Logan Capital Management Inc. Cuts Position in QUALCOMM Incorporated $QCOM

Logan Capital Management Inc. trimmed its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 48.9% during the second quarter, HoldingsChannel.com reports. The firm owned 2,914 shares of the wireless technology company’s stock after selling 2,790 shares during the quarter. Logan Capital Management Inc.’s holdings in QUALCOMM were worth $464,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vermillion & White Wealth Management Group LLC raised its holdings in shares of QUALCOMM by 122.4% during the 1st quarter. Vermillion & White Wealth Management Group LLC now owns 169 shares of the wireless technology company’s stock valued at $26,000 after buying an additional 93 shares during the period. Atlantic Edge Private Wealth Management LLC raised its holdings in shares of QUALCOMM by 70.0% during the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company’s stock valued at $26,000 after buying an additional 70 shares during the period. Chung Wu Investment Group LLC purchased a new stake in shares of QUALCOMM during the 2nd quarter valued at about $32,000. Harbor Asset Planning Inc. purchased a new stake in shares of QUALCOMM during the 2nd quarter valued at about $32,000. Finally, Atticus Wealth Management LLC raised its holdings in shares of QUALCOMM by 21,200.0% during the 2nd quarter. Atticus Wealth Management LLC now owns 213 shares of the wireless technology company’s stock valued at $34,000 after buying an additional 212 shares during the period. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

QCOM has been the topic of several analyst reports. JPMorgan Chase & Co. raised their target price on QUALCOMM from $190.00 to $200.00 and gave the company an “overweight” rating in a report on Monday, July 28th. Sanford C. Bernstein set a $185.00 target price on QUALCOMM and gave the company an “outperform” rating in a report on Monday, July 28th. UBS Group set a $165.00 target price on QUALCOMM in a report on Monday. Susquehanna raised their target price on QUALCOMM from $190.00 to $200.00 and gave the company a “positive” rating in a report on Wednesday, October 22nd. Finally, Arete Research set a $200.00 price objective on QUALCOMM in a report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $183.95.

QUALCOMM Price Performance

QCOM stock opened at $181.03 on Wednesday. The company has a quick ratio of 2.38, a current ratio of 3.19 and a debt-to-equity ratio of 0.54. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $205.95. The stock’s 50 day moving average is $164.47 and its two-hundred day moving average is $155.83. The company has a market capitalization of $195.33 billion, a PE ratio of 17.46, a P/E/G ratio of 2.72 and a beta of 1.23.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data 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. QUALCOMM had a return on equity of 40.35% and a net margin of 26.77%.The company had revenue of $10.37 billion for the quarter, compared to the consensus estimate of $10.33 billion. During the same period in the previous year, the business earned $2.33 EPS. QUALCOMM’s revenue for the quarter was up 10.4% compared to the same quarter last year. Analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 18th. Stockholders of record on Thursday, December 4th will be given a $0.89 dividend. 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 (DPR) is presently 34.33%.

Insider Buying and Selling

In other news, CAO Patricia Y. Grech sold 273 shares of QUALCOMM stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $161.42, for a total value of $44,067.66. Following the completion of 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Neil Martin sold 791 shares of QUALCOMM stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $154.82, for a total value of $122,462.62. Following the completion of the transaction, the chief accounting officer owned 1,106 shares of the company’s stock, valued at approximately $171,230.92. The trade was a 41.70% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 168,102 shares of company stock worth $27,706,855. 0.08% of the stock is currently owned by insiders.

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.