Daiichi Life Insurance Co. Ltd. cut its holdings in Qualcomm Incorporated (NASDAQ:QCOM – Free Report) by 7.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,564 shares of the wireless technology company’s stock after selling 3,319 shares during the period. Daiichi Life Insurance Co. Ltd.’s holdings in Qualcomm were worth $7,496,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Qualcomm in the second quarter worth approximately $17,583,115,000. Norges Bank acquired a new position in Qualcomm in the fourth quarter valued at approximately $2,591,056,000. Bank of New York Mellon Corp bought a new position in shares of Qualcomm during the 2nd quarter worth approximately $1,523,930,000. Deutsche Bank AG bought a new position in shares of Qualcomm during the 2nd quarter worth approximately $1,178,349,000. Finally, Wellington Management Group LLP grew its position in shares of Qualcomm by 34.5% during the 4th quarter. Wellington Management Group LLP now owns 16,727,862 shares of the wireless technology company’s stock worth $2,861,301,000 after buying an additional 4,290,622 shares during the period. 74.35% of the stock is owned by institutional investors and hedge funds.
Qualcomm Price Performance
Shares of NASDAQ QCOM opened at $160.75 on Monday. The stock has a market capitalization of $168.82 billion, a P/E ratio of 18.61, a P/E/G ratio of 14.84 and a beta of 1.65. The company has a 50-day moving average price of $178.26 and a 200-day moving average price of $168.12. Qualcomm Incorporated has a 1 year low of $121.99 and a 1 year high of $259.92. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.02 and a quick ratio of 1.28.
Qualcomm Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 3rd will be given a dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $3.68 annualized dividend and a dividend yield of 2.3%. Qualcomm’s payout ratio is presently 42.59%.
Analyst Ratings Changes
QCOM has been the subject of several research analyst reports. Barclays reiterated an “underweight” rating and issued a $180.00 price objective on shares of Qualcomm in a research note on Thursday, July 30th. Raymond James Financial began coverage on shares of Qualcomm in a report on Thursday, June 25th. They issued a “strong-buy” rating for the company. HSBC reaffirmed a “hold” rating on shares of Qualcomm in a research note on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $160.00 price objective on shares of Qualcomm in a research report on Thursday, April 30th. Finally, Daiwa Securities Group upgraded Qualcomm from a “neutral” rating to an “outperform” rating and set a $225.00 target price for the company in a research note on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, twenty have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $203.63.
Get Our Latest Stock Analysis on QCOM
Insider Transactions at Qualcomm
In related news, EVP Akash J. Palkhiwala sold 2,500 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $163.26, for a total transaction of $408,150.00. Following the completion of the sale, the executive vice president directly owned 20,684 shares of the company’s stock, valued at approximately $3,376,869.84. This trade represents a 10.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Patricia Y. Grech sold 625 shares of Qualcomm stock in a transaction on Friday, August 21st. The stock was sold at an average price of $162.85, for a total value of $101,781.25. Following the sale, the chief accounting officer owned 208 shares in the company, valued at $33,872.80. The trade was a 75.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 11,325 shares of company stock worth $1,925,859 in the last quarter. 0.05% of the stock is currently owned by corporate insiders.
Qualcomm Profile
Qualcomm Incorporated is a global semiconductor and telecommunications equipment company headquartered in San Diego, California. Founded in 1985, the company is known for its development of wireless technologies and for playing a central role in the evolution of digital cellular standards, including CDMA and subsequent generations of mobile standards. Qualcomm’s business combines the design and sale of semiconductor products with a patent licensing program for wireless technologies and related intellectual property.
The company’s product portfolio includes system-on-chip (SoC) platforms marketed under the Snapdragon brand, cellular modem and RF front-end components, connectivity solutions for Wi‑Fi and Bluetooth, and processors and platforms aimed at automotive, IoT, networking and edge-computing applications.
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