Princeton Capital Management LLC Cuts Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Princeton Capital Management LLC lowered its stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 42.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,622 shares of the wireless technology company's stock after selling 17,008 shares during the period. QUALCOMM makes up approximately 1.2% of Princeton Capital Management LLC's holdings, making the stock its 15th largest holding. Princeton Capital Management LLC's holdings in QUALCOMM were worth $3,475,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Principle Wealth Partners LLC increased its position in shares of QUALCOMM by 2.6% in the first quarter. Principle Wealth Partners LLC now owns 40,825 shares of the wireless technology company's stock valued at $6,271,000 after acquiring an additional 1,050 shares during the period. One Wealth Advisors LLC increased its holdings in QUALCOMM by 22.0% during the 1st quarter. One Wealth Advisors LLC now owns 4,640 shares of the wireless technology company's stock valued at $713,000 after purchasing an additional 838 shares during the period. Lifeworks Advisors LLC raised its position in QUALCOMM by 9.8% during the 1st quarter. Lifeworks Advisors LLC now owns 17,107 shares of the wireless technology company's stock valued at $2,628,000 after purchasing an additional 1,524 shares during the last quarter. Innova Wealth Partners grew its position in shares of QUALCOMM by 41.1% in the 1st quarter. Innova Wealth Partners now owns 2,062 shares of the wireless technology company's stock worth $317,000 after buying an additional 601 shares during the last quarter. Finally, Journey Strategic Wealth LLC grew its position in shares of QUALCOMM by 32.5% in the 1st quarter. Journey Strategic Wealth LLC now owns 5,210 shares of the wireless technology company's stock worth $800,000 after buying an additional 1,278 shares during the last quarter. Institutional investors own 74.35% of the company's stock.

QUALCOMM Stock Performance

QCOM stock traded down $0.44 during midday trading on Friday, reaching $158.40. 4,805,669 shares of the company's stock traded hands, compared to its average volume of 7,220,092. The company has a current ratio of 2.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.48. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $182.64. The stock has a market cap of $173.92 billion, a P/E ratio of 16.13, a PEG ratio of 2.05 and a beta of 1.26. The stock's 50-day moving average is $154.60 and its 200 day moving average is $155.03.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.03. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. The business had revenue of $10.98 billion during the quarter, compared to analyst estimates of $10.58 billion. During the same quarter in the previous year, the company posted $2.44 earnings per share. QUALCOMM's revenue for the quarter was up 17.0% on a year-over-year basis. As a group, analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 4th will be given 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 2.25%. QUALCOMM's payout ratio is currently 36.25%.

Insider Activity at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total value of $537,546.24. Following the completion of the sale, the chief financial officer owned 46,446 shares in the company, valued at approximately $7,490,810.88. This represents a 6.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm'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. In the last quarter, insiders have sold 424,099 shares of company stock worth $8,310,735. 0.08% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. TD Cowen dropped their price target on QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Citigroup reaffirmed a "hold" rating on shares of QUALCOMM in a research report on Thursday, July 17th. Evercore ISI cut their target price on shares of QUALCOMM from $179.00 to $157.00 and set an "in-line" rating on the stock in a research note on Friday, May 2nd. Susquehanna decreased their price target on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a research note on Thursday, May 1st. Finally, Seaport Res Ptn raised QUALCOMM to a "hold" rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $184.86.

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.