Public Sector Pension Investment Board Sells 16,980 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Public Sector Pension Investment Board reduced its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 9.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 171,002 shares of the wireless technology company's stock after selling 16,980 shares during the quarter. Public Sector Pension Investment Board's holdings in QUALCOMM were worth $26,268,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of QCOM. Eagle Strategies LLC lifted its stake in shares of QUALCOMM by 4.3% in the fourth quarter. Eagle Strategies LLC now owns 1,427 shares of the wireless technology company's stock worth $219,000 after acquiring an additional 59 shares during the period. Clark Capital Management Group Inc. increased its holdings in shares of QUALCOMM by 3.6% during the fourth 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 in the last quarter. Westwood Holdings Group Inc. increased its holdings in shares of QUALCOMM by 2.1% during the fourth quarter. Westwood Holdings Group Inc. now owns 3,313 shares of the wireless technology company's stock valued at $509,000 after acquiring an additional 69 shares in the last quarter. Collaborative Wealth Managment Inc. grew its holdings in QUALCOMM by 5.1% during the first quarter. Collaborative Wealth Managment Inc. now owns 1,412 shares of the wireless technology company's stock worth $217,000 after buying an additional 69 shares in the last quarter. Finally, Thoroughbred Financial Services LLC grew its holdings in QUALCOMM by 0.3% during the first quarter. Thoroughbred Financial Services LLC now owns 25,254 shares of the wireless technology company's stock worth $3,879,000 after buying an additional 69 shares in the last quarter. Institutional investors own 74.35% of the company's stock.

Insider Activity at QUALCOMM

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of QUALCOMM 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 approximately $7,490,810.88. The trade was 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 accessible through the SEC website. Also, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction on Friday, August 1st. The shares were sold at an average price of $146.40, for a total value of $234,240.00. Following the transaction, the insider owned 21,193 shares in the company, valued at $3,102,655.20. This trade represents a 7.02% decrease in their ownership of the stock. 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.

Wall Street Analyst Weigh In

QCOM has been the topic of several research analyst reports. Piper Sandler cut their price objective on QUALCOMM from $190.00 to $175.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. Loop Capital reduced their price objective on QUALCOMM from $180.00 to $155.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Evercore ISI dropped their target price on QUALCOMM from $179.00 to $157.00 and set an "in-line" rating for the company in a report on Friday, May 2nd. Seaport Res Ptn upgraded QUALCOMM to a "hold" rating in a report on Friday, May 9th. Finally, Mizuho decreased their target price on QUALCOMM from $190.00 to $185.00 and set an "outperform" rating for the company in a research report on Thursday, July 31st. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $181.10.

QUALCOMM Stock Performance

QCOM stock opened at $147.97 on Tuesday. The company has a market cap of $159.66 billion, a P/E ratio of 14.27, a price-to-earnings-growth ratio of 2.15 and a beta of 1.23. 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 stock's fifty day moving average price is $155.10 and its 200-day moving average price is $153.89. QUALCOMM Incorporated has a 1 year low of $120.80 and a 1 year high of $182.10.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.06. The company 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%. QUALCOMM's quarterly revenue was up 10.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.33 earnings per share. On average, equities analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be given a dividend of $0.89 per share. The ex-dividend date is Thursday, September 4th. This represents a $3.56 annualized dividend and a yield of 2.4%. QUALCOMM's payout ratio is 34.33%.

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.

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