Fifth Third Bancorp Has $63.05 Million Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Fifth Third Bancorp cut its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 3.1% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 410,449 shares of the wireless technology company’s stock after selling 13,164 shares during the quarter. Fifth Third Bancorp’s holdings in QUALCOMM were worth $63,049,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in QCOM. Simon Quick Advisors LLC boosted its holdings in QUALCOMM by 84.9% in the first quarter. Simon Quick Advisors LLC now owns 8,169 shares of the wireless technology company’s stock valued at $1,255,000 after acquiring an additional 3,751 shares during the last quarter. Investment Partners Asset Management Inc. boosted its holdings in QUALCOMM by 21.5% during the first quarter. Investment Partners Asset Management Inc. now owns 7,200 shares of the wireless technology company’s stock worth $1,106,000 after buying an additional 1,272 shares during the last quarter. Rowlandmiller & PARTNERS.ADV boosted its holdings in QUALCOMM by 1.9% during the first quarter. Rowlandmiller & PARTNERS.ADV now owns 68,211 shares of the wireless technology company’s stock worth $10,478,000 after buying an additional 1,296 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in QUALCOMM by 222.9% during the first quarter. Assenagon Asset Management S.A. now owns 1,385,326 shares of the wireless technology company’s stock worth $212,800,000 after buying an additional 956,311 shares during the last quarter. Finally, MV Capital Management Inc. boosted its holdings in QUALCOMM by 17.5% during the first quarter. MV Capital Management Inc. now owns 22,106 shares of the wireless technology company’s stock worth $3,396,000 after buying an additional 3,293 shares during the last quarter. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on QCOM. Evercore ISI dropped their price target on QUALCOMM from $179.00 to $157.00 and set an “in-line” rating on the stock in a research report on Friday, May 2nd. Seaport Res Ptn raised QUALCOMM to a “hold” rating in a research report on Friday, May 9th. Loop Capital dropped their price target on QUALCOMM from $180.00 to $155.00 and set a “hold” rating on the stock in a research report on Thursday, May 1st. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $185.00 price target on shares of QUALCOMM in a research report on Tuesday, April 29th. Finally, Wells Fargo & Company dropped their target price on QUALCOMM from $175.00 to $140.00 and set an “underweight” rating on the stock in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $189.88.

QUALCOMM Price Performance

Shares of QCOM stock opened at $159.48 on Thursday. 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 twelve month low of $120.80 and a twelve month high of $230.63. The company has a market cap of $175.11 billion, a P/E ratio of 17.04, a P/E/G ratio of 2.01 and a beta of 1.26. The business has a fifty day simple moving average of $144.67 and a 200 day simple moving average of $155.17.

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, beating the consensus estimate of $2.82 by $0.03. The company had revenue of $10.98 billion during the quarter, compared to analysts’ expectations of $10.58 billion. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The business’s quarterly revenue was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.44 earnings per share. On average, sell-side analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The business also recently declared 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 boost from QUALCOMM’s previous quarterly dividend of $0.85. The ex-dividend date is Thursday, June 5th. This represents a $3.56 annualized dividend and a dividend yield of 2.23%. QUALCOMM’s dividend payout ratio is presently 36.25%.

Insider Activity

In other QUALCOMM news, insider Heather S. Ace sold 1,600 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $137.74, for a total value of $220,384.00. Following the transaction, the insider now owns 22,793 shares in the company, valued at approximately $3,139,507.82. This 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 is accessible through this hyperlink. Also, CFO Akash J. Palkhiwala sold 269 shares of the stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $131.10, for a total value of $35,265.90. Following the completion of the transaction, the chief financial officer now owns 57,728 shares in the company, valued at approximately $7,568,140.80. The trade was a 0.46% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 423,464 shares of company stock valued at $8,135,164. Company insiders own 0.08% of the company’s stock.

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.