Independence Bank of Kentucky Sells 870 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Independence Bank of Kentucky decreased its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 18.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,848 shares of the wireless technology company’s stock after selling 870 shares during the period. Independence Bank of Kentucky’s holdings in QUALCOMM were worth $651,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Peoples Bank OH bought a new stake in shares of QUALCOMM during the fourth quarter valued at approximately $219,000. Bank Hapoalim BM increased its holdings in shares of QUALCOMM by 35.0% in the 4th quarter. Bank Hapoalim BM now owns 35,423 shares of the wireless technology company’s stock worth $5,123,000 after purchasing an additional 9,192 shares in the last quarter. NewEdge Wealth LLC raised its stake in shares of QUALCOMM by 120.2% in the fourth quarter. NewEdge Wealth LLC now owns 20,677 shares of the wireless technology company’s stock worth $2,991,000 after purchasing an additional 11,285 shares during the last quarter. 1834 Investment Advisors Co. lifted its holdings in shares of QUALCOMM by 6.6% during the fourth quarter. 1834 Investment Advisors Co. now owns 45,570 shares of the wireless technology company’s stock valued at $6,591,000 after purchasing an additional 2,818 shares in the last quarter. Finally, Alexander Randolph Advisory Inc. purchased a new stake in shares of QUALCOMM during the fourth quarter valued at $305,000. 74.35% of the stock is owned by hedge funds and other institutional investors.

QUALCOMM Stock Performance

QCOM opened at $199.18 on Friday. The company has a 50 day simple moving average of $195.82 and a two-hundred day simple moving average of $169.45. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.65 and a quick ratio of 1.98. The firm has a market cap of $222.28 billion, a P/E ratio of 26.77, a PEG ratio of 2.42 and a beta of 1.30. QUALCOMM Incorporated has a 1-year low of $104.33 and a 1-year high of $230.63.

QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.11. QUALCOMM had a net margin of 23.03% and a return on equity of 37.09%. The company had revenue of $9.39 billion for the quarter, compared to analysts’ expectations of $9.32 billion. Equities analysts forecast that QUALCOMM Incorporated will post 7.85 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Thursday, May 30th were given a dividend of $0.85 per share. The ex-dividend date was Thursday, May 30th. This represents a $3.40 annualized dividend and a dividend yield of 1.71%. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. QUALCOMM’s dividend payout ratio (DPR) is currently 45.70%.

Analysts Set New Price Targets

QCOM has been the subject of a number of recent analyst reports. Piper Sandler boosted their target price on QUALCOMM from $165.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Cantor Fitzgerald reissued a “neutral” rating and set a $190.00 price objective on shares of QUALCOMM in a report on Thursday, May 2nd. Evercore ISI initiated coverage on shares of QUALCOMM in a research report on Tuesday, April 16th. They set an “in-line” rating and a $177.00 price objective on the stock. Argus lifted their target price on shares of QUALCOMM from $180.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Finally, Morgan Stanley increased their price target on QUALCOMM from $158.00 to $172.00 and gave the company an “equal weight” rating in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $192.13.

Insider Activity at QUALCOMM

In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $168.27, for a total transaction of $1,346,160.00. Following the completion of the sale, the chief technology officer now directly owns 261,893 shares of the company’s stock, valued at approximately $44,068,735.11. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $168.27, for a total value of $1,346,160.00. Following the sale, the chief technology officer now owns 261,893 shares in the company, valued at approximately $44,068,735.11. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $173.49, for a total value of $520,470.00. Following the transaction, the chief financial officer now owns 69,343 shares of the company’s stock, valued at approximately $12,030,317.07. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,185 shares of company stock valued at $8,206,875. 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.