WASHINGTON TRUST Co Has $1.18 Million Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

WASHINGTON TRUST Co trimmed its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 92.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,132 shares of the wireless technology company’s stock after selling 105,252 shares during the period. WASHINGTON TRUST Co’s holdings in QUALCOMM were worth $1,176,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. DHJJ Financial Advisors Ltd. acquired a new stake in shares of QUALCOMM in the 3rd quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. boosted its position in QUALCOMM by 102.5% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock worth $26,000 after buying an additional 122 shares during the period. Milestone Investment Advisors LLC acquired a new stake in QUALCOMM during the 1st quarter worth approximately $26,000. Pacifica Partners Inc. boosted its position in QUALCOMM by 150.0% during the 3rd quarter. Pacifica Partners Inc. now owns 250 shares of the wireless technology company’s stock worth $27,000 after buying an additional 150 shares during the period. Finally, Legacy Financial Group LLC acquired a new stake in QUALCOMM during the 3rd quarter worth approximately $29,000. 74.35% of the stock is currently owned by institutional investors and hedge funds.

QUALCOMM Stock Performance

NASDAQ:QCOM traded down $0.25 during trading hours on Thursday, reaching $168.88. The stock had a trading volume of 1,749,652 shares, compared to its average volume of 8,947,361. QUALCOMM Incorporated has a 12-month low of $101.47 and a 12-month high of $177.59. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.88 and a current ratio of 2.56. The stock has a 50 day simple moving average of $157.05 and a 200 day simple moving average of $135.64. The stock has a market cap of $188.47 billion, a P/E ratio of 24.43, a price-to-earnings-growth ratio of 2.28 and a beta of 1.41.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, January 31st. The wireless technology company reported $2.33 earnings per share (EPS) for the quarter, beating 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 return on equity of 38.06% and a net margin of 21.39%. On average, research analysts forecast that QUALCOMM Incorporated will post 7.67 EPS for the current fiscal year.

QUALCOMM Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Thursday, February 29th were given a dividend of $0.80 per share. The ex-dividend date was Wednesday, February 28th. This represents a $3.20 dividend on an annualized basis and a yield of 1.89%. QUALCOMM’s dividend payout ratio is presently 46.38%.

Insiders Place Their Bets

In other QUALCOMM news, insider James J. Cathey sold 1,000 shares of the stock in a transaction dated Thursday, January 11th. The shares were sold at an average price of $139.00, for a total transaction of $139,000.00. Following the completion of the transaction, the insider now owns 4,972 shares in the company, valued at $691,108. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider James J. Cathey sold 1,000 shares of the stock in a transaction dated Thursday, January 11th. The shares were sold at an average price of $139.00, for a total value of $139,000.00. Following the sale, the insider now directly owns 4,972 shares of the company’s stock, valued at $691,108. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO James H. Thompson sold 8,000 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $159.39, for a total transaction of $1,275,120.00. Following the completion of the sale, the chief technology officer now directly owns 269,893 shares in the company, valued at $43,018,245.27. The disclosure for this sale can be found here. Insiders sold 34,360 shares of company stock worth $5,457,048 over the last quarter. 0.08% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on QCOM shares. Piper Sandler raised their price target on shares of QUALCOMM from $140.00 to $165.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. JPMorgan Chase & Co. lowered their price target on shares of QUALCOMM from $173.00 to $170.00 and set an “overweight” rating for the company in a report on Thursday, February 1st. Rosenblatt Securities raised their price target on shares of QUALCOMM from $160.00 to $170.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Cantor Fitzgerald reiterated a “neutral” rating and issued a $150.00 price objective on shares of QUALCOMM in a research note on Monday, March 4th. Finally, Citigroup lowered shares of QUALCOMM from a “buy” rating to a “neutral” rating and set a $160.00 price objective for the company. in a research note on Thursday, February 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, QUALCOMM has a consensus rating of “Moderate Buy” and a consensus price target of $148.71.

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.