Truist Financial Corp Has $149.63 Million Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Truist Financial Corp lowered its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 9.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,034,594 shares of the wireless technology company’s stock after selling 110,521 shares during the quarter. Truist Financial Corp’s holdings in QUALCOMM were worth $149,633,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Strategic Blueprint LLC increased its position in QUALCOMM by 23.0% during the third quarter. Strategic Blueprint LLC now owns 3,755 shares of the wireless technology company’s stock worth $417,000 after buying an additional 701 shares during the last quarter. SOL Capital Management CO increased its position in QUALCOMM by 0.8% during the third quarter. SOL Capital Management CO now owns 12,810 shares of the wireless technology company’s stock worth $1,423,000 after buying an additional 100 shares during the last quarter. Simplicity Solutions LLC increased its position in QUALCOMM by 2.6% during the third quarter. Simplicity Solutions LLC now owns 36,324 shares of the wireless technology company’s stock worth $4,034,000 after buying an additional 917 shares during the last quarter. Grimes & Company Inc. increased its position in QUALCOMM by 5.4% during the third quarter. Grimes & Company Inc. now owns 127,614 shares of the wireless technology company’s stock worth $14,173,000 after buying an additional 6,518 shares during the last quarter. Finally, Zullo Investment Group Inc. increased its position in QUALCOMM by 1.8% during the third quarter. Zullo Investment Group Inc. now owns 6,459 shares of the wireless technology company’s stock worth $717,000 after buying an additional 114 shares during the last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on QCOM. Evercore ISI began coverage on QUALCOMM in a research report on Tuesday, April 16th. They set an “in-line” rating and a $177.00 price target on the stock. Cantor Fitzgerald upped their target price on QUALCOMM from $150.00 to $190.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Citigroup downgraded QUALCOMM from a “buy” rating to a “neutral” rating and set a $160.00 target price on the stock. in a research report on Thursday, February 1st. Canaccord Genuity Group upped their target price on QUALCOMM from $152.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, January 19th. Finally, Piper Sandler upped their target price on QUALCOMM from $140.00 to $165.00 and gave the company an “overweight” rating in a research report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $158.86.

Insiders Place Their Bets

In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $173.49, for a total transaction of $520,470.00. Following the completion of the transaction, the chief financial officer now directly owns 69,343 shares in the company, valued at $12,030,317.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $173.49, for a total transaction of $520,470.00. Following the completion of the transaction, the chief financial officer now directly owns 69,343 shares in the company, valued at $12,030,317.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Neil Martin sold 371 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total transaction of $55,586.93. Following the transaction, the chief accounting officer now owns 689 shares of the company’s stock, valued at $103,232.87. The disclosure for this sale can be found here. Insiders sold 36,260 shares of company stock worth $5,973,728 over the last three months. Insiders own 0.08% of the company’s stock.

QUALCOMM Price Performance

NASDAQ QCOM traded up $2.36 on Friday, hitting $165.66. 7,141,339 shares of the company’s stock were exchanged, compared to its average volume of 6,691,146. The stock has a 50-day moving average of $165.84 and a 200-day moving average of $144.47. The company has a current ratio of 2.56, a quick ratio of 1.88 and a debt-to-equity ratio of 0.63. QUALCOMM Incorporated has a 52 week low of $101.47 and a 52 week high of $177.59. The stock has a market cap of $184.88 billion, a price-to-earnings ratio of 24.01, a P/E/G ratio of 2.24 and a beta of 1.41.

QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, January 31st. The wireless technology company reported $2.33 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $9.50 billion. Analysts expect that QUALCOMM Incorporated will post 7.64 earnings per share for the current year.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, May 30th will be paid a dividend of $0.85 per share. The ex-dividend date is Thursday, May 30th. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. This represents a $3.40 annualized dividend and a yield of 2.05%. QUALCOMM’s dividend payout ratio is presently 46.38%.

QUALCOMM Profile

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.