Torray Investment Partners LLC Reduces Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Torray Investment Partners LLC cut its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 33.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,146 shares of the wireless technology company’s stock after selling 35,683 shares during the period. QUALCOMM comprises about 2.1% of Torray Investment Partners LLC’s holdings, making the stock its 14th largest position. Torray Investment Partners LLC’s holdings in QUALCOMM were worth $14,370,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Gilbert & Cook Inc. increased its position in QUALCOMM by 7.3% during the 4th quarter. Gilbert & Cook Inc. now owns 5,254 shares of the wireless technology company’s stock worth $760,000 after purchasing an additional 356 shares in the last quarter. Gryphon Financial Partners LLC purchased a new position in shares of QUALCOMM during the fourth quarter valued at approximately $334,000. Smithfield Trust Co boosted its position in QUALCOMM by 2.2% during the fourth quarter. Smithfield Trust Co now owns 3,623 shares of the wireless technology company’s stock worth $522,000 after acquiring an additional 79 shares during the last quarter. Teacher Retirement System of Texas grew its stake in QUALCOMM by 31.7% in the 4th quarter. Teacher Retirement System of Texas now owns 309,223 shares of the wireless technology company’s stock worth $44,723,000 after acquiring an additional 74,361 shares during the period. Finally, Cary Street Partners Investment Advisory LLC lifted its stake in shares of QUALCOMM by 2.2% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 93,139 shares of the wireless technology company’s stock worth $13,471,000 after purchasing an additional 1,962 shares during the period. 74.35% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CTO James H. Thompson sold 8,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $199.47, for a total transaction of $1,595,760.00. Following the completion of the transaction, the chief technology officer now owns 237,893 shares in the company, valued at $47,452,516.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $205.61, for a total transaction of $616,830.00. Following the sale, the chief financial officer now owns 60,343 shares of the company’s stock, valued at $12,407,124.23. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO James H. Thompson sold 8,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $199.47, for a total value of $1,595,760.00. Following the completion of the transaction, the chief technology officer now directly owns 237,893 shares of the company’s stock, valued at $47,452,516.71. The disclosure for this sale can be found here. Insiders have sold 19,000 shares of company stock valued at $3,496,590 over the last three months. Company insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

QCOM has been the subject of several analyst reports. Wells Fargo & Company upped their target price on QUALCOMM from $140.00 to $170.00 and gave the company an “underweight” rating in a research note on Thursday, August 1st. Mizuho increased their price objective on shares of QUALCOMM from $180.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Westpark Capital restated a “hold” rating on shares of QUALCOMM in a report on Tuesday, July 30th. DZ Bank raised shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 price target on the stock in a research note on Friday, August 2nd. Finally, Susquehanna lifted their price target on shares of QUALCOMM from $205.00 to $250.00 and gave the company a “positive” rating in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $210.63.

QUALCOMM Stock Performance

Shares of NASDAQ:QCOM traded down $5.51 on Friday, reaching $158.19. 10,703,047 shares of the company’s stock were exchanged, compared to its average volume of 9,279,430. The business’s 50-day moving average is $179.95 and its two-hundred day moving average is $181.35. The company has a quick ratio of 1.78, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. QUALCOMM Incorporated has a fifty-two week low of $104.33 and a fifty-two week high of $230.63. The firm has a market capitalization of $176.22 billion, a price-to-earnings ratio of 21.26, a PEG ratio of 1.93 and a beta of 1.28.

QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.21. QUALCOMM had a net margin of 23.32% and a return on equity of 38.12%. The firm had revenue of $9.39 billion for the quarter, compared to analysts’ expectations of $9.23 billion. As a group, equities research analysts forecast that QUALCOMM Incorporated will post 7.98 EPS for the current year.

QUALCOMM Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 5th will be paid a dividend of $0.85 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $3.40 dividend on an annualized basis and a yield of 2.15%. QUALCOMM’s payout ratio is currently 45.70%.

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.