New York State Teachers Retirement System Sells 45,271 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

New York State Teachers Retirement System trimmed its holdings in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 4.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,008,517 shares of the wireless technology company's stock after selling 45,271 shares during the quarter. New York State Teachers Retirement System owned approximately 0.09% of QUALCOMM worth $154,918,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Eagle Strategies LLC boosted its stake in QUALCOMM by 4.3% in the 4th quarter. Eagle Strategies LLC now owns 1,427 shares of the wireless technology company's stock worth $219,000 after purchasing an additional 59 shares during the period. Clark Capital Management Group Inc. boosted its position in shares of 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 valued at $264,000 after acquiring an additional 59 shares during the last quarter. PDS Planning Inc boosted its position in shares of QUALCOMM by 1.6% during the 4th quarter. PDS Planning Inc now owns 4,110 shares of the wireless technology company's stock valued at $631,000 after acquiring an additional 64 shares during the last quarter. Cassady Schiller Wealth Management LLC boosted its position in shares of QUALCOMM by 15.8% during the 4th quarter. Cassady Schiller Wealth Management LLC now owns 477 shares of the wireless technology company's stock valued at $73,000 after acquiring an additional 65 shares during the last quarter. Finally, Umpqua Bank boosted its position in shares of QUALCOMM by 4.2% during the 4th quarter. Umpqua Bank now owns 1,653 shares of the wireless technology company's stock valued at $264,000 after acquiring an additional 67 shares during the last quarter. 74.35% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Akash J. Palkhiwala sold 1,781 shares of the firm's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $132.10, for a total transaction of $235,270.10. Following the transaction, the chief financial officer now owns 57,997 shares in the company, valued at approximately $7,661,403.70. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Heather S. Ace sold 1,600 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $137.74, for a total value of $220,384.00. Following the transaction, the insider now owns 22,793 shares in the company, valued at approximately $3,139,507.82. This represents a 6.56% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 423,464 shares of company stock worth $8,135,164. Company insiders own 0.08% of the company's stock.

QUALCOMM Stock Performance

QCOM stock opened at $158.54 on Monday. The company has a quick ratio of 2.08, a current ratio of 2.73 and a debt-to-equity ratio of 0.48. The business's fifty day simple moving average is $149.44 and its two-hundred day simple moving average is $154.78. QUALCOMM Incorporated has a twelve month low of $120.80 and a twelve month high of $211.09. The firm has a market cap of $174.08 billion, a price-to-earnings ratio of 16.14, a PEG ratio of 2.05 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its 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 business had revenue of $10.98 billion for the quarter, compared to analyst estimates of $10.58 billion. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. The business's revenue was up 17.0% compared to the same quarter last year. During the same quarter last year, the firm posted $2.44 earnings per share. Analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th were paid a dividend of $0.89 per share. The ex-dividend date was Thursday, June 5th. This represents a $3.56 annualized dividend and a dividend yield of 2.25%. This is a positive change from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's dividend payout ratio (DPR) is currently 36.25%.

Wall Street Analyst Weigh In

QCOM has been the subject of a number of research reports. Cantor Fitzgerald reiterated a "neutral" rating and set a $150.00 target price on shares of QUALCOMM in a research report on Thursday, May 1st. Bank of America lowered their target price on QUALCOMM from $245.00 to $200.00 and set a "buy" rating for the company in a research report on Tuesday, June 17th. JPMorgan Chase & Co. reiterated an "overweight" rating and set a $185.00 target price on shares of QUALCOMM in a research report on Tuesday, April 29th. Seaport Res Ptn upgraded QUALCOMM to a "hold" rating in a research report on Friday, May 9th. Finally, Wells Fargo & Company lowered their target price on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $186.96.

QUALCOMM 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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