Summitry LLC Sells 426 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Summitry LLC reduced its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 8.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,472 shares of the wireless technology company’s stock after selling 426 shares during the period. Summitry LLC’s holdings in QUALCOMM were worth $687,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Murphy & Mullick Capital Management Corp bought a new stake in QUALCOMM in the fourth quarter valued at approximately $164,000. Florida Financial Advisors LLC increased its position in shares of QUALCOMM by 11.8% in the 4th quarter. Florida Financial Advisors LLC now owns 4,451 shares of the wireless technology company’s stock valued at $684,000 after buying an additional 469 shares in the last quarter. Bay Capital Advisors LLC acquired a new stake in QUALCOMM during the 4th quarter worth $233,000. PKS Advisory Services LLC bought a new position in QUALCOMM during the fourth quarter worth about $320,000. Finally, Heritage Wealth Management Inc. CA grew its stake in QUALCOMM by 4.6% in the fourth quarter. Heritage Wealth Management Inc. CA now owns 4,920 shares of the wireless technology company’s stock valued at $756,000 after acquiring an additional 217 shares during the period. Institutional investors own 74.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on QCOM shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price target on shares of QUALCOMM in a research report on Thursday, February 6th. StockNews.com cut shares of QUALCOMM from a “strong-buy” rating to a “buy” rating in a report on Wednesday, March 12th. Cantor Fitzgerald restated a “neutral” rating and set a $160.00 price objective on shares of QUALCOMM in a report on Thursday, February 6th. Melius started coverage on shares of QUALCOMM in a research note on Monday, December 9th. They issued a “hold” rating and a $180.00 target price for the company. Finally, Piper Sandler dropped their price target on QUALCOMM from $205.00 to $190.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $205.32.

Insiders Place Their Bets

In related news, insider Alexander H. Rogers sold 19,287 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $169.83, for a total transaction of $3,275,511.21. Following the transaction, the insider now directly owns 20,762 shares of the company’s stock, valued at approximately $3,526,010.46. This trade represents a 48.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Neil Martin sold 744 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $174.83, for a total transaction of $130,073.52. Following the completion of the sale, the chief accounting officer now directly owns 461 shares of the company’s stock, valued at $80,596.63. This represents a 61.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,968 shares of company stock worth $4,685,077 in the last 90 days. Company insiders own 0.08% of the company’s stock.

QUALCOMM Price Performance

Shares of QCOM opened at $160.15 on Wednesday. The company’s 50-day moving average is $164.59 and its 200-day moving average is $163.96. 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 firm has a market capitalization of $177.13 billion, a PE ratio of 17.11, a PEG ratio of 2.01 and a beta of 1.28. QUALCOMM Incorporated has a fifty-two week low of $149.43 and a fifty-two week high of $230.63.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. Equities analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 6th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Thursday, March 6th. QUALCOMM’s dividend payout ratio is 36.32%.

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.