QUALCOMM Incorporated (NASDAQ:QCOM) Shares Sold by Sit Investment Associates Inc.

Sit Investment Associates Inc. lowered its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 92.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,304 shares of the wireless technology company's stock after selling 15,835 shares during the quarter. Sit Investment Associates Inc.'s holdings in QUALCOMM were worth $200,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Banque Transatlantique SA purchased a new stake in QUALCOMM in the fourth quarter valued at approximately $26,000. Atlantic Edge Private Wealth Management LLC boosted its position in QUALCOMM by 70.0% in the first 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 last quarter. WFA Asset Management Corp purchased a new stake in QUALCOMM in the first quarter valued at approximately $27,000. Sunbeam Capital Management LLC purchased a new stake in QUALCOMM in the fourth quarter valued at approximately $29,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in QUALCOMM in the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 74.35% of the company's stock.

Insiders Place Their Bets

In other QUALCOMM news, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total value of $6,600,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $148.10, for a total value of $493,617.30. Following the completion of the sale, the chief financial officer directly owned 43,207 shares of the company's stock, valued at $6,398,956.70. This trade represents a 7.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 424,099 shares of company stock valued at $8,352,355 in the last three months. 0.08% of the stock is currently owned by insiders.

Analysts Set New Price Targets

QCOM has been the topic of a number of recent research reports. Wall Street Zen lowered QUALCOMM from a "buy" rating to a "hold" rating in a research report on Sunday, August 3rd. Wells Fargo & Company lowered their price objective on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a research report on Thursday, May 1st. Seaport Res Ptn upgraded QUALCOMM to a "hold" rating in a research report on Friday, May 9th. UBS Group upped their price objective on QUALCOMM from $145.00 to $165.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Finally, Evercore ISI lowered their price objective on QUALCOMM from $179.00 to $157.00 and set an "in-line" rating on the stock in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $181.10.

QUALCOMM Stock Down 0.2%

NASDAQ QCOM opened at $157.85 on Friday. The business has a fifty day moving average price of $155.73 and a 200 day moving average price of $153.60. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $182.10. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.38 and a current ratio of 3.19. The company has a market cap of $170.32 billion, a P/E ratio of 15.22, a P/E/G ratio of 2.30 and a beta of 1.23.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The wireless technology company reported $2.77 EPS for the quarter, beating the consensus estimate of $2.71 by $0.06. QUALCOMM had a return on equity of 40.35% and a net margin of 26.77%. The firm had revenue of $10.37 billion during the quarter, compared to the consensus estimate of $10.33 billion. During the same period in the prior year, the company earned $2.33 EPS. The firm's revenue was up 10.4% compared to the same quarter last year. Research analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 4th will be paid a $0.89 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.3%. QUALCOMM's dividend payout ratio (DPR) 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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