Connors Investor Services Inc. Decreases Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Connors Investor Services Inc. cut its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 60.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,035 shares of the wireless technology company’s stock after selling 3,150 shares during the period. Connors Investor Services Inc.’s holdings in QUALCOMM were worth $405,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Matrix Capital Management Company LP bought a new stake in shares of QUALCOMM in the first quarter worth approximately $1,171,516,000. Massachusetts Financial Services Co. MA grew its position in QUALCOMM by 1,778.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,219,303 shares of the wireless technology company’s stock worth $641,221,000 after purchasing an additional 3,047,947 shares during the period. Price T Rowe Associates Inc. MD raised its stake in QUALCOMM by 8.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock valued at $3,664,418,000 after buying an additional 1,909,025 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of QUALCOMM by 34.8% during the 1st quarter. Van ECK Associates Corp now owns 5,890,193 shares of the wireless technology company’s stock valued at $997,210,000 after buying an additional 1,519,781 shares during the period. Finally, Global Assets Advisory LLC purchased a new position in shares of QUALCOMM in the 1st quarter worth $238,770,000. 74.35% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at QUALCOMM

In related news, CTO James H. Thompson sold 8,000 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $160.50, for a total transaction of $1,284,000.00. Following the sale, the chief technology officer now owns 229,987 shares in the company, valued at approximately $36,912,913.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CTO James H. Thompson sold 8,000 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $160.50, for a total value of $1,284,000.00. Following the sale, the chief technology officer now directly owns 229,987 shares of the company’s stock, valued at approximately $36,912,913.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $205.61, for a total value of $616,830.00. Following the transaction, the chief financial officer now owns 60,343 shares of the company’s stock, valued at approximately $12,407,124.23. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,000 shares of company stock worth $3,496,590. 0.08% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Tigress Financial increased their target price on QUALCOMM from $238.00 to $270.00 and gave the company a “buy” rating in a report on Friday, June 21st. Deutsche Bank Aktiengesellschaft boosted their target price on shares of QUALCOMM from $155.00 to $170.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Hsbc Global Res downgraded shares of QUALCOMM from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. HSBC downgraded shares of QUALCOMM from a “buy” rating to a “hold” rating and set a $200.00 price objective for the company. in a research report on Wednesday, July 17th. Finally, Barclays raised their target price on QUALCOMM from $185.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $210.63.

QUALCOMM Stock Down 0.7 %

NASDAQ QCOM opened at $166.61 on Tuesday. The stock has a 50 day moving average price of $175.29 and a 200-day moving average price of $182.11. QUALCOMM Incorporated has a one year low of $104.33 and a one year high of $230.63. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.78 and a current ratio of 2.39. The company has a market capitalization of $185.94 billion, a P/E ratio of 22.39, a P/E/G ratio of 1.81 and a beta of 1.28.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, July 31st. The wireless technology company reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.21. The business had revenue of $9.39 billion during the quarter, compared to analysts’ expectations of $9.23 billion. QUALCOMM had a net margin of 23.32% and a return on equity of 38.12%. As a group, equities analysts predict that QUALCOMM Incorporated will post 8 EPS for the current fiscal year.

QUALCOMM Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 5th will be paid a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Thursday, September 5th. QUALCOMM’s payout ratio is 45.70%.

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.