Summit Global Investments Sells 85,448 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Summit Global Investments trimmed its position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 86.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,274 shares of the wireless technology company's stock after selling 85,448 shares during the period. Summit Global Investments' holdings in QUALCOMM were worth $2,039,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in QCOM. Eagle Strategies LLC boosted its stake in shares of QUALCOMM by 4.3% during the fourth quarter. Eagle Strategies LLC now owns 1,427 shares of the wireless technology company's stock valued at $219,000 after purchasing an additional 59 shares during the period. Clark Capital Management Group Inc. raised its holdings in QUALCOMM by 3.6% during the 4th quarter. Clark Capital Management Group Inc. now owns 1,717 shares of the wireless technology company's stock valued at $264,000 after buying an additional 59 shares during the last quarter. TBH Global Asset Management LLC boosted its position in QUALCOMM by 0.9% during the 4th quarter. TBH Global Asset Management LLC now owns 7,050 shares of the wireless technology company's stock valued at $1,083,000 after buying an additional 63 shares during the period. PDS Planning Inc grew its holdings in QUALCOMM by 1.6% in the 4th quarter. PDS Planning Inc now owns 4,110 shares of the wireless technology company's stock worth $631,000 after acquiring an additional 64 shares during the last quarter. Finally, Cassady Schiller Wealth Management LLC increased its position in shares of QUALCOMM by 15.8% in the fourth quarter. Cassady Schiller Wealth Management LLC now owns 477 shares of the wireless technology company's stock valued at $73,000 after acquiring an additional 65 shares during the period. 74.35% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Akash J. Palkhiwala sold 269 shares of QUALCOMM stock in a transaction on Monday, April 7th. The stock was sold at an average price of $131.10, for a total value of $35,265.90. Following the completion of the sale, the chief financial officer now owns 57,728 shares of the company's stock, valued at $7,568,140.80. The trade was a 0.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the company's stock in a transaction 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. Insiders sold 425,068 shares of company stock valued at $8,418,305 over the last three months. Insiders own 0.08% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on QCOM. JPMorgan Chase & Co. reissued an "overweight" rating and issued a $185.00 target price on shares of QUALCOMM in a research note on Tuesday, April 29th. Loop Capital dropped their price objective on QUALCOMM from $180.00 to $155.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Wells Fargo & Company cut their price objective on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a research report on Thursday, May 1st. Citigroup cut their target price 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. Finally, Piper Sandler decreased their price target on shares of QUALCOMM from $205.00 to $190.00 and set an "overweight" rating for the company in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $192.08.

QUALCOMM Stock Down 2.1%

NASDAQ QCOM traded down $3.12 during mid-day trading on Friday, reaching $145.22. The stock had a trading volume of 13,752,285 shares, compared to its average volume of 8,810,966. The stock has a market cap of $159.45 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 2.01 and a beta of 1.29. QUALCOMM Incorporated has a 1 year low of $120.80 and a 1 year high of $230.63. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99. The company has a fifty day moving average price of $144.30 and a 200 day moving average price of $155.62.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, topping analysts' consensus estimates of $2.82 by $0.03. The business had revenue of $10.98 billion during the quarter, compared to analyst estimates of $10.58 billion. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The company's quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.44 EPS. On average, research analysts expect that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be paid a $0.89 dividend. The ex-dividend date is Thursday, June 5th. 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 dividend yield of 2.45%. QUALCOMM's payout ratio is currently 36.25%.

QUALCOMM Company 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.