Summit Global Investments Decreases Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Summit Global Investments trimmed its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 86.6% during the 1st quarter, according to its most recent 13F 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Kohmann Bosshard Financial Services LLC purchased a new stake in QUALCOMM during the 4th quarter valued at $26,000. Banque Transatlantique SA purchased a new stake in QUALCOMM during the 4th quarter valued at $26,000. Centricity Wealth Management LLC purchased a new stake in QUALCOMM during the 4th quarter valued at $29,000. Sunbeam Capital Management LLC purchased a new stake in QUALCOMM during the 4th quarter valued at $29,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in QUALCOMM during the 4th quarter valued at $30,000. 74.35% of the stock is owned by hedge funds and other institutional investors.

QUALCOMM Price Performance

Shares of QCOM stock opened at $148.34 on Friday. 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 market cap of $162.88 billion, a P/E ratio of 15.85, a PEG ratio of 2.01 and a beta of 1.29. The stock’s 50-day moving average is $144.60 and its 200 day moving average is $155.74. QUALCOMM Incorporated has a 1-year low of $120.80 and a 1-year high of $230.63.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.03. The business had revenue of $10.98 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the company earned $2.44 earnings per share. Research analysts predict 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 will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be issued a $0.89 dividend. This represents a $3.56 annualized dividend and a yield of 2.40%. The ex-dividend date is Thursday, June 5th. This is an increase from QUALCOMM’s previous quarterly dividend of $0.85. QUALCOMM’s dividend payout ratio (DPR) is currently 36.25%.

Insider Transactions at QUALCOMM

In related news, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $137.74, for a total transaction of $220,384.00. Following the completion of the transaction, the insider now directly owns 22,793 shares in the company, valued at approximately $3,139,507.82. This trade represents a 6.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,337 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $156.82, for a total value of $523,308.34. Following the completion of the sale, the chief financial officer now directly owns 59,778 shares in the company, valued at approximately $9,374,385.96. The trade was a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 425,068 shares of company stock worth $8,418,305 over the last three months. 0.08% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on QCOM. Wall Street Zen lowered QUALCOMM from a “buy” rating to a “hold” rating in a report on Thursday, May 22nd. Susquehanna decreased their price target on QUALCOMM from $210.00 to $190.00 and set a “positive” rating on the stock in a report on Thursday, May 1st. Cantor Fitzgerald restated a “neutral” rating and set a $150.00 price target on shares of QUALCOMM in a report on Thursday, May 1st. Robert W. Baird reduced their target price on QUALCOMM from $250.00 to $216.00 and set an “outperform” rating on the stock in a research note on Thursday, May 1st. Finally, Benchmark reduced their target price on QUALCOMM from $240.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, QUALCOMM currently has a consensus rating of “Hold” and an average price target of $192.08.

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.