Steel Grove Capital Advisors LLC Has $2.45 Million Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Steel Grove Capital Advisors LLC reduced its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 17.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,288 shares of the wireless technology company’s stock after selling 2,624 shares during the period. QUALCOMM comprises about 0.3% of Steel Grove Capital Advisors LLC’s holdings, making the stock its 27th largest position. Steel Grove Capital Advisors LLC’s holdings in QUALCOMM were worth $2,448,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of QCOM. WFA Asset Management Corp acquired a new stake in QUALCOMM in the first quarter valued at approximately $27,000. Financial Connections Group Inc. acquired a new stake in shares of QUALCOMM in the 2nd quarter valued at $32,000. Aspect Partners LLC boosted its holdings in QUALCOMM by 71.8% in the second quarter. Aspect Partners LLC now owns 177 shares of the wireless technology company’s stock worth $35,000 after purchasing an additional 74 shares in the last quarter. Richardson Capital Management LLC acquired a new position in QUALCOMM during the first quarter worth $37,000. Finally, Ables Iannone Moore & Associates Inc. acquired a new position in QUALCOMM during the fourth quarter worth $39,000. 74.35% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $160.50, for a total value of $1,284,000.00. Following the transaction, the chief technology officer now directly owns 229,987 shares in the company, valued at approximately $36,912,913.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $160.50, for a total transaction of $1,284,000.00. Following the transaction, the chief technology officer now owns 229,987 shares of the company’s stock, valued at approximately $36,912,913.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $205.61, for a total transaction of $616,830.00. Following the transaction, the chief financial officer now owns 60,343 shares of the company’s stock, valued at approximately $12,407,124.23. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,000 shares of company stock valued at $3,496,590. Company insiders own 0.08% of the company’s stock.

QUALCOMM Price Performance

QUALCOMM stock opened at $168.92 on Monday. QUALCOMM Incorporated has a one year low of $104.33 and a one year high of $230.63. The company has a market capitalization of $188.51 billion, a PE ratio of 22.70, a price-to-earnings-growth ratio of 1.82 and a beta of 1.28. The business has a 50 day simple moving average of $172.52 and a 200 day simple moving average of $182.26. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.78.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.72 by $0.21. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. The business had revenue of $9.39 billion for the quarter, compared to the consensus estimate of $9.23 billion. On average, sell-side analysts forecast that QUALCOMM Incorporated will post 8 EPS for the current fiscal year.

QUALCOMM Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 5th will be paid a $0.85 dividend. The ex-dividend date is Thursday, September 5th. This represents a $3.40 dividend on an annualized basis and a yield of 2.01%. QUALCOMM’s payout ratio is presently 45.70%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. DZ Bank upgraded QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 price target for the company in a research note on Friday, August 2nd. Tigress Financial increased their price target on QUALCOMM from $238.00 to $270.00 and gave the company a “buy” rating in a report on Friday, June 21st. TD Cowen raised shares of QUALCOMM to a “strong-buy” rating in a research report on Monday, September 16th. Susquehanna upped their price objective on shares of QUALCOMM from $205.00 to $250.00 and gave the stock a “positive” rating in a report on Wednesday, July 17th. Finally, Bank of America lifted their target price on shares of QUALCOMM from $180.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, ten have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $211.67.

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.