Brooktree Capital Management Sells 1,344 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Brooktree Capital Management reduced its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 3.1% during the fourth quarter, HoldingsChannel reports. The firm owned 41,587 shares of the wireless technology company’s stock after selling 1,344 shares during the quarter. QUALCOMM accounts for about 4.9% of Brooktree Capital Management’s investment portfolio, making the stock its 8th largest holding. Brooktree Capital Management’s holdings in QUALCOMM were worth $6,015,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in QCOM. Brookstone Capital Management boosted its stake in shares of QUALCOMM by 3.8% in the 3rd quarter. Brookstone Capital Management now owns 30,966 shares of the wireless technology company’s stock valued at $3,446,000 after purchasing an additional 1,143 shares in the last quarter. RMR Wealth Builders acquired a new stake in shares of QUALCOMM in the 3rd quarter valued at approximately $519,000. Accurate Wealth Management LLC raised its holdings in QUALCOMM by 72.0% in the 3rd quarter. Accurate Wealth Management LLC now owns 5,306 shares of the wireless technology company’s stock valued at $595,000 after buying an additional 2,222 shares during the last quarter. Hexagon Capital Partners LLC raised its holdings in QUALCOMM by 9.6% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,330 shares of the wireless technology company’s stock valued at $259,000 after buying an additional 204 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its holdings in QUALCOMM by 8.7% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 532,415 shares of the wireless technology company’s stock valued at $59,130,000 after buying an additional 42,805 shares during the last quarter. 74.35% of the stock is currently owned by institutional investors and hedge funds.

QUALCOMM Trading Down 0.8 %

Shares of NASDAQ:QCOM traded down $1.29 during mid-day trading on Wednesday, hitting $164.56. The company had a trading volume of 2,759,394 shares, compared to its average volume of 8,409,913. The firm has a fifty day moving average price of $166.45 and a 200 day moving average price of $145.75. The company has a market capitalization of $183.65 billion, a PE ratio of 23.93, a price-to-earnings-growth ratio of 2.32 and a beta of 1.41. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.56 and a quick ratio of 1.88. QUALCOMM Incorporated has a one year low of $101.47 and a one year high of $177.59.

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

QUALCOMM Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Thursday, May 30th will be given a $0.85 dividend. The ex-dividend date is Thursday, May 30th. This represents a $3.40 annualized dividend and a yield of 2.07%. This is an increase from QUALCOMM’s previous quarterly dividend of $0.80. QUALCOMM’s dividend payout ratio (DPR) is presently 46.38%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on QCOM. StockNews.com upgraded shares of QUALCOMM from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Piper Sandler raised their price objective on shares of QUALCOMM from $140.00 to $165.00 and gave the company an “overweight” rating in a report on Thursday, February 1st. 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 report on Thursday, February 1st. TD Cowen raised their price objective on shares of QUALCOMM from $160.00 to $170.00 and gave the company an “outperform” rating in a report on Thursday, February 1st. Finally, Mizuho raised their price target on shares of QUALCOMM from $155.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, QUALCOMM has a consensus rating of “Moderate Buy” and a consensus price target of $160.68.

Insider Activity at QUALCOMM

In related news, CAO Neil Martin sold 371 shares of QUALCOMM stock in a transaction 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 completion of the sale, the chief accounting officer now owns 689 shares of the company’s stock, valued at approximately $103,232.87. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CAO Neil Martin sold 371 shares of QUALCOMM stock in a transaction 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 completion of the sale, the chief accounting officer now owns 689 shares of the company’s stock, valued at approximately $103,232.87. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction on Friday, March 1st. The shares were 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 of the company’s stock, valued at approximately $43,018,245.27. The disclosure for this sale can be found here. In the last 90 days, insiders sold 36,260 shares of company stock valued at $5,973,728. 0.08% of the stock is owned by company insiders.

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.