Legacy Capital Group California Inc. Cuts Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Legacy Capital Group California Inc. reduced its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 1.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 9,205 shares of the wireless technology company’s stock after selling 163 shares during the period. Legacy Capital Group California Inc.’s holdings in QUALCOMM were worth $1,565,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC increased its stake in QUALCOMM by 17.1% in the third quarter. Wedge Capital Management L L P NC now owns 354,389 shares of the wireless technology company’s stock valued at $60,264,000 after purchasing an additional 51,879 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in QUALCOMM by 39.9% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 176,817 shares of the wireless technology company’s stock valued at $30,068,000 after purchasing an additional 50,438 shares during the last quarter. Czech National Bank increased its stake in QUALCOMM by 6.5% in the third quarter. Czech National Bank now owns 226,933 shares of the wireless technology company’s stock valued at $38,590,000 after purchasing an additional 13,888 shares during the last quarter. Legal & General Group Plc increased its stake in QUALCOMM by 0.9% in the second quarter. Legal & General Group Plc now owns 10,036,779 shares of the wireless technology company’s stock valued at $1,999,114,000 after purchasing an additional 86,195 shares during the last quarter. Finally, Heritage Wealth Management Inc. purchased a new position in QUALCOMM in the second quarter valued at approximately $1,539,000. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company increased their price objective on QUALCOMM from $140.00 to $170.00 and gave the company an “underweight” rating in a report on Thursday, August 1st. HSBC downgraded QUALCOMM from a “buy” rating to a “hold” rating and set a $200.00 price objective for the company. in a report on Wednesday, July 17th. Cantor Fitzgerald decreased their price objective on QUALCOMM from $215.00 to $160.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft increased their price target on QUALCOMM from $155.00 to $170.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, Westpark Capital reaffirmed a “hold” rating on shares of QUALCOMM in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $207.92.

QUALCOMM Trading Up 0.9 %

QUALCOMM stock opened at $168.10 on Friday. The stock has a market cap of $187.26 billion, a PE ratio of 21.77, a P/E/G ratio of 1.74 and a beta of 1.28. The stock has a 50-day moving average price of $169.30 and a 200 day moving average price of $182.15. QUALCOMM Incorporated has a 52 week low of $104.33 and a 52 week high of $230.63. The company has a current ratio of 2.39, a quick ratio of 1.78 and a debt-to-equity ratio of 0.53.

QUALCOMM (NASDAQ:QCOM) last posted 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. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. The firm had revenue of $9.39 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Equities research analysts predict that QUALCOMM Incorporated will post 8.02 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be paid a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Thursday, December 5th. QUALCOMM’s dividend payout ratio is currently 44.04%.

Insider Activity

In other news, insider Alexander H. Rogers sold 3,245 shares of QUALCOMM stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $166.15, for a total value of $539,156.75. Following the transaction, the insider now directly owns 32,231 shares of the company’s stock, valued at $5,355,180.65. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Alexander H. Rogers sold 3,245 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $166.15, for a total transaction of $539,156.75. Following the completion of the sale, the insider now owns 32,231 shares of the company’s stock, valued at approximately $5,355,180.65. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $165.95, for a total transaction of $497,850.00. Following the sale, the chief financial officer now directly owns 51,437 shares of the company’s stock, valued at $8,535,970.15. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,245 shares of company stock valued at $3,679,407 in the last three months. Corporate insiders own 0.08% 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.