Perigon Wealth Management LLC Sells 8,892 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Perigon Wealth Management LLC reduced its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 16.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 46,215 shares of the wireless technology company’s stock after selling 8,892 shares during the quarter. Perigon Wealth Management LLC’s holdings in QUALCOMM were worth $7,099,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of QCOM. Kohmann Bosshard Financial Services LLC bought a new stake in shares of QUALCOMM during the 4th quarter worth $26,000. Banque Transatlantique SA bought a new stake in shares of QUALCOMM during the 4th quarter worth $26,000. WFA Asset Management Corp bought a new stake in shares of QUALCOMM during the 1st quarter worth $27,000. Sunbeam Capital Management LLC bought a new stake in shares of QUALCOMM during the 4th quarter worth $29,000. Finally, Mascagni Wealth Management Inc. bought a new stake in shares of QUALCOMM during the 4th quarter worth $30,000. 74.35% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 1,781 shares of the firm’s stock in a transaction on Friday, April 4th. The shares were sold at an average price of $132.10, for a total value of $235,270.10. Following the transaction, the chief financial officer now directly owns 57,997 shares of the company’s stock, valued at approximately $7,661,403.70. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $16.00, for a total transaction of $6,600,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 423,464 shares of company stock valued at $8,135,164 over the last ninety days. 0.08% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

QCOM has been the subject of several research reports. Seaport Res Ptn upgraded QUALCOMM to a “hold” rating in a research report on Friday, May 9th. Evercore ISI dropped their target price 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. Benchmark dropped their target price on QUALCOMM from $240.00 to $200.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. TD Cowen dropped their target price on QUALCOMM from $195.00 to $160.00 and set a “buy” rating for the company in a research report on Wednesday, April 9th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $150.00 target price on shares of QUALCOMM in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, QUALCOMM currently has an average rating of “Hold” and a consensus price target of $186.96.

QUALCOMM Stock Performance

NASDAQ:QCOM opened at $155.93 on Thursday. The firm has a market capitalization of $171.21 billion, a P/E ratio of 15.88, a P/E/G ratio of 2.01 and a beta of 1.26. QUALCOMM Incorporated has a twelve month low of $120.80 and a twelve month high of $211.09. The company has a fifty day moving average of $148.57 and a 200-day moving average of $154.84. The company has a quick ratio of 2.08, a current ratio of 2.73 and a debt-to-equity ratio of 0.48.

QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.03. The business had revenue of $10.98 billion for the quarter, compared to analyst estimates of $10.58 billion. QUALCOMM had a net margin of 26.11% and a return on equity of 40.11%. QUALCOMM’s revenue was up 17.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.44 earnings per share. As a group, sell-side analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be paid a dividend of $0.89 per share. The ex-dividend date is Thursday, June 5th. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.85. This represents a $3.56 annualized dividend and a yield of 2.28%. QUALCOMM’s dividend payout ratio is currently 36.25%.

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.