Comerica Bank Has $41.99 Million Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Comerica Bank lowered its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 7.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 273,314 shares of the wireless technology company’s stock after selling 21,632 shares during the period. Comerica Bank’s holdings in QUALCOMM were worth $41,987,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Kohmann Bosshard Financial Services LLC acquired a new position in QUALCOMM in the 4th quarter worth about $26,000. CKW Financial Group acquired a new position in QUALCOMM in the fourth quarter worth approximately $27,000. Centricity Wealth Management LLC bought a new position in QUALCOMM during the fourth quarter valued at approximately $29,000. CoreFirst Bank & Trust acquired a new stake in QUALCOMM in the fourth quarter valued at approximately $33,000. Finally, Synergy Asset Management LLC bought a new stake in QUALCOMM in the fourth quarter worth approximately $38,000. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

QUALCOMM Price Performance

Shares of QCOM opened at $146.88 on Wednesday. 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 $162.45 billion, a PE ratio of 15.69, a P/E/G ratio of 2.01 and a beta of 1.28. The stock has a 50 day simple moving average of $149.02 and a 200 day simple moving average of $159.13. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $230.63.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. Sell-side analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Thursday, June 5th. This is a boost from QUALCOMM’s previous quarterly dividend of $0.85. This represents a $3.56 annualized dividend and a yield of 2.42%. QUALCOMM’s payout ratio is 38.03%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on QCOM shares. Mizuho reduced their price objective on shares of QUALCOMM from $245.00 to $215.00 and set an “outperform” rating for the company in a research note on Tuesday, January 7th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $185.00 target price on shares of QUALCOMM in a report on Tuesday. Piper Sandler lowered their price target on QUALCOMM from $205.00 to $190.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. TD Cowen cut their price objective on QUALCOMM from $195.00 to $160.00 and set a “buy” rating for the company in a research report on Wednesday, April 9th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 target price on shares of QUALCOMM in a report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, QUALCOMM presently has an average rating of “Hold” and a consensus price target of $200.86.

Insider Transactions at QUALCOMM

In related news, CFO Akash J. Palkhiwala sold 648 shares of QUALCOMM stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $141.11, for a total transaction of $91,439.28. Following the completion of the transaction, the chief financial officer now owns 56,445 shares in the company, valued at approximately $7,964,953.95. This trade represents a 1.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Alexander H. Rogers sold 19,287 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $169.83, for a total value of $3,275,511.21. Following the completion of the sale, the insider now directly owns 20,762 shares of the company’s stock, valued at approximately $3,526,010.46. The trade was a 48.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,666 shares of company stock worth $5,047,052 in the last three months. Insiders own 0.08% of the company’s stock.

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.