WASHINGTON TRUST Co Sells 105,252 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

WASHINGTON TRUST Co trimmed its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 92.8% in the fourth quarter, HoldingsChannel reports. The firm owned 8,132 shares of the wireless technology company’s stock after selling 105,252 shares during the quarter. WASHINGTON TRUST Co’s holdings in QUALCOMM were worth $1,176,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in QCOM. DHJJ Financial Advisors Ltd. bought a new stake in QUALCOMM during the third quarter worth $26,000. Financial Gravity Asset Management Inc. increased its position in QUALCOMM by 102.5% in the third quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock worth $26,000 after buying an additional 122 shares during the last quarter. Milestone Investment Advisors LLC purchased a new stake in QUALCOMM in the first quarter worth $26,000. Pacifica Partners Inc. increased its position in QUALCOMM by 150.0% in the third quarter. Pacifica Partners Inc. now owns 250 shares of the wireless technology company’s stock worth $27,000 after buying an additional 150 shares during the last quarter. Finally, Legacy Financial Group LLC purchased a new stake in QUALCOMM in the third quarter worth $29,000. Hedge funds and other institutional investors own 74.35% of the company’s stock.

QUALCOMM Stock Performance

Shares of NASDAQ QCOM traded down $0.25 during midday trading on Thursday, hitting $168.88. 1,749,652 shares of the stock traded hands, compared to its average volume of 8,947,361. The firm has a 50-day moving average of $157.05 and a two-hundred day moving average of $135.64. The firm has a market capitalization of $188.47 billion, a P/E ratio of 24.43, a PEG ratio of 2.28 and a beta of 1.41. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.88 and a current ratio of 2.56. QUALCOMM Incorporated has a one year low of $101.47 and a one year high of $177.59.

QUALCOMM (NASDAQ:QCOM) last released its quarterly 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. QUALCOMM had a return on equity of 38.06% and a net margin of 21.39%. The firm had revenue of $9.94 billion for the quarter, compared to analysts’ expectations of $9.50 billion. On average, equities analysts forecast that QUALCOMM Incorporated will post 7.67 EPS for the current fiscal year.

QUALCOMM Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Thursday, February 29th were issued a $0.80 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $3.20 dividend on an annualized basis and a yield of 1.89%. QUALCOMM’s dividend payout ratio is currently 46.38%.

Insider Buying and Selling

In other QUALCOMM news, insider James J. Cathey sold 1,000 shares of the stock in a transaction on Thursday, January 11th. The stock was sold at an average price of $139.00, for a total value of $139,000.00. Following the completion of the sale, the insider now owns 4,972 shares in the company, valued at approximately $691,108. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Cristiano R. Amon sold 8,100 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 16,200 shares in the company, valued at $2,747,520. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider James J. Cathey sold 1,000 shares of the firm’s stock in a transaction dated Thursday, January 11th. The shares were sold at an average price of $139.00, for a total value of $139,000.00. Following the transaction, the insider now owns 4,972 shares of the company’s stock, valued at approximately $691,108. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,360 shares of company stock valued at $5,457,048. 0.08% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on QCOM shares. Rosenblatt Securities boosted their price target on QUALCOMM from $160.00 to $170.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Citigroup downgraded QUALCOMM from a “buy” rating to a “neutral” rating and set a $160.00 target price on the stock. in a report on Thursday, February 1st. Canaccord Genuity Group upped their target price on QUALCOMM from $152.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, January 19th. JPMorgan Chase & Co. reduced their target price on QUALCOMM from $173.00 to $170.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st. Finally, Piper Sandler upped their target price on QUALCOMM from $140.00 to $165.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, QUALCOMM currently has a consensus rating of “Moderate Buy” and a consensus price target of $148.71.

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.