PNC Financial Services Group Inc. Sells 3,533 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• PNC Financial Services Group Inc. reduced its stake in QUALCOMM by 0.4%, now owning 956,798 shares valued at approximately $146.97 million after selling 3,533 shares.
• In a recent analysis, Rosenblatt Securities reaffirmed a "buy" rating for QUALCOMM with a target price of $225.00, while multiple analysts issued a mix of ratings including hold and buy.
• QUALCOMM announced a quarterly dividend of $0.89 per share to be paid on September 25th, representing an annualized yield of 2.4% with a payout ratio of 34.33%.

PNC Financial Services Group Inc. lowered its position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 0.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 956,798 shares of the wireless technology company's stock after selling 3,533 shares during the period. PNC Financial Services Group Inc. owned 0.09% of QUALCOMM worth $146,974,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in QCOM. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in shares of QUALCOMM by 565.0% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 124,327 shares of the wireless technology company's stock worth $19,098,000 after acquiring an additional 105,631 shares during the period. PFG Advisors boosted its holdings in shares of QUALCOMM by 8.0% in the first quarter. PFG Advisors now owns 4,314 shares of the wireless technology company's stock worth $663,000 after acquiring an additional 321 shares during the period. Teza Capital Management LLC bought a new position in shares of QUALCOMM in the fourth quarter worth $1,541,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of QUALCOMM by 3.3% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 188,654 shares of the wireless technology company's stock worth $28,979,000 after acquiring an additional 6,017 shares during the period. Finally, Kanawha Capital Management LLC boosted its holdings in shares of QUALCOMM by 1.9% in the first quarter. Kanawha Capital Management LLC now owns 85,414 shares of the wireless technology company's stock worth $13,120,000 after acquiring an additional 1,573 shares during the period. Institutional investors own 74.35% of the company's stock.

QUALCOMM Trading Down 0.5%

Shares of QCOM traded down $0.68 during trading hours on Monday, hitting $147.51. The company had a trading volume of 8,142,086 shares, compared to its average volume of 8,379,979. The firm has a market cap of $159.16 billion, a P/E ratio of 14.22, a P/E/G ratio of 2.18 and a beta of 1.23. The stock's 50 day moving average price is $155.11 and its 200 day moving average price is $154.81. The company has a quick ratio of 2.38, a current ratio of 3.19 and a debt-to-equity ratio of 0.54. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $182.10.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The wireless technology company reported $2.77 EPS for the quarter, topping the consensus estimate of $2.71 by $0.06. The firm had revenue of $10.37 billion for the quarter, compared to the consensus estimate of $10.33 billion. QUALCOMM had a return on equity of 40.35% and a net margin of 26.77%. The company's quarterly revenue was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.33 earnings per share. On average, research analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Announces Dividend

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 issued a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Thursday, September 4th. QUALCOMM's payout ratio is currently 34.33%.

Insider Activity at QUALCOMM

In other QUALCOMM news, major shareholder Inc/De Qualcomm sold 412,500 shares of QUALCOMM 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,333 shares of QUALCOMM stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total value of $537,546.24. Following the sale, the chief financial officer directly owned 46,446 shares in the company, valued at approximately $7,490,810.88. The trade was a 6.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 420,766 shares of company stock worth $7,858,738 in the last 90 days. Company insiders own 0.08% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on QCOM. Wells Fargo & Company cut their price target on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a report on Thursday, May 1st. UBS Group lifted their price objective on QUALCOMM from $145.00 to $165.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Bank of America dropped their price objective on QUALCOMM from $245.00 to $200.00 and set a "buy" rating for the company in a research note on Tuesday, June 17th. Piper Sandler dropped their price objective on QUALCOMM from $190.00 to $175.00 and set an "overweight" rating for the company in a research note on Thursday. Finally, Susquehanna dropped their price objective on QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, QUALCOMM has an average rating of "Hold" and a consensus target price of $181.10.

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.