Qualcomm Incorporated $QCOM Stock: Payden & Rygel Trims Stake

Payden & Rygel lowered its position in Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 62.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,400 shares of the wireless technology company's stock after selling 9,020 shares during the period. Payden & Rygel's holdings in Qualcomm were worth $994,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Your Advocates Ltd. LLP acquired a new stake in Qualcomm in the first quarter valued at approximately $26,000. ABS Investment Management LLC purchased a new position in Qualcomm in the second quarter worth $34,000. ABS Direct Equity Fund LLC acquired a new position in shares of Qualcomm during the second quarter worth $34,000. Burk Holdings LLC increased its position in shares of Qualcomm by 191.7% during the second quarter. Burk Holdings LLC now owns 210 shares of the wireless technology company's stock worth $39,000 after purchasing an additional 138 shares in the last quarter. Finally, Harborfront Financial Group LLC acquired a new position in shares of Qualcomm during the second quarter worth $41,000. Hedge funds and other institutional investors own 74.35% of the company's stock.

Wall Street Analysts Forecast Growth

QCOM has been the subject of a number of recent analyst reports. Evercore set a $159.00 price objective on Qualcomm in a research report on Thursday, July 30th. Robert W. Baird set a $400.00 target price on Qualcomm in a research note on Thursday, July 30th. KeyCorp reaffirmed a "sector weight" rating on shares of Qualcomm in a research report on Wednesday, September 9th. The Goldman Sachs Group set a $160.00 price target on Qualcomm in a research note on Thursday, July 30th. Finally, Zacks Research cut shares of Qualcomm from a "hold" rating to a "strong sell" rating in a research note on Tuesday, September 15th. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, twenty-one have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Qualcomm currently has an average rating of "Hold" and a consensus price target of $205.83.

Insider Activity at Qualcomm

In other Qualcomm news, EVP Ann C. Chaplin sold 1,827 shares of the company's stock in a transaction dated Friday, October 16th. The shares were sold at an average price of $174.75, for a total value of $319,268.25. Following the completion of the transaction, the executive vice president owned 25,770 shares in the company, valued at approximately $4,503,307.50. This represents a 6.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Heather S. Ace sold 3,200 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $147.04, for a total transaction of $470,528.00. Following the sale, the executive vice president directly owned 36,535 shares in the company, valued at approximately $5,372,106.40. The trade was a 8.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 33,458 shares of company stock valued at $6,198,144 in the last quarter. 0.05% of the stock is currently owned by insiders.

Qualcomm Trading Down 11.1%

Shares of NASDAQ:QCOM opened at $164.79 on Friday. Qualcomm Incorporated has a 12-month low of $121.99 and a 12-month high of $259.92. The company has a market capitalization of $175.97 billion, a PE ratio of 19.07, a PEG ratio of 4.17 and a beta of 1.65. The business has a 50 day moving average of $177.83 and a two-hundred day moving average of $169.44. The company has a current ratio of 2.02, a quick ratio of 1.28 and a debt-to-equity ratio of 0.46.

Qualcomm (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The wireless technology company reported $2.21 EPS for the quarter, missing analysts' consensus estimates of $2.23 by ($0.02). Qualcomm had a return on equity of 38.36% and a net margin of 21.01%. The firm had revenue of $9.95 billion for the quarter, compared to analyst estimates of $9.69 billion. During the same period in the previous year, the business earned $2.77 EPS. Qualcomm's revenue for the quarter was down 4.0% compared to the same quarter last year. As a group, analysts forecast that Qualcomm Incorporated will post 7.71 EPS for the current year.

Qualcomm Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, December 3rd will be issued a dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, December 3rd. This represents a $3.68 dividend on an annualized basis and a yield of 2.2%. Qualcomm's dividend payout ratio is 42.59%.

Qualcomm Profile

Qualcomm Incorporated is a technology company that develops and commercializes wireless communications and semiconductor technologies. Through Qualcomm Technologies, Inc, the company designs integrated circuits, system software and related platforms used in smartphones, personal computers, automobiles, industrial equipment, consumer devices and other connected products. Its Snapdragon platforms support mobile computing, connectivity, artificial intelligence and multimedia applications, while its broader portfolio includes radio-frequency systems, networking and edge-computing technologies.

Qualcomm also operates a significant technology-licensing business through its Qualcomm Technology Licensing segment.

Want to see what other hedge funds are holding QCOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Qualcomm Incorporated (NASDAQ:QCOM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.