WFA of San Diego LLC Trims Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

WFA of San Diego LLC lessened its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 28.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,572 shares of the wireless technology company’s stock after selling 5,723 shares during the period. QUALCOMM comprises approximately 1.7% of WFA of San Diego LLC’s investment portfolio, making the stock its 11th biggest position. WFA of San Diego LLC’s holdings in QUALCOMM were worth $1,735,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of QCOM. Fairfield Bush & CO. raised its position in QUALCOMM by 1.3% during the 1st quarter. Fairfield Bush & CO. now owns 30,833 shares of the wireless technology company’s stock valued at $4,712,000 after purchasing an additional 390 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of QUALCOMM by 12.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211,930 shares of the wireless technology company’s stock valued at $338,027,000 after buying an additional 245,335 shares during the period. Merit Financial Group LLC raised its holdings in shares of QUALCOMM by 25.2% in the first quarter. Merit Financial Group LLC now owns 2,759 shares of the wireless technology company’s stock valued at $422,000 after acquiring an additional 555 shares in the last quarter. NewEdge Advisors LLC lifted its stake in QUALCOMM by 23.8% in the first quarter. NewEdge Advisors LLC now owns 44,138 shares of the wireless technology company’s stock worth $6,745,000 after acquiring an additional 8,472 shares during the period. Finally, Mackenzie Financial Corp increased its position in QUALCOMM by 30.4% during the 1st quarter. Mackenzie Financial Corp now owns 342,744 shares of the wireless technology company’s stock valued at $52,378,000 after purchasing an additional 79,827 shares during the period. Institutional investors own 71.10% of the company’s stock.

QUALCOMM Stock Performance

Shares of NASDAQ:QCOM traded up $0.05 during midday trading on Monday, reaching $129.52. The company’s stock had a trading volume of 595,416 shares, compared to its average volume of 8,060,774. The company has a quick ratio of 1.67, a current ratio of 2.33 and a debt-to-equity ratio of 0.67. The stock has a fifty day moving average of $113.29 and a 200 day moving average of $114.73. QUALCOMM Incorporated has a twelve month low of $101.47 and a twelve month high of $139.94. The firm has a market capitalization of $144.54 billion, a PE ratio of 20.14, a P/E/G ratio of 1.44 and a beta of 1.21.

QUALCOMM Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Shareholders of record on Thursday, November 30th will be given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 2.47%. The ex-dividend date is Wednesday, November 29th. QUALCOMM’s dividend payout ratio is currently 49.84%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of QUALCOMM from $135.00 to $140.00 and gave the company an “overweight” rating in a research note on Thursday, November 2nd. Piper Sandler lifted their price target on QUALCOMM from $120.00 to $140.00 and gave the company an “overweight” rating in a report on Thursday, August 3rd. Rosenblatt Securities reaffirmed a “buy” rating and set a $145.00 price objective on shares of QUALCOMM in a research report on Thursday, September 14th. Evercore ISI reduced their target price on shares of QUALCOMM from $140.00 to $135.00 in a report on Thursday, October 5th. Finally, Wells Fargo & Company raised their price target on shares of QUALCOMM from $95.00 to $100.00 and gave the company an “underweight” rating in a report on Tuesday, September 12th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $137.85.

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, insider James J. Cathey sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $111.27, for a total value of $111,270.00. Following the sale, the insider now owns 5,745 shares in the company, valued at approximately $639,246.15. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other QUALCOMM news, insider James J. Cathey sold 1,000 shares of QUALCOMM stock in a transaction on Monday, September 11th. The shares were sold at an average price of $111.27, for a total value of $111,270.00. Following the completion of the transaction, the insider now owns 5,745 shares of the company’s stock, valued at $639,246.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO James H. Thompson sold 27,962 shares of the stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $113.23, for a total transaction of $3,166,137.26. Following the sale, the chief technology officer now directly owns 241,369 shares in the company, valued at $27,330,211.87. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,963 shares of company stock worth $5,377,298. Insiders own 0.07% of the company’s stock.

About QUALCOMM

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.