Rafferty Asset Management LLC Sells 337,098 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Rafferty Asset Management LLC lowered its stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 9.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,229,663 shares of the wireless technology company's stock after selling 337,098 shares during the quarter. QUALCOMM comprises 1.8% of Rafferty Asset Management LLC's portfolio, making the stock its 10th largest position. Rafferty Asset Management LLC owned about 0.29% of QUALCOMM worth $496,141,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of QCOM. Kohmann Bosshard Financial Services LLC purchased a new position in QUALCOMM in the fourth quarter valued at about $26,000. Banque Transatlantique SA bought a new stake in shares of QUALCOMM in the 4th quarter worth approximately $26,000. CKW Financial Group bought a new stake in shares of QUALCOMM in the 4th quarter worth approximately $27,000. Centricity Wealth Management LLC bought a new stake in QUALCOMM during the 4th quarter valued at $29,000. Finally, CoreFirst Bank & Trust bought a new stake in QUALCOMM during the 4th quarter valued at $33,000. Institutional investors and hedge funds own 74.35% of the company's stock.

Wall Street Analyst Weigh In

QCOM has been the topic of several research analyst reports. Rosenblatt Securities reiterated a "buy" rating and set a $225.00 price target on shares of QUALCOMM in a research report on Thursday, May 1st. Benchmark decreased their target price on QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. JPMorgan Chase & Co. reiterated an "overweight" rating and set a $185.00 price target on shares of QUALCOMM in a report on Tuesday, April 29th. Evercore ISI reduced their price objective on QUALCOMM from $179.00 to $157.00 and set an "in-line" rating for the company in a research report on Friday, May 2nd. Finally, Piper Sandler reduced their price objective on QUALCOMM from $205.00 to $190.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $192.08.

QUALCOMM Stock Performance

QCOM traded down $0.11 on Friday, hitting $152.50. 6,646,322 shares of the stock traded hands, compared to its average volume of 8,913,068. QUALCOMM Incorporated has a 52 week low of $120.80 and a 52 week high of $230.63. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $167.45 billion, a PE ratio of 16.29, a P/E/G ratio of 2.01 and a beta of 1.29. The business has a fifty day moving average price of $145.94 and a two-hundred day moving average price of $156.92.

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

QUALCOMM Increases Dividend

The business also recently disclosed 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. This is a positive change from QUALCOMM's previous quarterly dividend of $0.85. This represents a $3.56 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Thursday, June 5th. QUALCOMM's dividend payout ratio is currently 36.25%.

Insider Activity

In other news, CFO Akash J. Palkhiwala sold 3,337 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $156.82, for a total value of $523,308.34. Following the transaction, the chief financial officer now directly owns 59,778 shares of the company's stock, valued at $9,374,385.96. The trade was a 5.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Neil Martin sold 744 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $174.83, for a total value of $130,073.52. Following the completion of the transaction, the chief accounting officer now directly owns 461 shares in the company, valued at $80,596.63. The trade was a 61.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,312 shares of company stock worth $1,948,379. Company insiders own 0.08% of the company's stock.

About QUALCOMM

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.