State of New Jersey Common Pension Fund D Sells 34,483 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in QUALCOMM Incorporated by 8.5%, selling 34,483 shares, and now owns 372,608 shares valued at approximately $57.24 million.
• QUALCOMM reported earnings of $2.77 EPS for the quarter, exceeding expectations, and achieved revenue of $10.37 billion, which marks a 10.4% year-over-year increase.
• The company has declared a quarterly dividend of $0.89 per share, with a payout ratio of 34.33%, highlighting its commitment to returning value to shareholders.

State of New Jersey Common Pension Fund D trimmed its position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 8.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 372,608 shares of the wireless technology company's stock after selling 34,483 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in QUALCOMM were worth $57,236,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. WFA Asset Management Corp acquired a new stake in QUALCOMM in the first quarter valued at approximately $27,000. Banque Transatlantique SA acquired a new stake in QUALCOMM in the fourth quarter valued at approximately $26,000. Atlantic Edge Private Wealth Management LLC lifted its holdings in shares of QUALCOMM by 70.0% during the first quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock worth $26,000 after purchasing an additional 70 shares during the period. Sunbeam Capital Management LLC acquired a new position in shares of QUALCOMM during the fourth quarter worth $29,000. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of QUALCOMM during the fourth quarter worth $30,000. Institutional investors and hedge funds own 74.35% of the company's stock.

QUALCOMM Trading Up 1.0%

NASDAQ:QCOM opened at $158.09 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.19 and a quick ratio of 2.38. The firm has a 50-day moving average of $155.56 and a 200-day moving average of $153.82. The company has a market cap of $170.58 billion, a PE ratio of 15.24, a PEG ratio of 2.28 and a beta of 1.23. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $182.10.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 EPS for the quarter, topping the consensus estimate of $2.71 by $0.06. The company had revenue of $10.37 billion during the quarter, compared to the consensus estimate of $10.33 billion. QUALCOMM had a net margin of 26.77% and a return on equity of 40.35%. The firm's revenue for the quarter was up 10.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.33 earnings per share. As a group, equities research analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be issued a dividend of $0.89 per share. The ex-dividend date is Thursday, September 4th. This represents a $3.56 annualized dividend and a yield of 2.3%. QUALCOMM's payout ratio is 34.33%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Cantor Fitzgerald reiterated a "neutral" rating and set a $150.00 price target on shares of QUALCOMM in a report on Thursday, May 1st. Susquehanna cut their price target on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a report on Thursday, May 1st. Mizuho cut their price target on shares of QUALCOMM from $190.00 to $185.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. Piper Sandler dropped their target price on shares of QUALCOMM from $190.00 to $175.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Finally, Robert W. Baird dropped their target price on shares of QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $181.10.

Insider Buying and Selling

In related news, major shareholder Inc/De Qualcomm sold 412,500 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were 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 can be accessed through the SEC website. Also, insider Heather S. Ace sold 1,600 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $146.40, for a total transaction of $234,240.00. Following the transaction, the insider owned 21,193 shares in the company, valued at approximately $3,102,655.20. This trade represents a 7.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 424,099 shares of company stock worth $8,352,355. 0.08% of the stock is owned by insiders.

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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.