Retirement Systems of Alabama Sells 7,780 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Retirement Systems of Alabama lowered its position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 1.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 666,769 shares of the wireless technology company's stock after selling 7,780 shares during the period. Retirement Systems of Alabama owned about 0.06% of QUALCOMM worth $102,422,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in QCOM. Teza Capital Management LLC acquired a new stake in shares of QUALCOMM during the fourth quarter worth about $1,541,000. Purkiss Capital Advisors LLC acquired a new stake in QUALCOMM during the 4th quarter worth approximately $303,000. Amundi lifted its stake in QUALCOMM by 36.6% in the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock valued at $2,313,634,000 after buying an additional 3,905,918 shares in the last quarter. First Foundation Advisors lifted its stake in QUALCOMM by 41.2% in the fourth quarter. First Foundation Advisors now owns 156,770 shares of the wireless technology company's stock valued at $24,083,000 after buying an additional 45,769 shares in the last quarter. Finally, Sound Income Strategies LLC boosted its holdings in shares of QUALCOMM by 42.2% in the first quarter. Sound Income Strategies LLC now owns 1,055 shares of the wireless technology company's stock valued at $162,000 after buying an additional 313 shares during the period. Institutional investors and hedge funds own 74.35% of the company's stock.

Insider Buying and Selling

In other news, CFO Akash J. Palkhiwala sold 1,781 shares of the business's stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $132.10, for a total transaction of $235,270.10. Following the completion of the sale, the chief financial officer now owns 57,997 shares in the company, valued at $7,661,403.70. The trade was a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Heather S. Ace sold 1,600 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $137.74, for a total value of $220,384.00. Following the completion of the transaction, the insider now directly owns 22,793 shares in the company, valued at $3,139,507.82. The trade was a 6.56% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 423,464 shares of company stock valued at $8,135,164. Company insiders own 0.08% of the company's stock.

QUALCOMM Trading Down 0.5%

QUALCOMM stock opened at $153.63 on Friday. The stock has a 50-day simple moving average of $147.30 and a 200 day simple moving average of $155.05. The stock has a market capitalization of $168.69 billion, a P/E ratio of 15.64, a PEG ratio of 1.98 and a beta of 1.26. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.08 and a current ratio of 2.73. QUALCOMM Incorporated has a 52 week low of $120.80 and a 52 week high of $225.90.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $10.58 billion. During the same period last year, the firm posted $2.44 earnings per share. The business's revenue was up 17.0% on a year-over-year basis. Analysts expect that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be paid a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Thursday, June 5th. This is a boost from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's dividend payout ratio (DPR) is currently 36.25%.

Analysts Set New Price Targets

QCOM has been the topic of a number of research analyst reports. Benchmark dropped their price objective 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. Wells Fargo & Company dropped their price target on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a research note on Thursday, May 1st. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $150.00 price objective on shares of QUALCOMM in a research report on Thursday, May 1st. Susquehanna dropped their target price on QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a research report on Thursday, May 1st. Finally, TD Cowen reduced their price target on QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $190.28.

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.

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