Yousif Capital Management LLC Reduces Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Yousif Capital Management LLC lowered its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 1.9% in the first quarter, HoldingsChannel reports. The institutional investor owned 148,270 shares of the wireless technology company’s stock after selling 2,928 shares during the period. Yousif Capital Management LLC’s holdings in QUALCOMM were worth $22,776,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tallon Kerry Patrick acquired a new position in QUALCOMM in the fourth quarter valued at approximately $207,000. LaFleur & Godfrey LLC lifted its stake in shares of QUALCOMM by 10.6% in the 4th quarter. LaFleur & Godfrey LLC now owns 3,126 shares of the wireless technology company’s stock valued at $480,000 after purchasing an additional 300 shares during the period. Brighton Jones LLC boosted its holdings in QUALCOMM by 116.6% during the fourth quarter. Brighton Jones LLC now owns 17,356 shares of the wireless technology company’s stock worth $2,666,000 after buying an additional 9,343 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new stake in QUALCOMM during the fourth quarter valued at $10,394,000. Finally, Revolve Wealth Partners LLC raised its position in shares of QUALCOMM by 15.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 2,542 shares of the wireless technology company’s stock worth $391,000 after acquiring an additional 340 shares during the period. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on QCOM shares. Evercore ISI reduced their target price on QUALCOMM from $179.00 to $157.00 and set an “in-line” rating for the company in a research note on Friday, May 2nd. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $150.00 price objective on shares of QUALCOMM in a report on Thursday, May 1st. Seaport Res Ptn raised shares of QUALCOMM to a “hold” rating in a research note on Friday, May 9th. Robert W. Baird decreased their price target on shares of QUALCOMM from $250.00 to $216.00 and set an “outperform” rating on the stock in a research note on Thursday, May 1st. Finally, Loop Capital cut their price objective on QUALCOMM from $180.00 to $155.00 and set a “hold” rating for the company in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $189.88.

QUALCOMM Stock Up 4.1%

QCOM stock opened at $155.41 on Tuesday. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $230.63. The company’s 50 day moving average price is $143.64 and its 200 day moving average price is $155.11. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.99 and a current ratio of 2.62. The firm has a market capitalization of $170.64 billion, a price-to-earnings ratio of 16.60, a PEG ratio of 2.01 and a beta of 1.26.

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

QUALCOMM Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be paid a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend is Thursday, June 5th. This is an increase from QUALCOMM’s previous quarterly dividend of $0.85. QUALCOMM’s dividend payout ratio (DPR) is currently 36.25%.

Insiders Place Their Bets

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of the company’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $146.10, for a total value of $486,951.30. Following the completion of the sale, the chief financial officer now owns 49,779 shares in the company, valued at $7,272,711.90. This represents a 6.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the company’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $16.00, for a total transaction of $6,600,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 425,064 shares of company stock valued at $8,381,948 over the last quarter. Company insiders own 0.08% of the company’s stock.

About QUALCOMM

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.