Gateway Investment Advisers LLC Sells 881 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Gateway Investment Advisers LLC cut its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 0.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 288,249 shares of the wireless technology company’s stock after selling 881 shares during the quarter. Gateway Investment Advisers LLC’s holdings in QUALCOMM were worth $44,278,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Howard Bailey Securities LLC acquired a new position in shares of QUALCOMM during the fourth quarter worth approximately $240,000. Teza Capital Management LLC bought a new position in QUALCOMM in the 4th quarter worth approximately $1,541,000. Purkiss Capital Advisors LLC acquired a new position in QUALCOMM during the 4th quarter worth $303,000. Amundi lifted its holdings in QUALCOMM by 36.6% during the 4th quarter. Amundi now owns 14,579,529 shares of the wireless technology company’s stock worth $2,313,634,000 after buying an additional 3,905,918 shares in the last quarter. Finally, First Foundation Advisors boosted its position in QUALCOMM by 41.2% in the 4th quarter. First Foundation Advisors now owns 156,770 shares of the wireless technology company’s stock valued at $24,083,000 after buying an additional 45,769 shares during the last quarter. 74.35% of the stock is owned by institutional investors.

QUALCOMM Stock Performance

Shares of QUALCOMM stock opened at $149.24 on Friday. The stock’s fifty day simple moving average is $143.61 and its 200 day simple moving average is $155.12. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $163.87 billion, a PE ratio of 15.94, a PEG ratio of 2.01 and a beta of 1.26. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $230.63.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, topping analysts’ consensus estimates of $2.82 by $0.03. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The company had revenue of $10.98 billion for the quarter, compared to analyst estimates of $10.58 billion. During the same quarter last year, the firm posted $2.44 earnings per share. QUALCOMM’s revenue was up 17.0% compared to the same quarter last year. On average, research analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be issued a $0.89 dividend. This represents a $3.56 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend is Thursday, June 5th. This is a boost from QUALCOMM’s previous quarterly dividend of $0.85. QUALCOMM’s dividend payout ratio is 36.25%.

Insider Transactions at QUALCOMM

In other news, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $137.74, for a total value of $220,384.00. Following the sale, the insider now directly owns 22,793 shares in the company, valued at $3,139,507.82. This trade represents a 6.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Akash J. Palkhiwala sold 269 shares of the business’s stock in a transaction on Monday, April 7th. The stock was sold at an average price of $131.10, for a total transaction of $35,265.90. Following the completion of the sale, the chief financial officer now directly owns 57,728 shares in the company, valued at approximately $7,568,140.80. This represents a 0.46% decrease in their position. The disclosure for this sale can be found here. Insiders sold 425,064 shares of company stock valued at $8,381,948 over the last quarter. Corporate insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

QCOM has been the subject of a number of recent research reports. Wells Fargo & Company dropped their target price on QUALCOMM from $175.00 to $140.00 and set an “underweight” rating for the company in a research report on Thursday, May 1st. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $185.00 price objective on shares of QUALCOMM in a research report on Tuesday, April 29th. Benchmark dropped their price objective on QUALCOMM from $240.00 to $200.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Loop Capital reduced their target price on shares of QUALCOMM from $180.00 to $155.00 and set a “hold” rating on the stock in a research note on Thursday, May 1st. Finally, Susquehanna lowered their price target on shares of QUALCOMM from $210.00 to $190.00 and set a “positive” rating for the company in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, QUALCOMM currently has an average rating of “Hold” and a consensus price target of $189.88.

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.