Red Cedar Investment Management LLC Trims Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Red Cedar Investment Management LLC reduced its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 18.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,105 shares of the wireless technology company's stock after selling 5,331 shares during the period. Red Cedar Investment Management LLC's holdings in QUALCOMM were worth $3,549,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. LaFleur & Godfrey LLC boosted its stake in shares of QUALCOMM by 10.6% during the 4th quarter. LaFleur & Godfrey LLC now owns 3,126 shares of the wireless technology company's stock valued at $480,000 after purchasing an additional 300 shares in the last quarter. Brighton Jones LLC lifted its holdings in QUALCOMM by 116.6% in the fourth quarter. Brighton Jones LLC now owns 17,356 shares of the wireless technology company's stock worth $2,666,000 after buying an additional 9,343 shares during the period. Revolve Wealth Partners LLC boosted its position in QUALCOMM by 15.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 2,542 shares of the wireless technology company's stock valued at $391,000 after acquiring an additional 340 shares in the last quarter. SVB Wealth LLC purchased a new position in shares of QUALCOMM during the 4th quarter worth approximately $1,974,000. Finally, Purkiss Capital Advisors LLC purchased a new position in shares of QUALCOMM during the 4th quarter worth approximately $303,000. 74.35% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, major shareholder Inc/De Qualcomm sold 412,500 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total transaction of $6,600,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $146.10, for a total value of $486,951.30. Following the transaction, the chief financial officer owned 49,779 shares of the company's stock, valued at approximately $7,272,711.90. The trade was a 6.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 423,464 shares of company stock valued at $8,135,164 over the last 90 days. Insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

QCOM has been the topic of several research reports. Wall Street Zen lowered QUALCOMM from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Benchmark dropped their target price on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. JPMorgan Chase & Co. reaffirmed an "overweight" rating and issued a $185.00 target price on shares of QUALCOMM in a research report on Tuesday, April 29th. Citigroup lowered their price target on shares of QUALCOMM from $185.00 to $145.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Finally, Cantor Fitzgerald reissued a "neutral" rating and set a $150.00 price objective on shares of QUALCOMM in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $186.96.

QUALCOMM Trading Up 0.5%

Shares of QUALCOMM stock traded up $0.72 on Monday, reaching $159.26. The company had a trading volume of 7,973,248 shares, compared to its average volume of 8,519,353. The firm has a market cap of $174.87 billion, a price-to-earnings ratio of 16.22, a P/E/G ratio of 2.05 and a beta of 1.26. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08. The firm's 50-day moving average price is $149.44 and its two-hundred day moving average price is $154.78. QUALCOMM Incorporated has a 1 year low of $120.80 and a 1 year high of $211.09.

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

QUALCOMM Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Thursday, June 5th were given a $0.89 dividend. This is a positive change from QUALCOMM's previous quarterly dividend of $0.85. This represents a $3.56 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend was Thursday, June 5th. QUALCOMM's dividend payout ratio is 36.25%.

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.