Continuum Advisory LLC Trims Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Continuum Advisory LLC decreased its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 14.5% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,948 shares of the wireless technology company’s stock after selling 500 shares during the quarter. Continuum Advisory LLC’s holdings in QUALCOMM were worth $453,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in QCOM. Norges Bank purchased a new position in QUALCOMM during the fourth quarter worth approximately $2,721,882,000. Amundi increased its stake in QUALCOMM by 36.6% during the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company’s stock worth $2,313,634,000 after acquiring an additional 3,905,918 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in QUALCOMM during the fourth quarter worth $527,053,000. GAMMA Investing LLC increased its stake in QUALCOMM by 20,700.4% during the first quarter. GAMMA Investing LLC now owns 3,262,754 shares of the wireless technology company’s stock worth $501,192,000 after acquiring an additional 3,247,068 shares during the last quarter. Finally, Northern Trust Corp increased its stake in QUALCOMM by 12.7% during the fourth quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company’s stock worth $2,041,535,000 after acquiring an additional 1,493,076 shares during the last quarter. Hedge funds and other institutional investors own 74.35% of the company’s stock.

Insiders Place Their Bets

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 269 shares of QUALCOMM 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 completion of the sale, the chief financial officer now directly owns 57,728 shares of the company’s stock, valued at $7,568,140.80. The trade was a 0.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the business’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $16.00, for a total value of $6,600,000.00. The disclosure for this sale can be found here. Insiders sold 423,464 shares of company stock valued at $8,135,164 in the last ninety days. Insiders own 0.08% of the company’s stock.

QUALCOMM Trading Up 1.2%

QCOM opened at $153.14 on Tuesday. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $211.09. The stock has a market capitalization of $168.15 billion, a price-to-earnings ratio of 15.59, a PEG ratio of 1.95 and a beta of 1.26. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08. The business has a fifty day moving average price of $147.82 and a 200 day moving average price of $154.83.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.82 by $0.03. The company had revenue of $10.98 billion during the quarter, compared to the consensus estimate of $10.58 billion. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. QUALCOMM’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same period in the previous year, the business earned $2.44 EPS. Sell-side analysts expect that QUALCOMM Incorporated will post 9.39 earnings per share 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 issued a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a yield of 2.32%. This is an increase from QUALCOMM’s previous quarterly dividend of $0.85. The ex-dividend date is Thursday, June 5th. QUALCOMM’s payout ratio is 36.25%.

Analysts Set New Price Targets

QCOM has been the subject of several recent analyst reports. Wells Fargo & Company cut their target price on QUALCOMM from $175.00 to $140.00 and set an “underweight” rating for the company in a research note on Thursday, May 1st. Wall Street Zen cut QUALCOMM from a “buy” rating to a “hold” rating in a research note on Thursday, May 22nd. Loop Capital cut their target price on QUALCOMM from $180.00 to $155.00 and set a “hold” rating for the company in a research note on Thursday, May 1st. Bank of America cut their target price on QUALCOMM from $245.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, June 17th. Finally, TD Cowen cut their target price on QUALCOMM from $195.00 to $160.00 and set a “buy” rating for the company in a research note on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, QUALCOMM currently has an average rating of “Hold” and a consensus target price of $186.96.

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.