Citizens Business Bank Sells 479 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Citizens Business Bank trimmed its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 2.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,625 shares of the wireless technology company’s stock after selling 479 shares during the quarter. Citizens Business Bank’s holdings in QUALCOMM were worth $2,984,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. increased its position in QUALCOMM by 102.5% in the third quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock worth $26,000 after purchasing an additional 122 shares during the period. CarsonAllaria Wealth Management Ltd. grew its position in shares of QUALCOMM by 327.1% during the 4th quarter. CarsonAllaria Wealth Management Ltd. now owns 205 shares of the wireless technology company’s stock worth $30,000 after buying an additional 157 shares during the period. DiNuzzo Private Wealth Inc. acquired a new position in shares of QUALCOMM during the 4th quarter worth about $32,000. Cherry Tree Wealth Management LLC grew its position in shares of QUALCOMM by 95.0% during the 4th quarter. Cherry Tree Wealth Management LLC now owns 236 shares of the wireless technology company’s stock worth $34,000 after buying an additional 115 shares during the period. Finally, Fortitude Family Office LLC acquired a new position in shares of QUALCOMM during the 4th quarter worth about $35,000. 74.35% of the stock is currently owned by institutional investors and hedge funds.

QUALCOMM Trading Up 2.1 %

NASDAQ QCOM opened at $199.18 on Monday. QUALCOMM Incorporated has a 52 week low of $104.33 and a 52 week high of $230.63. The stock has a market capitalization of $222.28 billion, a price-to-earnings ratio of 26.77, a PEG ratio of 2.42 and a beta of 1.27. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.98 and a current ratio of 2.65. The stock’s 50 day moving average price is $195.82 and its two-hundred day moving average price is $169.67.

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

QUALCOMM Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Thursday, May 30th were paid a dividend of $0.85 per share. The ex-dividend date was Thursday, May 30th. This represents a $3.40 dividend on an annualized basis 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 is currently 45.70%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on QCOM shares. HSBC boosted their target price on QUALCOMM from $170.00 to $190.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. Wells Fargo & Company boosted their target price on QUALCOMM from $120.00 to $140.00 and gave the stock an “underweight” rating in a research report on Thursday, May 2nd. TD Cowen boosted their target price on QUALCOMM from $200.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, June 4th. Piper Sandler lifted their price objective on QUALCOMM from $165.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Finally, Morgan Stanley lifted their price objective on QUALCOMM from $158.00 to $172.00 and gave the company an “equal weight” rating in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, QUALCOMM presently has a consensus rating of “Moderate Buy” and a consensus price target of $192.13.

Insider Transactions at QUALCOMM

In other news, Director Sylvia Acevedo sold 744 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $181.52, for a total transaction of $135,050.88. Following the sale, the director now owns 54 shares in the company, valued at approximately $9,802.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Sylvia Acevedo sold 744 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $181.52, for a total transaction of $135,050.88. Following the transaction, the director now directly owns 54 shares of the company’s stock, valued at approximately $9,802.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Neil Smit sold 3,069 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $200.94, for a total value of $616,684.86. Following the transaction, the director now directly owns 5,902 shares in the company, valued at $1,185,947.88. The disclosure for this sale can be found here. Insiders have sold a total of 37,185 shares of company stock worth $6,860,715 in the last 90 days. Corporate insiders own 0.08% of the company’s stock.

QUALCOMM 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.