Perigon Wealth Management LLC Sells 8,892 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Perigon Wealth Management LLC trimmed its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 16.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 46,215 shares of the wireless technology company’s stock after selling 8,892 shares during the period. Perigon Wealth Management LLC’s holdings in QUALCOMM were worth $7,099,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Norges Bank purchased a new stake in shares of QUALCOMM in the fourth quarter valued at about $2,721,882,000. Amundi raised its holdings in shares of QUALCOMM by 36.6% in the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company’s stock valued at $2,313,634,000 after purchasing an additional 3,905,918 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of QUALCOMM in the fourth quarter valued at about $527,053,000. GAMMA Investing LLC raised its holdings in shares of QUALCOMM by 20,700.4% in the first quarter. GAMMA Investing LLC now owns 3,262,754 shares of the wireless technology company’s stock valued at $501,192,000 after purchasing an additional 3,247,068 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of QUALCOMM by 12.7% in the fourth quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company’s stock valued at $2,041,535,000 after purchasing an additional 1,493,076 shares during the last quarter. 74.35% of the stock is owned by institutional investors.

Insider Activity

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 49,779 shares in the company, valued at approximately $7,272,711.90. This trade represents a 6.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 423,464 shares of company stock worth $8,135,164. 0.08% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

QCOM has been the subject of several analyst reports. Wells Fargo & Company lowered their target price on shares of QUALCOMM from $175.00 to $140.00 and set an “underweight” rating for the company in a report on Thursday, May 1st. Wall Street Zen downgraded shares of QUALCOMM from a “buy” rating to a “hold” rating in a report on Thursday, May 22nd. Citigroup decreased their price objective on shares of QUALCOMM from $185.00 to $145.00 and set a “neutral” rating for the company in a report on Friday, April 11th. Seaport Res Ptn upgraded shares of QUALCOMM to a “hold” rating in a report on Friday, May 9th. Finally, Benchmark decreased their price objective on shares of QUALCOMM from $240.00 to $200.00 and set a “buy” rating for the company in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, QUALCOMM currently has an average rating of “Hold” and an average target price of $186.96.

QUALCOMM Price Performance

Shares of NASDAQ:QCOM opened at $155.93 on Thursday. The company has a quick ratio of 2.08, a current ratio of 2.73 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $171.21 billion, a PE ratio of 15.88, a P/E/G ratio of 2.01 and a beta of 1.26. QUALCOMM Incorporated has a twelve month low of $120.80 and a twelve month high of $211.09. The company has a 50-day moving average price of $148.57 and a two-hundred day moving average price of $154.84.

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 analysts’ consensus estimates of $2.82 by $0.03. QUALCOMM had a net margin of 26.11% and a return on equity of 40.11%. The firm had revenue of $10.98 billion during the quarter, compared to analyst estimates of $10.58 billion. During the same quarter last year, the business earned $2.44 earnings per share. The company’s quarterly revenue was up 17.0% on a year-over-year basis. Equities analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be given a $0.89 dividend. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.85. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date is Thursday, June 5th. QUALCOMM’s dividend payout ratio (DPR) is 36.25%.

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.