Palouse Capital Management Inc. Sells 1,015 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Palouse Capital Management Inc. reduced its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 4.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 19,820 shares of the wireless technology company’s stock after selling 1,015 shares during the period. QUALCOMM makes up 2.0% of Palouse Capital Management Inc.’s investment portfolio, making the stock its 17th biggest position. Palouse Capital Management Inc.’s holdings in QUALCOMM were worth $2,867,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in QCOM. Moneta Group Investment Advisors LLC lifted its holdings in shares of QUALCOMM by 117,461.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 24,587,893 shares of the wireless technology company’s stock worth $2,703,193,000 after acquiring an additional 24,566,978 shares during the last quarter. Norges Bank bought a new stake in QUALCOMM in the fourth quarter worth $1,467,351,000. Cowa LLC bought a new stake in QUALCOMM in the first quarter worth $94,000. Morgan Stanley lifted its stake in QUALCOMM by 22.2% in the fourth quarter. Morgan Stanley now owns 21,602,874 shares of the wireless technology company’s stock worth $2,375,020,000 after purchasing an additional 3,929,586 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its stake in QUALCOMM by 12,998.7% in the fourth quarter. International Assets Investment Management LLC now owns 3,006,156 shares of the wireless technology company’s stock worth $434,780,000 after purchasing an additional 2,983,206 shares during the last quarter. 74.35% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on QCOM. Mizuho boosted their price target on shares of QUALCOMM from $155.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, February 1st. JPMorgan Chase & Co. decreased their price objective on shares of QUALCOMM from $173.00 to $170.00 and set an “overweight” rating on the stock in a research report on Thursday, February 1st. TD Cowen boosted their price objective on shares of QUALCOMM from $160.00 to $170.00 and gave the company an “outperform” rating in a research report on Thursday, February 1st. Piper Sandler boosted their price objective on shares of QUALCOMM from $140.00 to $165.00 and gave the company an “overweight” rating in a research report on Thursday, February 1st. Finally, Canaccord Genuity Group boosted their price objective on shares of QUALCOMM from $152.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, January 19th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $156.90.

Insider Transactions at QUALCOMM

In other news, CAO Neil Martin sold 371 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $149.83, for a total value of $55,586.93. Following the transaction, the chief accounting officer now owns 689 shares in the company, valued at $103,232.87. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $173.49, for a total value of $520,470.00. Following the transaction, the chief financial officer now owns 69,343 shares in the company, valued at $12,030,317.07. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Neil Martin sold 371 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total transaction of $55,586.93. Following the completion of the transaction, the chief accounting officer now owns 689 shares in the company, valued at approximately $103,232.87. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,260 shares of company stock worth $5,973,728. Corporate insiders own 0.08% of the company’s stock.

QUALCOMM Stock Down 2.4 %

QCOM traded down $3.81 during midday trading on Friday, reaching $157.63. The company’s stock had a trading volume of 10,287,877 shares, compared to its average volume of 8,637,354. The firm has a market capitalization of $175.92 billion, a price-to-earnings ratio of 22.84, a PEG ratio of 2.24 and a beta of 1.41. The company has a current ratio of 2.56, a quick ratio of 1.88 and a debt-to-equity ratio of 0.63. QUALCOMM Incorporated has a 1 year low of $101.47 and a 1 year high of $177.59. The stock’s 50-day moving average is $164.87 and its 200-day moving average is $142.66.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, January 31st. The wireless technology company reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.43. The business had revenue of $9.94 billion for the quarter, compared to analysts’ expectations of $9.50 billion. QUALCOMM had a net margin of 21.39% and a return on equity of 38.06%. As a group, research analysts expect that QUALCOMM Incorporated will post 7.69 EPS for the current year.

QUALCOMM Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, May 30th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Thursday, May 30th. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. QUALCOMM’s dividend payout ratio is 46.38%.

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.