Canandaigua National Bank & Trust Co. Trims Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Canandaigua National Bank & Trust Co. decreased its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 1.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,653 shares of the wireless technology company’s stock after selling 137 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in QUALCOMM were worth $1,973,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Peoples Bank OH bought a new stake in QUALCOMM in the fourth quarter worth $219,000. Bank Hapoalim BM lifted its holdings in shares of QUALCOMM by 35.0% during the fourth 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 holdings in QUALCOMM by 120.2% in the fourth quarter. NewEdge Wealth LLC now owns 20,677 shares of the wireless technology company’s stock valued at $2,991,000 after acquiring an additional 11,285 shares during the period. 1834 Investment Advisors Co. increased its position in shares of QUALCOMM by 6.6% in the fourth quarter. 1834 Investment Advisors Co. now owns 45,570 shares of the wireless technology company’s stock valued at $6,591,000 after buying an additional 2,818 shares in the last quarter. Finally, Alexander Randolph Advisory Inc. purchased a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $305,000. Institutional investors own 74.35% of the company’s stock.

QUALCOMM Price Performance

QCOM stock traded up $7.31 during midday trading on Tuesday, reaching $229.53. The company had a trading volume of 12,961,321 shares, compared to its average volume of 8,938,830. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.65 and a quick ratio of 1.98. QUALCOMM Incorporated has a 1 year low of $104.33 and a 1 year high of $230.42. The company has a market capitalization of $256.16 billion, a P/E ratio of 30.87, a P/E/G ratio of 2.62 and a beta of 1.29. The firm has a 50-day moving average price of $188.58 and a 200-day moving average price of $164.88.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.11. QUALCOMM had a net margin of 23.03% and a return on equity of 37.09%. The company had revenue of $9.39 billion during the quarter, compared to analysts’ expectations of $9.32 billion. On average, research analysts anticipate that QUALCOMM Incorporated will post 7.83 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, May 30th will be issued a $0.85 dividend. The ex-dividend date is Thursday, May 30th. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.80. This represents a $3.40 annualized dividend and a yield of 1.48%. QUALCOMM’s dividend payout ratio is 45.70%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on QCOM. JPMorgan Chase & Co. upped their target price on QUALCOMM from $170.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Wolfe Research increased their target price on shares of QUALCOMM from $180.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, May 2nd. Barclays raised their price target on QUALCOMM from $155.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. StockNews.com downgraded QUALCOMM from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, May 8th. Finally, Citigroup raised their price target on QUALCOMM from $160.00 to $170.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $188.74.

Insider Transactions at QUALCOMM

In other news, CAO Neil Martin sold 1,116 shares of QUALCOMM stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $196.11, for a total transaction of $218,858.76. Following the sale, the chief accounting officer now owns 358 shares in the company, valued at $70,207.38. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Cristiano R. Amon sold 8,100 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $181.00, for a total value of $1,466,100.00. Following the sale, the chief executive officer now owns 8,100 shares in the company, valued at $1,466,100. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Neil Martin sold 1,116 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $196.11, for a total value of $218,858.76. Following the completion of the sale, the chief accounting officer now owns 358 shares in the company, valued at approximately $70,207.38. The disclosure for this sale can be found here. Insiders have sold 45,185 shares of company stock valued at $8,206,875 in the last three months. 0.08% of the stock is currently owned by company insiders.

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.