Signet Financial Management LLC Reduces Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Signet Financial Management LLC reduced its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 9.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,464 shares of the wireless technology company’s stock after selling 268 shares during the period. Signet Financial Management LLC’s holdings in QUALCOMM were worth $379,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Kohmann Bosshard Financial Services LLC acquired a new position in shares of QUALCOMM during the 4th quarter worth about $26,000. Banque Transatlantique SA purchased a new stake in shares of QUALCOMM in the 4th quarter valued at approximately $26,000. WFA Asset Management Corp acquired a new stake in shares of QUALCOMM during the 1st quarter worth approximately $27,000. Centricity Wealth Management LLC acquired a new stake in shares of QUALCOMM during the 4th quarter worth approximately $29,000. Finally, Sunbeam Capital Management LLC acquired a new stake in shares of QUALCOMM during the 4th quarter worth approximately $29,000. 74.35% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other QUALCOMM news, major shareholder Inc/De Qualcomm sold 412,500 shares of QUALCOMM stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $16.00, for a total transaction of $6,600,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Akash J. Palkhiwala sold 269 shares of the company’s stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $131.10, for a total transaction of $35,265.90. Following the sale, the chief financial officer now directly owns 57,728 shares of the company’s stock, valued at $7,568,140.80. This represents a 0.46% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 423,464 shares of company stock worth $8,135,164. 0.08% of the stock is currently owned by corporate insiders.

QUALCOMM Trading Up 2.4%

Shares of NASDAQ:QCOM opened at $159.13 on Wednesday. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $230.63. The company has a market cap of $174.72 billion, a PE ratio of 17.00, a P/E/G ratio of 2.01 and a beta of 1.26. The company’s 50-day moving average price is $144.03 and its 200 day moving average price is $155.14. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49.

QUALCOMM (NASDAQ:QCOM) last released its 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 net margin of 25.94% and a return on equity of 39.51%. The business had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $10.58 billion. During the same period in the previous year, the firm earned $2.44 EPS. The business’s revenue for the quarter was up 17.0% on a year-over-year basis. Sell-side analysts anticipate that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be paid a $0.89 dividend. This is a boost from QUALCOMM’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.24%. QUALCOMM’s dividend payout ratio is currently 36.25%.

Analyst Ratings Changes

QCOM has been the subject of several recent research reports. Evercore ISI decreased their price target on shares of QUALCOMM from $179.00 to $157.00 and set an “in-line” rating for the company in a research report on Friday, May 2nd. Loop Capital decreased their price objective on shares of QUALCOMM from $180.00 to $155.00 and set a “hold” rating for the company in a research report on Thursday, May 1st. Citigroup cut their price target on shares of QUALCOMM from $185.00 to $145.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. Seaport Res Ptn raised shares of QUALCOMM to a “hold” rating in a report on Friday, May 9th. Finally, Wall Street Zen cut shares of QUALCOMM from a “buy” rating to a “hold” rating in a report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price 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.