Cary Street Partners Asset Management LLC Trims Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Cary Street Partners Asset Management LLC lowered its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 3.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 38,219 shares of the wireless technology company’s stock after selling 1,338 shares during the quarter. QUALCOMM makes up about 0.9% of Cary Street Partners Asset Management LLC’s holdings, making the stock its 26th biggest position. Cary Street Partners Asset Management LLC’s holdings in QUALCOMM were worth $5,528,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Peoples Bank OH purchased a new position in shares of QUALCOMM during the 4th quarter worth $219,000. HF Advisory Group LLC purchased a new position in shares of QUALCOMM during the 3rd quarter worth $629,000. Bank Hapoalim BM lifted its stake in shares of QUALCOMM by 35.0% during the 4th quarter. Bank Hapoalim BM now owns 35,423 shares of the wireless technology company’s stock worth $5,123,000 after purchasing an additional 9,192 shares during the period. NewEdge Wealth LLC lifted its stake in shares of QUALCOMM by 120.2% during the 4th quarter. NewEdge Wealth LLC now owns 20,677 shares of the wireless technology company’s stock worth $2,991,000 after purchasing an additional 11,285 shares during the period. Finally, Stratos Wealth Advisors LLC lifted its stake in shares of QUALCOMM by 24.2% during the 3rd quarter. Stratos Wealth Advisors LLC now owns 39,460 shares of the wireless technology company’s stock worth $4,382,000 after purchasing an additional 7,682 shares during the period. Hedge funds and other institutional investors own 74.35% of the company’s stock.

Insider Transactions at QUALCOMM

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 transaction of $55,586.93. Following the transaction, the chief accounting officer now directly owns 689 shares in the company, valued at $103,232.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Neil Martin sold 371 shares of the 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 $103,232.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO James H. Thompson sold 8,000 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $159.39, for a total transaction of $1,275,120.00. Following the completion of the transaction, the chief technology officer now owns 269,893 shares in the company, valued at $43,018,245.27. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,260 shares of company stock worth $5,973,728. Corporate insiders own 0.08% of the company’s stock.

QUALCOMM Price Performance

NASDAQ:QCOM traded down $1.35 on Wednesday, reaching $164.50. The stock had a trading volume of 3,164,574 shares, compared to its average volume of 8,409,913. The company has a market capitalization of $183.58 billion, a P/E ratio of 23.93, a price-to-earnings-growth ratio of 2.32 and a beta of 1.41. QUALCOMM Incorporated has a 1-year low of $101.47 and a 1-year high of $177.59. The company has a quick ratio of 1.88, a current ratio of 2.56 and a debt-to-equity ratio of 0.63. The stock has a fifty day moving average price of $166.45 and a 200-day moving average price of $145.75.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, January 31st. The wireless technology company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.43. QUALCOMM had a net margin of 21.39% and a return on equity of 38.06%. The company had revenue of $9.94 billion for the quarter, compared to analyst estimates of $9.50 billion. Research analysts forecast that QUALCOMM Incorporated will post 7.64 EPS for the current year.

QUALCOMM Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, May 30th will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.07%. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Thursday, May 30th. QUALCOMM’s dividend payout ratio is presently 46.38%.

Analyst Ratings Changes

A number of brokerages have weighed in on QCOM. StockNews.com raised QUALCOMM from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Susquehanna increased their target price on QUALCOMM from $175.00 to $205.00 and gave the stock a “positive” rating in a research report on Wednesday, April 10th. Canaccord Genuity Group increased their target price on QUALCOMM from $152.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, January 19th. Piper Sandler increased their target price on QUALCOMM from $140.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday, February 1st. Finally, Rosenblatt Securities increased their target price on QUALCOMM from $160.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $160.68.

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.