Wellington Management Group LLP Sells 1,117,191 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Wellington Management Group LLP lowered its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 7.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,931,661 shares of the wireless technology company’s stock after selling 1,117,191 shares during the period. Wellington Management Group LLP owned 1.25% of QUALCOMM worth $2,014,936,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Processus Wealth & Capital Management LLC purchased a new stake in shares of QUALCOMM during the fourth quarter worth about $2,955,000. Congress Asset Management Co. MA purchased a new position in shares of QUALCOMM in the fourth quarter worth $222,000. Creekmur Asset Management LLC acquired a new stake in shares of QUALCOMM during the fourth quarter worth $74,000. Abel Hall LLC purchased a new stake in QUALCOMM during the 4th quarter valued at about $403,000. Finally, Counterweight Ventures LLC purchased a new stake in QUALCOMM in the fourth quarter valued at approximately $448,000. Institutional investors own 74.35% of the company’s stock.

QUALCOMM Stock Down 1.1 %

NASDAQ:QCOM opened at $215.33 on Monday. QUALCOMM Incorporated has a 52 week low of $104.33 and a 52 week high of $218.36. The company has a quick ratio of 1.98, a current ratio of 2.65 and a debt-to-equity ratio of 0.59. The stock’s fifty day moving average is $187.60 and its two-hundred day moving average is $164.23. The stock has a market capitalization of $240.31 billion, a price-to-earnings ratio of 28.94, a price-to-earnings-growth ratio of 2.62 and a beta of 1.29.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, May 1st. The wireless technology company reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.11. The company had revenue of $9.39 billion during the quarter, compared to analysts’ expectations of $9.32 billion. QUALCOMM had a return on equity of 37.09% and a net margin of 23.03%. Research analysts anticipate that QUALCOMM Incorporated will post 7.83 EPS for the current year.

QUALCOMM Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Thursday, May 30th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.80. This represents a $3.40 dividend on an annualized basis and a yield of 1.58%. QUALCOMM’s dividend payout ratio (DPR) is 45.70%.

Analyst Ratings Changes

A number of research firms recently issued reports on QCOM. HSBC boosted their target price on shares of QUALCOMM from $170.00 to $190.00 and gave the company a “buy” rating in a research report on Tuesday, April 30th. Citigroup lifted their target price on shares of QUALCOMM from $160.00 to $170.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. lifted their price objective on shares of QUALCOMM from $170.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Piper Sandler increased their target price on shares of QUALCOMM from $165.00 to $185.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. Finally, UBS Group raised their price objective on QUALCOMM from $165.00 to $175.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $188.74.

Insiders Place Their Bets

In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $173.49, for a total transaction of $520,470.00. Following the sale, the chief financial officer now directly owns 69,343 shares in the company, valued at $12,030,317.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $173.49, for a total value of $520,470.00. Following the completion of the transaction, the chief financial officer now directly owns 69,343 shares of the company’s stock, valued at $12,030,317.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Neil Martin sold 1,116 shares of the stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $196.11, for a total transaction of $218,858.76. Following the completion of the transaction, the chief accounting officer now directly owns 358 shares in the company, valued at $70,207.38. The disclosure for this sale can be found here. Insiders have sold a total of 45,185 shares of company stock worth $8,206,875 in the last quarter. 0.08% of the stock is owned by company insiders.

QUALCOMM Company 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.