Washington Trust Bank Reduces Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Washington Trust Bank trimmed its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 4.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,777 shares of the wireless technology company’s stock after selling 81 shares during the period. Washington Trust Bank’s holdings in QUALCOMM were worth $273,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Kohmann Bosshard Financial Services LLC purchased a new stake in QUALCOMM in the 4th quarter worth approximately $26,000. CKW Financial Group purchased a new stake in QUALCOMM in the 4th quarter worth approximately $27,000. Centricity Wealth Management LLC purchased a new stake in QUALCOMM in the 4th quarter worth approximately $29,000. Synergy Asset Management LLC acquired a new position in shares of QUALCOMM in the 4th quarter valued at $38,000. Finally, Legacy Investment Solutions LLC acquired a new position in shares of QUALCOMM in the 3rd quarter valued at $39,000. 74.35% of the stock is owned by hedge funds and other institutional investors.

QUALCOMM Price Performance

Shares of NASDAQ:QCOM opened at $156.82 on Friday. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49. QUALCOMM Incorporated has a fifty-two week low of $149.43 and a fifty-two week high of $230.63. The firm has a 50-day simple moving average of $164.51 and a 200 day simple moving average of $163.98. The company has a market cap of $173.44 billion, a PE ratio of 16.75, a P/E/G ratio of 2.01 and a beta of 1.28.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.07). QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. On average, sell-side analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 6th will be paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date is Thursday, March 6th. QUALCOMM’s payout ratio is 36.32%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on QCOM. Barclays decreased their price target on shares of QUALCOMM from $200.00 to $185.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Piper Sandler decreased their price target on shares of QUALCOMM from $205.00 to $190.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Evercore ISI decreased their price target on shares of QUALCOMM from $199.00 to $179.00 and set an “in-line” rating on the stock in a report on Thursday, February 6th. StockNews.com lowered shares of QUALCOMM from a “strong-buy” rating to a “buy” rating in a report on Wednesday, March 12th. Finally, Melius assumed coverage on shares of QUALCOMM in a report on Monday, December 9th. They set a “hold” rating and a $180.00 target price on the stock. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $205.32.

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, CAO Neil Martin sold 744 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $174.83, for a total transaction of $130,073.52. Following the completion of the transaction, the chief accounting officer now directly owns 461 shares of the company’s stock, valued at $80,596.63. The trade was a 61.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Heather S. Ace sold 1,600 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $154.24, for a total transaction of $246,784.00. Following the transaction, the insider now directly owns 24,393 shares of the company’s stock, valued at $3,762,376.32. The trade was a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,968 shares of company stock valued at $4,685,077 in the last ninety days. Company insiders own 0.08% of the company’s stock.

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.