Charles Schwab Investment Management Inc. Sells 93,342 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Charles Schwab Investment Management Inc. has reduced its stake in QUALCOMM by 1.4%, now owning approximately 6.71 million shares valued at over $1 billion.
• Insiders, including CFO Akash J. Palkhiwala and Heather S. Ace, have sold shares recently, with 424,099 shares totaling $8.35 million sold in the last quarter.
• Analysts have set new price targets for QUALCOMM, with estimates ranging from $140.00 to $200.00, reflecting a mix of ratings, including hold and buy.

Charles Schwab Investment Management Inc. cut its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 1.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,715,218 shares of the wireless technology company's stock after selling 93,342 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.61% of QUALCOMM worth $1,031,525,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Banque Transatlantique SA purchased a new stake in shares of QUALCOMM in the fourth quarter worth approximately $26,000. Atlantic Edge Private Wealth Management LLC increased its stake in QUALCOMM by 70.0% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock valued at $26,000 after buying an additional 70 shares during the period. WFA Asset Management Corp purchased a new stake in QUALCOMM in the 1st quarter worth approximately $27,000. Sunbeam Capital Management LLC acquired a new stake in shares of QUALCOMM during the 4th quarter valued at $29,000. Finally, Mascagni Wealth Management Inc. purchased a new position in shares of QUALCOMM during the 4th quarter valued at $30,000. 74.35% of the stock is owned by hedge funds and other institutional investors.

QUALCOMM Stock Performance

QCOM stock traded up $0.06 during mid-day trading on Thursday, reaching $145.90. 6,745,992 shares of the stock traded hands, compared to its average volume of 8,688,162. The firm has a market capitalization of $157.43 billion, a PE ratio of 14.07, a P/E/G ratio of 2.13 and a beta of 1.23. The business has a 50-day moving average of $155.03 and a two-hundred day moving average of $154.45. QUALCOMM Incorporated has a 52 week low of $120.80 and a 52 week high of $182.10. 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 (NASDAQ:QCOM - Get Free Report) last announced 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 firm had revenue of $10.37 billion during 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 firm's revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.33 EPS. As a group, equities analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal 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 paid a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a yield of 2.4%. The ex-dividend date is Thursday, September 4th. QUALCOMM's dividend payout ratio is presently 34.33%.

Analyst Ratings Changes

Several analysts recently issued reports on QCOM shares. TD Cowen cut their price objective on QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Sanford C. Bernstein set a $185.00 price target on QUALCOMM and gave the stock an "outperform" rating in a research note on Monday, July 28th. Benchmark reduced their price target on QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Bank of America lowered their price target on QUALCOMM from $245.00 to $200.00 and set a "buy" rating for the company in a research note on Tuesday, June 17th. Finally, Susquehanna cut their price objective on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $181.10.

Insider Activity at QUALCOMM

In related news, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $146.40, for a total transaction of $234,240.00. Following the sale, the insider directly owned 21,193 shares of the company's stock, valued at $3,102,655.20. This trade represents a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were 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. Insiders sold a total of 424,099 shares of company stock worth $8,352,355 in the last ninety days. 0.08% of the stock is currently owned by insiders.

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.