Robertson Stephens Wealth Management LLC Decreases Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Robertson Stephens Wealth Management LLC lowered its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 19.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,113 shares of the wireless technology company's stock after selling 3,925 shares during the quarter. Robertson Stephens Wealth Management LLC's holdings in QUALCOMM were worth $2,475,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Berkshire Bank increased its position in shares of QUALCOMM by 5.9% during the 1st quarter. Berkshire Bank now owns 3,389 shares of the wireless technology company's stock worth $521,000 after purchasing an additional 188 shares in the last quarter. RS Crum Inc. grew its holdings in QUALCOMM by 5.9% during the 1st quarter. RS Crum Inc. now owns 5,030 shares of the wireless technology company's stock worth $773,000 after acquiring an additional 280 shares during the last quarter. Chicago Capital LLC grew its holdings in QUALCOMM by 5.3% during the 1st quarter. Chicago Capital LLC now owns 41,140 shares of the wireless technology company's stock worth $6,320,000 after acquiring an additional 2,072 shares during the last quarter. Vivid Wealth Management LLC bought a new stake in QUALCOMM during the 1st quarter worth about $2,426,000. Finally, Inscription Capital LLC bought a new stake in QUALCOMM during the 1st quarter worth about $401,000. Institutional investors and hedge funds own 74.35% of the company's stock.

Insiders Place Their Bets

In related news, CFO Akash J. Palkhiwala sold 1,781 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $132.10, for a total value of $235,270.10. Following the completion of the sale, the chief financial officer now owns 57,997 shares of the company's stock, valued at approximately $7,661,403.70. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction that occurred on 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. Over the last 90 days, insiders have sold 423,464 shares of company stock worth $8,135,164. 0.08% of the stock is owned by corporate insiders.

QUALCOMM Stock Down 1.5%

Shares of QCOM stock traded down $2.31 during mid-day trading on Friday, hitting $151.32. The stock had a trading volume of 15,492,922 shares, compared to its average volume of 8,591,508. The firm has a market capitalization of $166.15 billion, a P/E ratio of 15.41, a price-to-earnings-growth ratio of 1.95 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. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $211.09. The firm's 50-day moving average is $147.54 and its two-hundred day moving average is $154.91.

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

QUALCOMM Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be given a dividend of $0.89 per share. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $3.56 dividend on an annualized basis and a yield of 2.35%. This is an increase from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's dividend payout ratio is currently 36.25%.

Analyst Ratings Changes

Several research analysts have recently issued reports on QCOM shares. Evercore ISI reduced 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. Bank of America cut their price target on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday. Wall Street Zen downgraded shares of QUALCOMM from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. Cantor Fitzgerald restated a "neutral" rating and set a $150.00 target price on shares of QUALCOMM in a report on Thursday, May 1st. Finally, Benchmark decreased 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. One 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 company's stock. According to MarketBeat, QUALCOMM presently has an average 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.