Procyon Advisors LLC Has $6.21 Million Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Procyon Advisors LLC grew its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 8.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 40,433 shares of the wireless technology company’s stock after acquiring an additional 3,281 shares during the period. Procyon Advisors LLC’s holdings in QUALCOMM were worth $6,211,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in QCOM. HWG Holdings LP acquired a new position in QUALCOMM in the second quarter valued at about $30,000. Reston Wealth Management LLC acquired a new stake in shares of QUALCOMM during the third quarter worth about $26,000. Planning Capital Management Corp lifted its holdings in shares of QUALCOMM by 137.3% during the 3rd quarter. Planning Capital Management Corp now owns 197 shares of the wireless technology company’s stock valued at $34,000 after purchasing an additional 114 shares in the last quarter. Hershey Financial Advisers LLC bought a new stake in QUALCOMM during the 2nd quarter worth approximately $42,000. Finally, Accordant Advisory Group Inc acquired a new position in shares of QUALCOMM in the third quarter valued at approximately $36,000. Institutional investors own 74.35% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Citigroup reduced their target price on shares of QUALCOMM from $200.00 to $185.00 and set a “neutral” rating for the company in a research note on Wednesday, October 16th. KeyCorp lowered QUALCOMM from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, October 8th. Loop Capital initiated coverage on shares of QUALCOMM in a report on Monday, November 11th. They set a “hold” rating and a $180.00 target price on the stock. Melius Research initiated coverage on QUALCOMM in a report on Monday, December 9th. They set a “hold” rating and a $180.00 price target for the company. Finally, Melius assumed coverage on QUALCOMM in a research report on Monday, December 9th. They issued a “hold” rating and a $180.00 price objective for the company. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, QUALCOMM has an average rating of “Moderate Buy” and an average price target of $206.57.

Insider Transactions at QUALCOMM

In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $161.54, for a total value of $484,620.00. Following the transaction, the chief financial officer now owns 48,778 shares of the company’s stock, valued at approximately $7,879,598.12. This represents a 5.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Neil Martin sold 1,304 shares of QUALCOMM stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $155.00, for a total transaction of $202,120.00. Following the sale, the chief accounting officer now owns 94 shares of the company’s stock, valued at approximately $14,570. The trade was a 93.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,882 shares of company stock valued at $4,314,649. 0.08% of the stock is currently owned by corporate insiders.

QUALCOMM Price Performance

Shares of NASDAQ QCOM opened at $161.43 on Friday. The firm has a market cap of $179.35 billion, a price-to-earnings ratio of 17.96, a price-to-earnings-growth ratio of 2.63 and a beta of 1.25. The stock has a fifty day simple moving average of $159.21 and a two-hundred day simple moving average of $169.34. The company has a current ratio of 2.40, a quick ratio of 1.79 and a debt-to-equity ratio of 0.51. QUALCOMM Incorporated has a 1-year low of $137.35 and a 1-year high of $230.63.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, November 6th. The wireless technology company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.25. The company had revenue of $10.24 billion during the quarter, compared to analyst estimates of $9.90 billion. QUALCOMM had a return on equity of 38.81% and a net margin of 26.03%. Analysts anticipate that QUALCOMM Incorporated will post 9.09 earnings per share for the current year.

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.