Smith Anglin Financial LLC Decreases Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Smith Anglin Financial LLC reduced its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 3.3% during the first quarter, Holdings Channel.com reports. The institutional investor owned 2,204 shares of the wireless technology company’s stock after selling 75 shares during the period. Smith Anglin Financial LLC’s holdings in QUALCOMM were worth $339,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. RFG Advisory LLC raised its position in QUALCOMM by 22.9% during the first quarter. RFG Advisory LLC now owns 27,724 shares of the wireless technology company’s stock valued at $4,259,000 after purchasing an additional 5,171 shares during the period. HBW Advisory Services LLC raised its position in QUALCOMM by 45.2% during the first quarter. HBW Advisory Services LLC now owns 3,150 shares of the wireless technology company’s stock valued at $484,000 after purchasing an additional 980 shares during the period. Merit Financial Group LLC raised its position in QUALCOMM by 60.2% during the first quarter. Merit Financial Group LLC now owns 36,663 shares of the wireless technology company’s stock valued at $5,632,000 after purchasing an additional 13,774 shares during the period. O Keefe Stevens Advisory Inc. raised its position in QUALCOMM by 2.1% during the first quarter. O Keefe Stevens Advisory Inc. now owns 139,423 shares of the wireless technology company’s stock valued at $21,417,000 after purchasing an additional 2,828 shares during the period. Finally, Hummer Financial Advisory Services Inc raised its position in QUALCOMM by 3.2% during the first quarter. Hummer Financial Advisory Services Inc now owns 6,370 shares of the wireless technology company’s stock valued at $978,000 after purchasing an additional 200 shares during the period. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

QUALCOMM Stock Up 1.6%

Shares of NASDAQ QCOM opened at $148.94 on Wednesday. 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 stock has a market capitalization of $163.54 billion, a PE ratio of 15.91, a price-to-earnings-growth ratio of 2.01 and a beta of 1.29. The stock’s fifty day simple moving average is $143.88 and its two-hundred day simple moving average is $155.39. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $230.63.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.03. The business had revenue of $10.98 billion for the quarter, compared to analysts’ expectations of $10.58 billion. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The business’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.44 EPS. As a group, analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be given a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a yield of 2.39%. The ex-dividend date is Thursday, June 5th. This is a boost from QUALCOMM’s previous quarterly dividend of $0.85. QUALCOMM’s dividend payout ratio (DPR) is 36.25%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Robert W. Baird reduced their price target on QUALCOMM from $250.00 to $216.00 and set an “outperform” rating on the stock in a report on Thursday, May 1st. Piper Sandler reduced their price target on QUALCOMM from $205.00 to $190.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Citigroup reduced their price target on QUALCOMM from $185.00 to $145.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Seaport Res Ptn upgraded QUALCOMM to a “hold” rating in a report on Friday, May 9th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $185.00 price target on shares of QUALCOMM in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $189.88.

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, insider Heather S. Ace sold 1,600 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $154.24, for a total transaction of $246,784.00. Following the sale, the insider now owns 24,393 shares of the company’s stock, valued at approximately $3,762,376.32. This trade represents a 6.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Akash J. Palkhiwala sold 1,781 shares of the stock in a transaction on Friday, April 4th. The shares were sold at an average price of $132.10, for a total value of $235,270.10. Following the sale, the chief financial officer now directly owns 57,997 shares in the company, valued at $7,661,403.70. This trade represents a 2.98% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 425,064 shares of company stock valued at $8,381,948. 0.08% of the stock is currently owned by corporate 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.