Burney Co. Cuts Position in QUALCOMM Incorporated $QCOM

Burney Co. lessened its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 41.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 144,525 shares of the wireless technology company’s stock after selling 100,251 shares during the quarter. QUALCOMM accounts for approximately 0.8% of Burney Co.’s holdings, making the stock its 29th biggest position. Burney Co.’s holdings in QUALCOMM were worth $23,017,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of QCOM. Guinness Asset Management LTD raised its position in QUALCOMM by 11.6% in the second quarter. Guinness Asset Management LTD now owns 55,410 shares of the wireless technology company’s stock worth $8,824,000 after acquiring an additional 5,779 shares during the period. CORDA Investment Management LLC. raised its position in QUALCOMM by 18.6% in the second quarter. CORDA Investment Management LLC. now owns 22,474 shares of the wireless technology company’s stock worth $3,579,000 after acquiring an additional 3,524 shares during the period. OVERSEA CHINESE BANKING Corp Ltd raised its position in QUALCOMM by 565.0% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 124,327 shares of the wireless technology company’s stock worth $19,098,000 after acquiring an additional 105,631 shares during the period. PFG Advisors raised its position in QUALCOMM by 8.0% in the first quarter. PFG Advisors now owns 4,314 shares of the wireless technology company’s stock worth $663,000 after acquiring an additional 321 shares during the period. Finally, Russell Investments Group Ltd. raised its position in QUALCOMM by 12.3% in the first quarter. Russell Investments Group Ltd. now owns 1,328,759 shares of the wireless technology company’s stock worth $203,904,000 after acquiring an additional 145,509 shares during the period. Hedge funds and other institutional investors own 74.35% of the company’s stock.

Wall Street Analyst Weigh In

QCOM has been the topic of several recent analyst reports. Susquehanna raised their price objective on shares of QUALCOMM from $190.00 to $200.00 and gave the company a “positive” rating in a research report on Wednesday, October 22nd. Rosenblatt Securities reiterated a “buy” rating and issued a $225.00 price target on shares of QUALCOMM in a research note on Tuesday, October 28th. Mizuho decreased their price target on QUALCOMM from $190.00 to $185.00 and set an “outperform” rating on the stock in a report on Thursday, July 31st. Wall Street Zen cut QUALCOMM from a “buy” rating to a “hold” rating in a report on Sunday, August 3rd. Finally, UBS Group set a $165.00 price target on QUALCOMM in a report on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $183.95.

Insider Activity at QUALCOMM

In related news, CAO Neil Martin sold 791 shares of the firm’s stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $154.82, for a total transaction of $122,462.62. Following the completion of the transaction, the chief accounting officer directly owned 1,106 shares of the company’s stock, valued at approximately $171,230.92. This trade represents a 41.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Cristiano R. Amon sold 150,000 shares of the firm’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $165.56, for a total transaction of $24,834,000.00. Following the transaction, the chief executive officer directly owned 149,304 shares of the company’s stock, valued at $24,718,770.24. The trade was a 50.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 163,169 shares of company stock valued at $26,978,998. Insiders own 0.08% of the company’s stock.

QUALCOMM Stock Performance

QCOM opened at $180.90 on Monday. The stock has a market capitalization of $195.19 billion, a price-to-earnings ratio of 17.44, a PEG ratio of 2.59 and a beta of 1.23. The company has a fifty day moving average of $165.85 and a 200 day moving average of $156.82. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $205.95. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.38 and a current ratio of 3.19.

QUALCOMM Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 18th. Investors of record on Thursday, December 4th will be paid a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, December 4th. QUALCOMM’s dividend payout ratio (DPR) is presently 34.33%.

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.