Sterling Investment Management LLC Decreases Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Financial News Live · Mar 21, 2023 05:16

Sterling Investment Management LLC lowered its stake in QUALCOMM Incorporated (NASDAQ:QCOM – Get Rating) by 7.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,880 shares of the wireless technology company's stock after selling 664 shares during the period. Sterling Investment Management LLC's holdings in QUALCOMM were worth $976,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CoreFirst Bank & Trust increased its stake in shares of QUALCOMM by 103.1% in the second quarter. CoreFirst Bank & Trust now owns 197 shares of the wireless technology company's stock worth $25,000 after acquiring an additional 100 shares during the period. IAG Wealth Partners LLC increased its stake in shares of QUALCOMM by 62.3% in the third quarter. IAG Wealth Partners LLC now owns 224 shares of the wireless technology company's stock worth $25,000 after acquiring an additional 86 shares during the period. Sycomore Asset Management increased its stake in shares of QUALCOMM by 150.0% in the fourth quarter. Sycomore Asset Management now owns 230 shares of the wireless technology company's stock worth $25,000 after acquiring an additional 138 shares during the period. Glassy Mountain Advisors Inc. acquired a new stake in shares of QUALCOMM in the fourth quarter worth $28,000. Finally, Syverson Strege & Co increased its stake in shares of QUALCOMM by 124.3% in the second quarter. Syverson Strege & Co now owns 240 shares of the wireless technology company's stock worth $31,000 after acquiring an additional 133 shares during the period. Hedge funds and other institutional investors own 70.87% of the company's stock.

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Analyst Upgrades and Downgrades

QCOM has been the topic of several analyst reports. Susquehanna upgraded shares of QUALCOMM from a "neutral" rating to a "positive" rating and raised their price target for the company from $130.00 to $140.00 in a research report on Thursday. KeyCorp raised their price target on shares of QUALCOMM from $150.00 to $160.00 and gave the company an "overweight" rating in a research report on Friday, February 3rd. Raymond James initiated coverage on shares of QUALCOMM in a research report on Wednesday, March 1st. They issued a "market perform" rating on the stock. Credit Suisse Group lifted their target price on shares of QUALCOMM from $150.00 to $165.00 and gave the company an "outperform" rating in a research report on Friday, February 3rd. Finally, Evercore ISI set a $120.00 target price on shares of QUALCOMM in a research report on Wednesday, November 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, QUALCOMM presently has a consensus rating of "Moderate Buy" and an average target price of $156.48.

QUALCOMM Stock Down 0.6 %

NASDAQ QCOM traded down $0.75 on Monday, hitting $119.98. 733,827 shares of the stock were exchanged, compared to its average volume of 7,855,354. The company has a quick ratio of 1.41, a current ratio of 2.09 and a debt-to-equity ratio of 0.82. QUALCOMM Incorporated has a fifty-two week low of $101.93 and a fifty-two week high of $161.30. The company has a market cap of $133.78 billion, a PE ratio of 11.63, a PEG ratio of 0.94 and a beta of 1.28. The company has a 50-day moving average price of $125.43 and a 200-day moving average price of $120.97.

QUALCOMM (NASDAQ:QCOM – Get Rating) last issued its earnings results on Thursday, February 2nd. The wireless technology company reported $2.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.35 by $0.02. QUALCOMM had a net margin of 27.40% and a return on equity of 69.93%. The business had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.57 billion. During the same quarter in the prior year, the business posted $2.96 EPS. The company's revenue for the quarter was down 11.6% on a year-over-year basis. Sell-side analysts anticipate that QUALCOMM Incorporated will post 8.21 EPS for the current fiscal year.

QUALCOMM Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 23rd. Stockholders of record on Thursday, March 2nd will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.50%. The ex-dividend date is Wednesday, March 1st. QUALCOMM's payout ratio is 28.90%.

Insider Activity

In related news, Director Jeffrey William Henderson sold 2,500 shares of the company's stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $124.05, for a total value of $310,125.00. Following the completion of the sale, the director now owns 4,605 shares in the company, valued at approximately $571,250.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Alexander H. Rogers sold 27,626 shares of the company's stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $131.48, for a total value of $3,632,266.48. Following the completion of the sale, the insider now owns 23,637 shares in the company, valued at approximately $3,107,792.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Jeffrey William Henderson sold 2,500 shares of the company's stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $124.05, for a total transaction of $310,125.00. Following the completion of the sale, the director now owns 4,605 shares of the company's stock, valued at approximately $571,250.25. The disclosure for this sale can be found here. Company insiders own 0.07% of the company's stock.

QUALCOMM Company Profile

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QUALCOMM, Inc engages in the development, design, and provision of digital telecommunications products and services. It operates through the following 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 technologies for the use in voice and data communications, networking, application processing, multimedia, and global positioning system products.