QUALCOMM Incorporated (NASDAQ:QCOM) Shares Sold by Oak Ridge Investments LLC

Key Points

• Oak Ridge Investments LLC has sold a significant portion of its shares in QUALCOMM, reducing its stake by 42.1% to hold 4,677 shares worth approximately $718,000.
• Several hedge funds increased their holdings in QUALCOMM, with GAMMA Investing LLC's position rising by an extraordinary 20,700.4%, now owning over 3 million shares valued at around $501 million.
• QUALCOMM reported a quarterly earnings per share of $2.77, surpassing expectations, and plans to pay a quarterly dividend of $0.89 on September 25th, indicating a strong financial position.

Oak Ridge Investments LLC trimmed its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 42.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,677 shares of the wireless technology company's stock after selling 3,406 shares during the period. Oak Ridge Investments LLC's holdings in QUALCOMM were worth $718,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Nuveen LLC acquired a new stake in QUALCOMM in the 1st quarter valued at about $529,713,000. GAMMA Investing LLC increased its position in QUALCOMM by 20,700.4% during the 1st quarter. GAMMA Investing LLC now owns 3,262,754 shares of the wireless technology company's stock worth $501,192,000 after purchasing an additional 3,247,068 shares in the last quarter. Northern Trust Corp increased its position in QUALCOMM by 12.7% during the 4th quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company's stock worth $2,041,535,000 after purchasing an additional 1,493,076 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in QUALCOMM by 17.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,780,687 shares of the wireless technology company's stock worth $1,502,509,000 after purchasing an additional 1,424,106 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in QUALCOMM by 24.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 7,254,759 shares of the wireless technology company's stock worth $1,114,403,000 after purchasing an additional 1,407,797 shares in the last quarter. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at QUALCOMM

In other news, insider Heather S. Ace sold 1,600 shares of the firm's stock in a transaction dated 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 transaction, the insider directly owned 21,193 shares of the company's stock, valued at approximately $3,102,655.20. This trade represents a 7.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $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. Over the last ninety days, insiders have sold 424,099 shares of company stock worth $8,352,355. Company insiders own 0.08% of the company's stock.

QUALCOMM Price Performance

NASDAQ QCOM opened at $158.09 on Friday. The stock has a market capitalization of $170.58 billion, a P/E ratio of 15.24, a P/E/G ratio of 2.28 and a beta of 1.23. QUALCOMM Incorporated has a 1 year low of $120.80 and a 1 year high of $182.10. The business's fifty day moving average is $155.56 and its two-hundred day moving average is $153.82. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.38 and a current ratio of 3.19.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $10.37 billion during the quarter, compared to analysts' expectations of $10.33 billion. QUALCOMM had a net margin of 26.77% and a return on equity of 40.35%. The firm's quarterly revenue was up 10.4% compared to the same quarter last year. During the same period last year, the company posted $2.33 earnings per share. On average, research analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Rosenblatt Securities reiterated a "buy" rating and set a $225.00 price objective on shares of QUALCOMM in a research report on Thursday, July 31st. JPMorgan Chase & Co. raised their target price on shares of QUALCOMM from $190.00 to $200.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Seaport Res Ptn raised QUALCOMM to a "hold" rating in a research note on Friday, May 9th. Bank of America reduced their price target on QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, June 17th. Finally, Benchmark reduced their price target on QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, QUALCOMM has a consensus rating of "Hold" and a consensus price target 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.

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