Auto Owners Insurance Co Sells 296,080 Shares of QUALCOMM Incorporated $QCOM

Auto Owners Insurance Co reduced its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 97.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,839 shares of the wireless technology company’s stock after selling 296,080 shares during the quarter. Auto Owners Insurance Co’s holdings in QUALCOMM were worth $1,248,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in QCOM. Kingstone Capital Partners Texas LLC increased its holdings in shares of QUALCOMM by 656,661.0% during the second quarter. Kingstone Capital Partners Texas LLC now owns 58,773,542 shares of the wireless technology company’s stock worth $9,360,274,000 after purchasing an additional 58,764,593 shares during the period. Nuveen LLC bought a new position in shares of QUALCOMM during the first quarter worth approximately $529,713,000. Goldman Sachs Group Inc. increased its holdings in shares of QUALCOMM by 24.1% during the first quarter. Goldman Sachs Group Inc. now owns 7,254,759 shares of the wireless technology company’s stock worth $1,114,403,000 after purchasing an additional 1,407,797 shares during the period. Deutsche Bank AG increased its holdings in shares of QUALCOMM by 11.2% during the first quarter. Deutsche Bank AG now owns 8,665,910 shares of the wireless technology company’s stock worth $1,331,170,000 after purchasing an additional 875,412 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of QUALCOMM by 84.6% during the first quarter. AQR Capital Management LLC now owns 1,544,011 shares of the wireless technology company’s stock worth $230,444,000 after purchasing an additional 707,615 shares during the period. 74.35% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on QCOM shares. UBS Group set a $165.00 target price on shares of QUALCOMM in a report on Monday. Citigroup increased their price target on shares of QUALCOMM from $170.00 to $175.00 and gave the stock a “neutral” rating in a research report on Tuesday. Sanford C. Bernstein set a $185.00 price target on shares of QUALCOMM and gave the stock an “outperform” rating in a research report on Monday, July 28th. Rosenblatt Securities reiterated a “buy” rating and set a $225.00 price target on shares of QUALCOMM in a research report on Tuesday. Finally, Susquehanna increased their price target on shares of QUALCOMM from $190.00 to $200.00 and gave the stock a “positive” rating in a research report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $183.95.

QUALCOMM Stock Down 3.5%

Shares of NASDAQ:QCOM opened at $181.03 on Wednesday. The company has a fifty day moving average of $164.47 and a 200-day moving average of $155.83. The company has a market capitalization of $195.33 billion, a PE ratio of 17.46, a price-to-earnings-growth ratio of 2.72 and a beta of 1.23. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.38 and a current ratio of 3.19. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $205.95.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.71 by $0.06. The company had revenue of $10.37 billion during the quarter, compared to the consensus estimate of $10.33 billion. QUALCOMM had a net margin of 26.77% and a return on equity of 40.35%. The company’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same period in the prior year, the business earned $2.33 earnings per share. On average, equities analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Stockholders of record on Thursday, December 4th will be issued a dividend of $0.89 per share. The ex-dividend date is Thursday, December 4th. This represents a $3.56 annualized dividend and a dividend yield of 2.0%. QUALCOMM’s dividend payout ratio is 34.33%.

Insider Activity at QUALCOMM

In other news, CAO Neil Martin sold 791 shares of QUALCOMM stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $154.82, for a total transaction of $122,462.62. Following the transaction, the chief accounting officer owned 1,106 shares in the company, valued at approximately $171,230.92. The trade was a 41.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Patricia Y. Grech sold 273 shares of QUALCOMM stock in a transaction on Friday, September 12th. The stock was sold at an average price of $161.42, for a total transaction of $44,067.66. Following the transaction, the chief accounting officer owned 404 shares in the company, valued at approximately $65,213.68. This trade represents a 40.32% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 168,102 shares of company stock valued at $27,706,855. 0.08% of the stock is owned by company insiders.

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.