Wallace Advisory Group LLC Has $375,000 Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Wallace Advisory Group LLC cut its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 41.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,881 shares of the wireless technology company’s stock after selling 1,311 shares during the quarter. Wallace Advisory Group LLC’s holdings in QUALCOMM were worth $375,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Legal & General Group Plc lifted its position in QUALCOMM by 0.9% during the second quarter. Legal & General Group Plc now owns 10,036,779 shares of the wireless technology company’s stock worth $1,999,114,000 after acquiring an additional 86,195 shares during the last quarter. City Holding Co. lifted its holdings in QUALCOMM by 3.5% during the 1st quarter. City Holding Co. now owns 5,884 shares of the wireless technology company’s stock worth $996,000 after purchasing an additional 199 shares during the last quarter. Federated Hermes Inc. boosted its stake in QUALCOMM by 173.3% in the 2nd quarter. Federated Hermes Inc. now owns 842,357 shares of the wireless technology company’s stock valued at $167,781,000 after purchasing an additional 534,176 shares during the period. BNP Paribas acquired a new position in QUALCOMM in the 1st quarter valued at $3,104,000. Finally, SWP Financial LLC bought a new position in QUALCOMM during the 4th quarter worth $593,000. Institutional investors own 74.35% of the company’s stock.

Insider Buying and Selling at QUALCOMM

In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’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 completion of the sale, the chief financial officer now owns 60,343 shares of the company’s stock, valued at approximately $12,407,124.23. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief technology officer now owns 229,987 shares of the company’s stock, valued at $36,912,913.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 value of $616,830.00. Following the sale, 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. Insiders own 0.08% of the company’s stock.

QUALCOMM Stock Down 1.5 %

Shares of QCOM opened at $170.13 on Monday. The company has a market capitalization of $189.52 billion, a PE ratio of 22.87, a PEG ratio of 1.83 and a beta of 1.28. The stock’s 50-day moving average price is $169.66 and its two-hundred day moving average price is $182.14. The company has a current ratio of 2.39, a quick ratio of 1.78 and a debt-to-equity ratio of 0.53. QUALCOMM Incorporated has a 12 month low of $104.33 and a 12 month high of $230.63.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.21. QUALCOMM had a net margin of 23.32% and a return on equity of 38.12%. The company had revenue of $9.39 billion during the quarter, compared to analysts’ expectations of $9.23 billion. On average, analysts anticipate that QUALCOMM Incorporated will post 8 EPS for the current year.

QUALCOMM Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Thursday, September 5th were issued a $0.85 dividend. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $3.40 dividend on an annualized basis and a yield of 2.00%. QUALCOMM’s payout ratio is currently 45.70%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on QCOM. Piper Sandler reissued an “overweight” rating and issued a $205.00 target price (up previously from $185.00) on shares of QUALCOMM in a research report on Thursday, August 1st. Robert W. Baird increased their target price on shares of QUALCOMM from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $215.00 price target on shares of QUALCOMM in a research report on Thursday, August 1st. Wolfe Research downgraded QUALCOMM from an “outperform” rating to a “peer perform” rating in a research report on Monday, August 12th. Finally, Hsbc Global Res lowered QUALCOMM from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $211.67.

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.