Summa Corp. Sells 11,000 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Summa Corp. trimmed its position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 21.5% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 40,122 shares of the wireless technology company's stock after selling 11,000 shares during the period. QUALCOMM comprises approximately 3.6% of Summa Corp.'s holdings, making the stock its 5th largest holding. Summa Corp.'s holdings in QUALCOMM were worth $6,163,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kingswood Wealth Advisors LLC raised its stake in QUALCOMM by 111.5% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 58,086 shares of the wireless technology company's stock worth $8,900,000 after buying an additional 30,619 shares during the period. Wolf Group Capital Advisors acquired a new position in QUALCOMM in the first quarter valued at about $1,275,000. Shepherd Financial Partners LLC increased its holdings in shares of QUALCOMM by 2.9% in the first quarter. Shepherd Financial Partners LLC now owns 12,374 shares of the wireless technology company's stock worth $1,901,000 after acquiring an additional 343 shares in the last quarter. Clarius Group LLC increased its holdings in shares of QUALCOMM by 16.1% in the first quarter. Clarius Group LLC now owns 8,951 shares of the wireless technology company's stock worth $1,375,000 after acquiring an additional 1,241 shares in the last quarter. Finally, Clayton Financial Group LLC raised its position in shares of QUALCOMM by 5.5% during the first quarter. Clayton Financial Group LLC now owns 1,447 shares of the wireless technology company's stock worth $222,000 after purchasing an additional 75 shares during the period. 74.35% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at QUALCOMM

In related news, major shareholder Inc/De Qualcomm sold 412,500 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $16.00, for a total value of $6,600,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 value of $235,270.10. Following the sale, the chief financial officer now owns 57,997 shares of the company's stock, valued at approximately $7,661,403.70. This represents a 2.98% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 423,464 shares of company stock worth $8,135,164. 0.08% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. TD Cowen decreased their price objective on QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Citigroup cut their price target on shares of QUALCOMM from $185.00 to $145.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Robert W. Baird reduced their price target on shares of QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Bank of America lowered their price objective on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, Cantor Fitzgerald restated a "neutral" rating and set a $150.00 price objective on shares of QUALCOMM in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $190.28.

QUALCOMM Trading Down 1.5%

NASDAQ QCOM opened at $154.46 on Wednesday. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $230.63. The company has a current ratio of 2.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.48. The stock has a 50 day moving average of $146.71 and a 200-day moving average of $155.12. The company has a market cap of $169.60 billion, a PE ratio of 15.73, a PEG ratio of 1.75 and a beta of 1.26.

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

QUALCOMM Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be paid a $0.89 dividend. This is a positive change from QUALCOMM's previous quarterly dividend of $0.85. The ex-dividend date is Thursday, June 5th. This represents a $3.56 annualized dividend and a yield of 2.30%. QUALCOMM's dividend payout ratio is currently 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.

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