 1st quarter. GAMMA Investing LLC now owns 3,262,754 shares of the wireless technology company's stock valued at $501,192,000 after purchasing an additional 3,247,068 shares in the last quarter. Northern Trust Corp increased its holdings in QUALCOMM by 12.7% during the 4th quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company's stock valued at $2,041,535,000 after purchasing an additional 1,493,076 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in QUALCOMM by 17.0% during 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 purchasing an additional 1,424,106 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in QUALCOMM in the 4th quarter valued at $204,085,000. 74.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Loop Capital reduced their price target on QUALCOMM from $180.00 to $155.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Bank of America reduced their price target on QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a research report on Tuesday, June 17th. Rosenblatt Securities restated a "buy" rating and issued a $225.00 price target on shares of QUALCOMM in a research report on Thursday, May 1st. Benchmark reduced 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. Finally, Seaport Res Ptn upgraded QUALCOMM to a "hold" rating in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $186.00.

Insider Activity at QUALCOMM

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were 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 $7,490,810.88. This trade represents a 6.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm's stock in a transaction that occurred 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 424,099 shares of company stock valued at $8,310,735. 0.08% of the stock is owned by corporate insiders.

QUALCOMM Trading Up 1.4%

NASDAQ QCOM traded up $2.19 on Friday, reaching $154.80. The company had a trading volume of 7,429,971 shares, compared to its average volume of 8,480,495. The firm has a market cap of $169.97 billion, a price-to-earnings ratio of 15.76, a P/E/G ratio of 2.00 and a beta of 1.26. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $196.24. The business has a 50 day moving average of $153.95 and a two-hundred day moving average of $154.98. 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 issued its quarterly 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. The business had revenue of $10.98 billion for the quarter, compared to analysts' expectations of $10.58 billion. QUALCOMM had a net margin of 26.11% and a return on equity of 40.11%. The business's quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.44 earnings per share. Analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be given a $0.89 dividend. This represents a $3.56 annualized dividend and a yield of 2.30%. 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.