Truist Financial Corp Reduces Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Truist Financial Corp lowered its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 2.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 994,127 shares of the wireless technology company’s stock after selling 21,453 shares during the period. Truist Financial Corp owned 0.09% of QUALCOMM worth $198,010,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of QCOM. WFA Asset Management Corp bought a new stake in shares of QUALCOMM in the first quarter valued at $27,000. HWG Holdings LP bought a new stake in QUALCOMM in the 2nd quarter valued at about $30,000. Financial Connections Group Inc. purchased a new stake in QUALCOMM during the second quarter valued at about $32,000. Aspect Partners LLC boosted its position in QUALCOMM by 71.8% during 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 during the period. Finally, Richardson Capital Management LLC purchased a new position in shares of QUALCOMM in the first quarter worth about $37,000. Institutional investors own 74.35% of the company’s stock.

QUALCOMM Price Performance

Shares of QUALCOMM stock opened at $170.05 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.78 and a current ratio of 2.39. QUALCOMM Incorporated has a 52-week low of $104.33 and a 52-week high of $230.63. The company has a fifty day moving average of $169.16 and a 200-day moving average of $182.16. The stock has a market capitalization of $189.78 billion, a price-to-earnings ratio of 22.86, a price-to-earnings-growth ratio of 1.83 and a beta of 1.28.

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

QUALCOMM Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Thursday, September 5th were paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend was Thursday, September 5th. QUALCOMM’s dividend payout ratio (DPR) is presently 45.70%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on QCOM. Deutsche Bank Aktiengesellschaft raised their price objective on shares of QUALCOMM from $155.00 to $170.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Tigress Financial lifted their price target on QUALCOMM from $238.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, June 21st. KeyCorp boosted their price objective on QUALCOMM from $205.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Citigroup raised their target price on QUALCOMM from $170.00 to $200.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. Finally, DZ Bank upgraded QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 price target on the stock in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, QUALCOMM currently has a consensus rating of “Moderate Buy” and a consensus price target of $211.67.

Insider Transactions at QUALCOMM

In related news, CTO James H. Thompson sold 8,000 shares of the company’s stock in a transaction 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 completion of the sale, 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 document filed with the Securities & Exchange Commission, which is available at this link. In related news, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was 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 in the company, valued at approximately $36,912,913.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $205.61, for a total value 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 disclosure for this sale can be found here. Company 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.