Sitrin Capital Management LLC Grows Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Sitrin Capital Management LLC grew its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 0.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,021 shares of the wireless technology company’s stock after purchasing an additional 195 shares during the period. QUALCOMM makes up about 2.9% of Sitrin Capital Management LLC’s portfolio, making the stock its 19th biggest holding. Sitrin Capital Management LLC’s holdings in QUALCOMM were worth $5,382,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. WFA Asset Management Corp purchased a new stake in QUALCOMM during the 1st quarter valued at about $27,000. CarsonAllaria Wealth Management Ltd. raised its position in QUALCOMM by 327.1% during the 4th quarter. CarsonAllaria Wealth Management Ltd. now owns 205 shares of the wireless technology company’s stock worth $30,000 after buying an additional 157 shares during the last quarter. Richardson Capital Management LLC acquired a new stake in QUALCOMM during the 1st quarter valued at approximately $37,000. DiNuzzo Private Wealth Inc. purchased a new stake in shares of QUALCOMM in the 4th quarter valued at $32,000. Finally, Cherry Tree Wealth Management LLC raised its holdings in shares of QUALCOMM by 95.0% during the fourth quarter. Cherry Tree Wealth Management LLC now owns 236 shares of the wireless technology company’s stock worth $34,000 after purchasing an additional 115 shares during the last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

QUALCOMM Trading Down 0.3 %

QCOM stock traded down $0.47 during mid-day trading on Friday, hitting $164.48. 4,824,606 shares of the company were exchanged, compared to its average volume of 10,988,206. QUALCOMM Incorporated has a 12-month low of $104.33 and a 12-month high of $230.63. The firm has a market capitalization of $183.56 billion, a P/E ratio of 22.11, a PEG ratio of 1.74 and a beta of 1.27. The business has a fifty day simple moving average of $196.15 and a 200-day simple moving average of $178.73. The company has a quick ratio of 1.78, a current ratio of 2.39 and a debt-to-equity ratio of 0.53.

QUALCOMM Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 5th will be given a dividend of $0.85 per share. The ex-dividend date is Thursday, September 5th. This represents a $3.40 annualized dividend and a dividend yield of 2.07%. QUALCOMM’s dividend payout ratio is currently 45.70%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. DZ Bank raised QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 price target on the stock in a research report on Friday, August 2nd. Benchmark restated a “buy” rating and issued a $200.00 price objective on shares of QUALCOMM in a research report on Friday, May 3rd. Argus raised their price objective on shares of QUALCOMM from $180.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Tigress Financial increased their price target on shares of QUALCOMM from $238.00 to $270.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of QUALCOMM from $155.00 to $170.00 and gave the company a “hold” rating in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $210.63.

Insider Buying and Selling at QUALCOMM

In other news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction on Friday, July 5th. The shares were sold at an average price of $205.61, for a total transaction of $616,830.00. Following the completion of the sale, the chief financial officer now directly owns 60,343 shares of the company’s stock, valued at approximately $12,407,124.23. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CAO Neil Martin sold 1,116 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $196.11, for a total value of $218,858.76. Following the completion of the sale, the chief accounting officer now owns 358 shares in the company, valued at approximately $70,207.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $205.61, for a total transaction of $616,830.00. Following the transaction, the chief financial officer now owns 60,343 shares in the company, valued at $12,407,124.23. The disclosure for this sale can be found here. Insiders sold a total of 31,285 shares of company stock valued at $5,871,215 in the last three months. 0.08% of the stock is owned by corporate insiders.

QUALCOMM 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.