Philadelphia Trust Co. Cuts Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Philadelphia Trust Co. has reduced its stake in QUALCOMM by 69.9%, holding 14,089 shares worth approximately $2.16 million after selling 32,699 shares in the first quarter.
• QUALCOMM announced a quarterly dividend of $0.89 per share, with an annualized yield of 2.3%, payable on September 25th to stockholders of record.
• In recent earnings, QUALCOMM reported an EPS of $2.77, surpassing analysts' expectations, and noted a 10.4% year-over-year revenue increase, totaling $10.37 billion.

Philadelphia Trust Co. trimmed its position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 69.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 14,089 shares of the wireless technology company's stock after selling 32,699 shares during the period. Philadelphia Trust Co.'s holdings in QUALCOMM were worth $2,164,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Cresset Asset Management LLC increased its position in shares of QUALCOMM by 43.4% during the first quarter. Cresset Asset Management LLC now owns 182,852 shares of the wireless technology company's stock worth $28,088,000 after acquiring an additional 55,302 shares during the period. Alliance Wealth Advisors LLC UT grew its holdings in shares of QUALCOMM by 4.5% during the first quarter. Alliance Wealth Advisors LLC UT now owns 22,940 shares of the wireless technology company's stock worth $3,524,000 after purchasing an additional 996 shares during the last quarter. Tocqueville Asset Management L.P. grew its holdings in shares of QUALCOMM by 2.3% during the first quarter. Tocqueville Asset Management L.P. now owns 601,145 shares of the wireless technology company's stock worth $92,342,000 after purchasing an additional 13,633 shares during the last quarter. United Capital Management of KS Inc. grew its holdings in shares of QUALCOMM by 3.5% during the first quarter. United Capital Management of KS Inc. now owns 9,886 shares of the wireless technology company's stock worth $1,519,000 after purchasing an additional 333 shares during the last quarter. Finally, Wealthedge Investment Advisors LLC acquired a new stake in shares of QUALCOMM during the first quarter worth about $3,419,000. 74.35% of the stock is currently owned by institutional investors and hedge funds.

QUALCOMM Price Performance

NASDAQ QCOM opened at $157.85 on Friday. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $182.10. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.19 and a quick ratio of 2.38. The firm has a market capitalization of $170.32 billion, a PE ratio of 15.22, a P/E/G ratio of 2.30 and a beta of 1.23. The company's 50 day simple moving average is $155.73 and its 200 day simple moving average is $153.73.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.71 by $0.06. QUALCOMM had a net margin of 26.77% and a return on equity of 40.35%. The company had revenue of $10.37 billion during the quarter, compared to analyst estimates of $10.33 billion. During the same quarter last year, the business posted $2.33 EPS. The company's revenue for the quarter was up 10.4% on a year-over-year basis. As a group, equities research analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be given a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Thursday, September 4th. QUALCOMM's dividend payout ratio is presently 34.33%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Piper Sandler lowered their target price on shares of QUALCOMM from $190.00 to $175.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. JPMorgan Chase & Co. upped their price target on shares of QUALCOMM from $190.00 to $200.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Wells Fargo & Company cut their price target on shares of QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a report on Thursday, May 1st. Mizuho dropped their price objective on shares of QUALCOMM from $190.00 to $185.00 and set an "outperform" rating on the stock in a research note on Thursday, July 31st. Finally, Loop Capital reduced their price target on shares of QUALCOMM from $180.00 to $155.00 and set a "hold" rating for the company in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $181.10.

Insider Transactions at QUALCOMM

In other news, insider Heather S. Ace sold 1,600 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $146.40, for a total transaction of $234,240.00. Following the completion of the sale, the insider owned 21,193 shares of the company's stock, valued at $3,102,655.20. This represents a 7.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction 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. Over the last three months, insiders have sold 424,099 shares of company stock worth $8,352,355. Corporate 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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