QUALCOMM Incorporated (NASDAQ:QCOM) Shares Sold by Pitti Group Wealth Management LLC

Pitti Group Wealth Management LLC cut its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 12.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,741 shares of the wireless technology company’s stock after selling 695 shares during the period. Pitti Group Wealth Management LLC’s holdings in QUALCOMM were worth $686,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of QCOM. International Assets Investment Management LLC increased its holdings in shares of 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 valued at $434,780,000 after purchasing an additional 2,983,206 shares during the period. Pacer Advisors Inc. boosted its stake in shares of QUALCOMM by 1,543.8% in the fourth quarter. Pacer Advisors Inc. now owns 2,831,577 shares of the wireless technology company’s stock worth $409,531,000 after buying an additional 2,659,323 shares during the last quarter. Barclays PLC boosted its stake in shares of QUALCOMM by 53.6% in the third quarter. Barclays PLC now owns 5,283,274 shares of the wireless technology company’s stock worth $586,760,000 after buying an additional 1,842,868 shares during the last quarter. Invesco Ltd. boosted its stake in shares of QUALCOMM by 15.7% in the third quarter. Invesco Ltd. now owns 9,249,675 shares of the wireless technology company’s stock worth $1,027,269,000 after buying an additional 1,253,173 shares during the last quarter. Finally, California Public Employees Retirement System boosted its stake in shares of QUALCOMM by 48.8% in the fourth quarter. California Public Employees Retirement System now owns 3,324,303 shares of the wireless technology company’s stock worth $480,794,000 after buying an additional 1,090,504 shares during the last quarter. 74.35% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

QCOM has been the topic of a number of recent research reports. TD Cowen upped their target price on QUALCOMM from $160.00 to $170.00 and gave the stock an “outperform” rating in a research note on Thursday, February 1st. Mizuho increased their price target on QUALCOMM from $155.00 to $160.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. Benchmark started coverage on QUALCOMM in a research report on Tuesday, April 23rd. They set a “buy” rating and a $200.00 price target on the stock. Piper Sandler increased their price target on QUALCOMM from $140.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday, February 1st. Finally, Citigroup downgraded QUALCOMM from a “buy” rating to a “neutral” rating and set a $160.00 price target on the stock. in a research report on Thursday, February 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $158.86.

Insiders Place Their Bets

In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $173.49, for a total transaction of $520,470.00. Following the completion of the transaction, the chief financial officer now directly owns 69,343 shares in the company, valued at $12,030,317.07. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CAO Neil Martin sold 371 shares of QUALCOMM stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total value of $55,586.93. Following the completion of the transaction, the chief accounting officer now directly owns 689 shares in the company, valued at $103,232.87. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction 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 completion of the transaction, the chief financial officer now owns 69,343 shares of the company’s stock, valued at $12,030,317.07. The disclosure for this sale can be found here. Insiders sold a total of 36,260 shares of company stock valued at $5,973,728 over the last quarter. 0.08% of the stock is owned by insiders.

QUALCOMM Price Performance

Shares of NASDAQ:QCOM traded up $2.36 during midday trading on Friday, hitting $165.66. The company had a trading volume of 7,141,339 shares, compared to its average volume of 6,691,146. QUALCOMM Incorporated has a twelve month low of $101.47 and a twelve month high of $177.59. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.56 and a quick ratio of 1.88. The stock has a market cap of $184.88 billion, a price-to-earnings ratio of 24.01, a price-to-earnings-growth ratio of 2.27 and a beta of 1.41. The business’s 50-day simple moving average is $165.84 and its 200-day simple moving average is $144.70.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, January 31st. The wireless technology company reported $2.33 EPS for the quarter, beating the consensus estimate of $1.90 by $0.43. The firm had revenue of $9.94 billion during the quarter, compared to analysts’ expectations of $9.50 billion. QUALCOMM had a return on equity of 38.06% and a net margin of 21.39%. On average, research analysts predict that QUALCOMM Incorporated will post 7.64 earnings per share for the current year.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, May 30th will be paid a dividend of $0.85 per share. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $3.40 annualized dividend and a yield of 2.05%. QUALCOMM’s dividend payout ratio (DPR) 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.