QUALCOMM Incorporated (NASDAQ:QCOM) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas trimmed its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 22.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 551,757 shares of the wireless technology company's stock after selling 161,100 shares during the quarter. Teacher Retirement System of Texas' holdings in QUALCOMM were worth $84,755,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of QCOM. Latitude Advisors LLC raised its stake in QUALCOMM by 17.3% in the first quarter. Latitude Advisors LLC now owns 3,210 shares of the wireless technology company's stock valued at $493,000 after buying an additional 473 shares during the last quarter. Strategic Financial Concepts LLC boosted its stake in shares of QUALCOMM by 3.1% during the 1st quarter. Strategic Financial Concepts LLC now owns 3,879 shares of the wireless technology company's stock worth $596,000 after acquiring an additional 117 shares in the last quarter. Drum Hill Capital LLC grew its holdings in QUALCOMM by 0.6% in the first quarter. Drum Hill Capital LLC now owns 15,102 shares of the wireless technology company's stock valued at $2,320,000 after purchasing an additional 84 shares during the period. Novem Group lifted its holdings in QUALCOMM by 16.6% during the first quarter. Novem Group now owns 24,243 shares of the wireless technology company's stock valued at $3,724,000 after purchasing an additional 3,454 shares in the last quarter. Finally, Private Trust Co. NA boosted its holdings in QUALCOMM by 10.9% in the 1st quarter. Private Trust Co. NA now owns 16,739 shares of the wireless technology company's stock worth $2,571,000 after buying an additional 1,645 shares during the last quarter. Institutional investors own 74.35% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on QCOM. Susquehanna reduced their price objective on QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a research report on Thursday, May 1st. Bank of America dropped their price objective on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, June 17th. Rosenblatt Securities reissued a "buy" rating and set a $225.00 price objective on shares of QUALCOMM in a research report on Thursday, May 1st. Robert W. Baird lowered their price objective on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Finally, Benchmark reduced their price target on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $186.96.

QUALCOMM Stock Down 0.1%

QUALCOMM stock traded down $0.22 during mid-day trading on Thursday, hitting $162.11. The company had a trading volume of 4,280,773 shares, compared to its average volume of 8,538,196. The stock's 50 day moving average price is $150.75 and its two-hundred day moving average price is $154.87. The company has a market capitalization of $177.99 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 2.09 and a beta of 1.26. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $211.09. The company has a current ratio of 2.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.48.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its earnings results 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 company had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $10.58 billion. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. QUALCOMM's revenue was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.44 earnings per share. As a group, sell-side analysts anticipate 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 was paid on Thursday, June 26th. Investors of record on Thursday, June 5th were paid a dividend of $0.89 per share. 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 2.20%. The ex-dividend date was Thursday, June 5th. QUALCOMM's dividend payout ratio (DPR) is currently 36.25%.

Insider Activity

In other news, major shareholder Inc/De Qualcomm sold 412,500 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $16.00, for a total value of $6,600,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total value of $537,546.24. Following the transaction, the chief financial officer owned 46,446 shares in the company, valued at $7,490,810.88. This trade represents a 6.70% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 426,797 shares of company stock valued at $8,672,710. 0.08% of the stock is currently owned by company insiders.

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.