Procyon Advisors LLC Raises Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Procyon Advisors LLC lifted its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 8.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,700 shares of the wireless technology company’s stock after buying an additional 1,917 shares during the period. Procyon Advisors LLC’s holdings in QUALCOMM were worth $3,717,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in QUALCOMM by 0.4% during the third 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 during the period. BlackRock Inc. lifted its position in QUALCOMM by 1.4% during the second quarter. BlackRock Inc. now owns 85,088,444 shares of the wireless technology company’s stock valued at $10,128,928,000 after purchasing an additional 1,191,089 shares during the period. State Street Corp lifted its position in QUALCOMM by 1.1% during the second quarter. State Street Corp now owns 49,042,212 shares of the wireless technology company’s stock valued at $5,837,985,000 after purchasing an additional 549,861 shares during the period. Moneta Group Investment Advisors LLC lifted its position in QUALCOMM by 117,461.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 24,587,893 shares of the wireless technology company’s stock valued at $2,703,193,000 after purchasing an additional 24,566,978 shares during the period. Finally, Morgan Stanley lifted its position in QUALCOMM by 22.2% during the fourth quarter. Morgan Stanley now owns 21,602,874 shares of the wireless technology company’s stock valued at $2,375,020,000 after purchasing an additional 3,929,586 shares during the period. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Morgan Stanley downgraded shares of QUALCOMM from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $119.00 to $132.00 in a research report on Friday, December 8th. Canaccord Genuity Group upped their price objective on shares of QUALCOMM from $152.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, January 19th. StockNews.com cut shares of QUALCOMM from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. Cantor Fitzgerald reissued a “neutral” rating and set a $150.00 target price on shares of QUALCOMM in a research note on Monday, March 4th. Finally, Citigroup cut shares of QUALCOMM from a “buy” rating to a “neutral” rating and set a $160.00 target price for the company. in a research note on Thursday, February 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, QUALCOMM presently has an average rating of “Moderate Buy” and a consensus price target of $148.71.

Insider Buying and Selling at QUALCOMM

In other news, CEO Cristiano R. Amon sold 8,100 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $169.60, for a total value of $1,373,760.00. Following the transaction, the chief executive officer now directly owns 16,200 shares in the company, valued at approximately $2,747,520. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CAO Neil Martin sold 371 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $149.83, for a total value of $55,586.93. Following the transaction, the chief accounting officer now directly owns 689 shares in the company, valued at approximately $103,232.87. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Cristiano R. Amon sold 8,100 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $169.60, for a total transaction of $1,373,760.00. Following the sale, the chief executive officer now owns 16,200 shares in the company, valued at $2,747,520. The disclosure for this sale can be found here. Insiders have sold 34,360 shares of company stock worth $5,457,048 in the last ninety days. 0.08% of the stock is owned by insiders.

QUALCOMM Price Performance

NASDAQ QCOM traded down $0.57 during trading hours on Thursday, hitting $168.56. 550,682 shares of the company’s stock traded hands, compared to its average volume of 8,926,068. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.56 and a quick ratio of 1.88. The company has a market capitalization of $188.11 billion, a PE ratio of 24.51, a PEG ratio of 2.28 and a beta of 1.41. The firm’s 50-day moving average is $157.05 and its 200-day moving average is $135.64. QUALCOMM Incorporated has a 52-week low of $101.47 and a 52-week high of $177.59.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, January 31st. The wireless technology company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.43. The company had revenue of $9.94 billion for the quarter, compared to analyst estimates of $9.50 billion. QUALCOMM had a net margin of 21.39% and a return on equity of 38.06%. Equities analysts forecast that QUALCOMM Incorporated will post 7.67 EPS for the current fiscal year.

QUALCOMM Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Thursday, February 29th were issued a $0.80 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $3.20 annualized dividend and a yield of 1.90%. QUALCOMM’s payout ratio is 46.38%.

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.