Versor Investments LP Trims Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Versor Investments LP has reduced its stake in QUALCOMM by 31.9%, selling 5,200 shares to end up with 11,103 shares valued at approximately $1.7 million.
• Several hedge funds have increased their positions in QUALCOMM, with FCG Investment Co leading at a 45.2% growth, now holding shares valued at about $1.79 million.
• QUALCOMM announced a quarterly dividend of $0.89 per share, set to be paid on September 25th, representing a 2.3% yield for shareholders.

Versor Investments LP reduced its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 31.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,103 shares of the wireless technology company's stock after selling 5,200 shares during the period. Versor Investments LP's holdings in QUALCOMM were worth $1,706,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. FCG Investment Co grew its position in shares of QUALCOMM by 45.2% during the 1st quarter. FCG Investment Co now owns 11,659 shares of the wireless technology company's stock valued at $1,791,000 after purchasing an additional 3,629 shares in the last quarter. Algert Global LLC grew its position in shares of QUALCOMM by 17.4% during the 1st quarter. Algert Global LLC now owns 43,408 shares of the wireless technology company's stock valued at $6,668,000 after purchasing an additional 6,427 shares in the last quarter. Seven Mile Advisory grew its position in shares of QUALCOMM by 9.5% during the 1st quarter. Seven Mile Advisory now owns 3,066 shares of the wireless technology company's stock valued at $471,000 after purchasing an additional 265 shares in the last quarter. Steward Partners Investment Advisory LLC grew its position in shares of QUALCOMM by 3.6% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 93,168 shares of the wireless technology company's stock valued at $14,312,000 after purchasing an additional 3,202 shares in the last quarter. Finally, Raymond James Financial Inc. grew its position in shares of QUALCOMM by 1.9% during the 1st quarter. Raymond James Financial Inc. now owns 3,494,644 shares of the wireless technology company's stock valued at $536,812,000 after purchasing an additional 63,758 shares in the last quarter. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Heather S. Ace sold 1,600 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $146.40, for a total transaction of $234,240.00. Following the completion of the transaction, the insider directly owned 21,193 shares of the company's stock, valued at approximately $3,102,655.20. This represents a 7.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total transaction of $537,546.24. Following the transaction, the chief financial officer directly owned 46,446 shares of the company's stock, valued at approximately $7,490,810.88. This trade represents a 6.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 424,099 shares of company stock valued at $8,352,355. Insiders own 0.08% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on QCOM shares. Bank of America reduced their price target on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating for the company in a research report on Tuesday, June 17th. Rosenblatt Securities reiterated a "buy" rating and issued a $225.00 target price on shares of QUALCOMM in a research report on Thursday, July 31st. Piper Sandler cut their target price on shares of QUALCOMM from $190.00 to $175.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. JPMorgan Chase & Co. upped their target price on shares of QUALCOMM from $190.00 to $200.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Finally, Evercore ISI cut their target price on shares of QUALCOMM from $179.00 to $157.00 and set an "in-line" rating for the company in a research report on Friday, May 2nd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $181.10.

QUALCOMM Stock Performance

Shares of NASDAQ:QCOM opened at $157.85 on Friday. The company has a market cap of $170.32 billion, a price-to-earnings ratio of 15.22, a price-to-earnings-growth ratio of 2.30 and a beta of 1.23. The company has a 50-day moving average price of $155.73 and a 200-day moving average price of $153.60. The company has a current ratio of 3.19, a quick ratio of 2.38 and a debt-to-equity ratio of 0.54. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $182.10.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The wireless technology company reported $2.77 EPS for the quarter, beating the consensus estimate of $2.71 by $0.06. The firm 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 company's quarterly revenue was up 10.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.33 earnings per share. As a group, equities analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Announces Dividend

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

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.

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