Motco Sells 4,701 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Motco decreased its stake in QUALCOMM by 11.5%, selling 4,701 shares, resulting in total holdings worth $5,546,000.
• Hedge funds have shown mixed activity with QUALCOMM, as Brighton Jones LLC increased its stake by 116.6%, while others have also made adjustments during the fourth quarter.
• QUALCOMM's recent quarterly earnings exceeded expectations, reporting a net revenue of $10.98 billion and earnings per share of $2.85, alongside a quarterly dividend of $0.89.

Motco cut its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 11.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,107 shares of the wireless technology company's stock after selling 4,701 shares during the period. Motco's holdings in QUALCOMM were worth $5,546,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in QCOM. Brighton Jones LLC boosted its stake in QUALCOMM by 116.6% during the fourth quarter. Brighton Jones LLC now owns 17,356 shares of the wireless technology company's stock valued at $2,666,000 after buying an additional 9,343 shares during the last quarter. Revolve Wealth Partners LLC raised its position in QUALCOMM by 15.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 2,542 shares of the wireless technology company's stock valued at $391,000 after purchasing an additional 340 shares during the period. AssuredPartners Investment Advisors LLC purchased a new stake in QUALCOMM during the fourth quarter valued at approximately $930,000. Providence Capital Advisors LLC purchased a new stake in QUALCOMM during the fourth quarter valued at approximately $5,285,000. Finally, Frazier Financial Advisors LLC raised its position in QUALCOMM by 21.0% during the fourth quarter. Frazier Financial Advisors LLC now owns 1,269 shares of the wireless technology company's stock valued at $196,000 after purchasing an additional 220 shares during the period. 74.35% of the stock is owned by institutional investors.

Analyst Ratings Changes

QCOM has been the subject of a number of research analyst reports. Robert W. Baird decreased their price target on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Citigroup reissued a "hold" rating on shares of QUALCOMM in a research note on Thursday, July 17th. 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 report on Friday, May 2nd. UBS Group lifted their price target on QUALCOMM from $145.00 to $165.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Finally, Benchmark cut their price target on QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $184.86.

QUALCOMM Price Performance

NASDAQ:QCOM opened at $158.40 on Friday. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $182.64. The stock has a 50 day moving average of $154.60 and a two-hundred day moving average of $155.03. The company has a current ratio of 2.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.48. 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.

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

QUALCOMM Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Thursday, September 4th. This represents a $3.56 annualized dividend and a yield of 2.25%. QUALCOMM's payout ratio is 36.25%.

Insider Buying and Selling

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,333 shares of the company's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total transaction of $537,546.24. Following the transaction, the chief financial officer directly owned 46,446 shares in the company, valued at $7,490,810.88. This represents a 6.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the company'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. Over the last three months, insiders sold 424,099 shares of company stock worth $8,310,735. Company insiders own 0.08% of the company's stock.

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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