Crescent Sterling Ltd. Reduces Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Crescent Sterling Ltd. trimmed its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 1.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,349 shares of the wireless technology company’s stock after selling 124 shares during the quarter. QUALCOMM comprises about 1.6% of Crescent Sterling Ltd.’s investment portfolio, making the stock its 21st biggest holding. Crescent Sterling Ltd.’s holdings in QUALCOMM were worth $1,752,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of QCOM. Strategic Blueprint LLC increased its stake in shares of QUALCOMM by 23.0% in the 3rd quarter. Strategic Blueprint LLC now owns 3,755 shares of the wireless technology company’s stock worth $417,000 after acquiring an additional 701 shares in the last quarter. Denali Advisors LLC bought a new stake in QUALCOMM during the 3rd quarter valued at about $167,000. Avestar Capital LLC increased its stake in QUALCOMM by 18.0% during the 3rd quarter. Avestar Capital LLC now owns 6,009 shares of the wireless technology company’s stock valued at $667,000 after purchasing an additional 915 shares in the last quarter. Townsend Asset Management Corp NC ADV increased its stake in QUALCOMM by 15.6% during the 3rd quarter. Townsend Asset Management Corp NC ADV now owns 63,174 shares of the wireless technology company’s stock valued at $7,016,000 after purchasing an additional 8,524 shares in the last quarter. Finally, Brookstone Capital Management increased its stake in QUALCOMM by 3.8% during the 3rd quarter. Brookstone Capital Management now owns 30,966 shares of the wireless technology company’s stock valued at $3,446,000 after purchasing an additional 1,143 shares in the last quarter. 74.35% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

QCOM has been the subject of a number of analyst reports. Rosenblatt Securities raised their price objective on shares of QUALCOMM from $160.00 to $170.00 and gave the company a “buy” rating in a research note on Thursday, February 1st. TD Cowen raised their price objective on shares of QUALCOMM from $160.00 to $170.00 and gave the company an “outperform” rating in a research note on Thursday, February 1st. HSBC raised their price objective on shares of QUALCOMM from $170.00 to $190.00 and gave the company a “buy” rating in a research note on Tuesday. Benchmark assumed coverage on shares of QUALCOMM in a research note on Tuesday, April 23rd. They issued a “buy” rating and a $200.00 price target for the company. Finally, Evercore ISI assumed coverage on shares of QUALCOMM in a research note on Tuesday, April 16th. They issued an “in-line” rating and a $177.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $160.68.

QUALCOMM Stock Performance

Shares of QCOM traded down $3.35 on Tuesday, reaching $165.85. The company’s stock had a trading volume of 6,908,978 shares, compared to its average volume of 8,481,063. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.56 and a quick ratio of 1.88. The stock has a market capitalization of $185.09 billion, a P/E ratio of 24.04, a PEG ratio of 2.27 and a beta of 1.41. The stock’s 50 day simple moving average is $166.45 and its two-hundred day simple moving average is $145.75. QUALCOMM Incorporated has a 12-month low of $101.47 and a 12-month high of $177.59.

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

QUALCOMM Increases Dividend

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

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, CAO Neil Martin sold 371 shares of QUALCOMM 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 owns 689 shares of the company’s stock, valued at $103,232.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Neil Martin sold 371 shares of QUALCOMM 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 sale, the chief accounting officer now owns 689 shares in the company, valued at $103,232.87. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Cristiano R. Amon sold 8,100 shares of QUALCOMM stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $159.50, for a total transaction of $1,291,950.00. Following the sale, the chief executive officer now owns 24,300 shares in the company, valued at approximately $3,875,850. The disclosure for this sale can be found here. Insiders have sold 36,260 shares of company stock valued at $5,973,728 over the last 90 days. 0.08% of the stock is currently owned by corporate insiders.

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.