QUALCOMM Incorporated (NASDAQ:QCOM) Holdings Cut by Beech Hill Advisors Inc.

Beech Hill Advisors Inc. lowered its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 4.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,678 shares of the wireless technology company’s stock after selling 1,615 shares during the period. QUALCOMM comprises 2.2% of Beech Hill Advisors Inc.’s investment portfolio, making the stock its 10th biggest position. Beech Hill Advisors Inc.’s holdings in QUALCOMM were worth $5,363,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of QUALCOMM by 0.4% during the third quarter. Vanguard Group Inc. now owns 110,717,388 shares of the wireless technology company’s stock worth $12,296,273,000 after buying an additional 483,390 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in QUALCOMM by 8.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock worth $3,664,418,000 after purchasing an additional 1,909,025 shares in the last quarter. Morgan Stanley boosted its holdings in shares of QUALCOMM by 2.2% during the 3rd quarter. Morgan Stanley now owns 20,767,489 shares of the wireless technology company’s stock worth $2,306,438,000 after purchasing an additional 438,660 shares during the last quarter. Norges Bank purchased a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $2,507,978,000. Finally, Putnam Investments LLC increased its holdings in shares of QUALCOMM by 4.3% in the fourth quarter. Putnam Investments LLC now owns 6,340,667 shares of the wireless technology company’s stock valued at $917,051,000 after purchasing an additional 263,482 shares during the last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

QUALCOMM Stock Up 0.7 %

QCOM stock traded up $1.33 during midday trading on Tuesday, reaching $202.17. 12,005,603 shares of the company were exchanged, compared to its average volume of 9,293,016. The stock’s 50-day simple moving average is $192.98 and its 200 day simple moving average is $167.91. QUALCOMM Incorporated has a 1-year low of $104.33 and a 1-year high of $230.63. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.98 and a current ratio of 2.65. The company has a market cap of $225.62 billion, a price-to-earnings ratio of 26.98, a price-to-earnings-growth ratio of 2.59 and a beta of 1.29.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $9.32 billion. On average, equities analysts forecast that QUALCOMM Incorporated will post 7.83 earnings per share for the current year.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Thursday, May 30th were given a dividend of $0.85 per share. The ex-dividend date of this dividend was Thursday, May 30th. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.80. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.68%. QUALCOMM’s dividend payout ratio (DPR) is 45.70%.

Wall Street Analysts Forecast Growth

QCOM has been the subject of several analyst reports. Wells Fargo & Company upped their target price on QUALCOMM from $120.00 to $140.00 and gave the company an “underweight” rating in a report on Thursday, May 2nd. Argus raised their price objective on shares of QUALCOMM from $180.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Tigress Financial boosted their target price on shares of QUALCOMM from $238.00 to $270.00 and gave the company a “buy” rating in a report on Friday. Bank of America increased their price target on shares of QUALCOMM from $180.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Finally, Canaccord Genuity Group upped their price objective on QUALCOMM from $180.00 to $206.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $192.13.

Insider Activity at QUALCOMM

In other QUALCOMM news, Director Sylvia Acevedo sold 2,056 shares of QUALCOMM stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $178.21, for a total value of $366,399.76. Following the transaction, the director now directly owns 54 shares in the company, valued at $9,623.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $168.27, for a total transaction of $1,346,160.00. Following the completion of the transaction, the chief technology officer now owns 261,893 shares in the company, valued at approximately $44,068,735.11. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sylvia Acevedo sold 2,056 shares of QUALCOMM stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $178.21, for a total transaction of $366,399.76. Following the completion of the sale, the director now directly owns 54 shares in the company, valued at approximately $9,623.34. The disclosure for this sale can be found here. Insiders sold a total of 45,185 shares of company stock worth $8,206,875 in the last 90 days. 0.08% of the stock is owned by insiders.

QUALCOMM Company 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.