AMI Asset Management Corp Sells 1,889 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

AMI Asset Management Corp reduced its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 0.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 226,235 shares of the wireless technology company’s stock after selling 1,889 shares during the quarter. QUALCOMM comprises about 2.0% of AMI Asset Management Corp’s holdings, making the stock its 24th biggest holding. AMI Asset Management Corp’s holdings in QUALCOMM were worth $34,752,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of QCOM. Norges Bank bought a new stake in QUALCOMM during the fourth quarter valued at approximately $2,721,882,000. Amundi lifted its position in QUALCOMM by 36.6% during 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. bought a new stake in QUALCOMM during the fourth quarter valued at approximately $527,053,000. GAMMA Investing LLC lifted its position 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 valued at $501,192,000 after purchasing an additional 3,247,068 shares during the last quarter. Finally, Northern Trust Corp lifted its position 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 valued at $2,041,535,000 after purchasing an additional 1,493,076 shares during the last quarter. 74.35% of the stock is currently owned by institutional investors.

Insider Activity at QUALCOMM

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of the company’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $146.10, for a total transaction of $486,951.30. Following the sale, the chief financial officer now owns 49,779 shares of the company’s stock, valued at $7,272,711.90. This represents a 6.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the 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 disclosure for this sale can be found here. Insiders have sold a total of 423,464 shares of company stock valued at $8,135,164 over the last 90 days. 0.08% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

QCOM has been the topic of several analyst reports. TD Cowen decreased their target price on shares of QUALCOMM from $195.00 to $160.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th. Loop Capital reduced their price objective on shares of QUALCOMM from $180.00 to $155.00 and set a “hold” rating on the stock in a research report on Thursday, May 1st. Seaport Res Ptn raised shares of QUALCOMM to a “hold” rating in a research report on Friday, May 9th. Benchmark reduced their price objective on shares of QUALCOMM from $240.00 to $200.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Finally, Susquehanna reduced their price objective on shares of QUALCOMM from $210.00 to $190.00 and set a “positive” rating on the stock in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, QUALCOMM currently has a consensus rating of “Hold” and a consensus target price of $186.96.

QUALCOMM Stock Performance

QCOM opened at $155.93 on Thursday. The firm has a market cap of $171.21 billion, a P/E ratio of 15.88, a PEG ratio of 2.01 and a beta of 1.26. QUALCOMM Incorporated has a 1-year low of $120.80 and a 1-year high of $211.09. The company has a 50 day simple moving average of $148.57 and a two-hundred day simple moving average of $154.84. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly 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. The business had revenue of $10.98 billion during the quarter, compared to analyst estimates of $10.58 billion. QUALCOMM had a net margin of 26.11% and a return on equity of 40.11%. The company’s revenue was up 17.0% on a year-over-year basis. During the same period in the prior year, the business posted $2.44 earnings per share. Equities analysts forecast 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. Investors of record on Thursday, June 5th will be paid a dividend of $0.89 per share. This is an increase from QUALCOMM’s previous quarterly dividend of $0.85. The ex-dividend date is Thursday, June 5th. This represents a $3.56 dividend on an annualized basis and a yield of 2.28%. QUALCOMM’s dividend payout ratio is presently 36.25%.

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.