Richelieu Gestion SA Reduces Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Richelieu Gestion SA reduced its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 31.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,791 shares of the wireless technology company’s stock after selling 5,766 shares during the quarter. QUALCOMM makes up approximately 2.2% of Richelieu Gestion SA’s investment portfolio, making the stock its 24th largest position. Richelieu Gestion SA’s holdings in QUALCOMM were worth $2,166,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in QUALCOMM by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 110,717,388 shares of the wireless technology company’s stock valued at $12,296,273,000 after purchasing an additional 483,390 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of QUALCOMM by 8.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock worth $3,664,418,000 after acquiring an additional 1,909,025 shares during the last quarter. Morgan Stanley grew its position in shares of QUALCOMM by 2.2% in the third quarter. Morgan Stanley now owns 20,767,489 shares of the wireless technology company’s stock valued at $2,306,438,000 after purchasing an additional 438,660 shares during the period. Norges Bank purchased a new stake in shares of QUALCOMM in the fourth quarter valued at $2,507,978,000. Finally, Putnam Investments LLC grew its position in QUALCOMM by 4.3% during the fourth quarter. Putnam Investments LLC now owns 6,340,667 shares of the wireless technology company’s stock valued at $917,051,000 after acquiring an additional 263,482 shares during the period. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Neil Martin sold 1,116 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $196.11, for a total value of $218,858.76. Following the completion of the transaction, the chief accounting officer now owns 358 shares of the company’s stock, valued at approximately $70,207.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Neil Smit sold 3,069 shares of QUALCOMM stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $200.94, for a total transaction of $616,684.86. Following the transaction, the director now owns 5,902 shares in the company, valued at $1,185,947.88. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Neil Martin sold 1,116 shares of QUALCOMM stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $196.11, for a total transaction of $218,858.76. Following the transaction, the chief accounting officer now owns 358 shares in the company, valued at approximately $70,207.38. The disclosure for this sale can be found here. In the last 90 days, insiders sold 45,185 shares of company stock valued at $8,206,875. Company insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Bank of America boosted their price target on QUALCOMM from $180.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Wells Fargo & Company boosted their price target on QUALCOMM from $120.00 to $140.00 and gave the stock an “underweight” rating in a research note on Thursday, May 2nd. TD Cowen upped their price objective on QUALCOMM from $200.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, June 4th. Morgan Stanley upped their target price on QUALCOMM from $158.00 to $172.00 and gave the company an “equal weight” rating in a report on Thursday, May 2nd. Finally, Benchmark reaffirmed a “buy” rating and set a $200.00 price target on shares of QUALCOMM in a research note on Friday, May 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $192.13.

QUALCOMM Price Performance

Shares of QUALCOMM stock traded down $6.24 during midday trading on Wednesday, reaching $195.93. The company had a trading volume of 6,238,268 shares, compared to its average volume of 9,268,370. The company has a current ratio of 2.65, a quick ratio of 1.98 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $218.66 billion, a price-to-earnings ratio of 26.48, a price-to-earnings-growth ratio of 2.46 and a beta of 1.30. The stock has a fifty day simple moving average of $193.66 and a 200 day simple moving average of $168.40. QUALCOMM Incorporated has a 1-year low of $104.33 and a 1-year high of $230.63.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.11. The business had revenue of $9.39 billion during the quarter, compared to analyst estimates of $9.32 billion. QUALCOMM had a net margin of 23.03% and a return on equity of 37.09%. As a group, equities research analysts forecast that QUALCOMM Incorporated will post 7.85 earnings per share for the current year.

QUALCOMM Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Thursday, May 30th were issued a $0.85 dividend. The ex-dividend date was Thursday, May 30th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.74%. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.80. QUALCOMM’s dividend payout ratio (DPR) is currently 45.70%.

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.