Renaissance Group LLC Lowers Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Renaissance Group LLC lowered its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 8.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 147,508 shares of the wireless technology company’s stock after selling 12,927 shares during the quarter. Renaissance Group LLC’s holdings in QUALCOMM were worth $22,660,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of QUALCOMM in the fourth quarter worth about $2,721,882,000. Amundi grew its stake in shares of QUALCOMM by 36.6% in the 4th quarter. Amundi now owns 14,579,529 shares of the wireless technology company’s stock worth $2,313,634,000 after buying an additional 3,905,918 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of QUALCOMM in the 4th quarter worth $527,053,000. Geode Capital Management LLC increased its holdings in shares of QUALCOMM by 7.9% in the 3rd quarter. Geode Capital Management LLC now owns 27,128,468 shares of the wireless technology company’s stock worth $4,600,625,000 after buying an additional 1,989,725 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of QUALCOMM by 10.4% in the 4th quarter. Franklin Resources Inc. now owns 7,542,337 shares of the wireless technology company’s stock valued at $1,158,654,000 after acquiring an additional 709,644 shares during the last quarter. Institutional investors own 74.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on QCOM. Mizuho decreased their price objective on QUALCOMM from $245.00 to $215.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 7th. Rosenblatt Securities restated a “buy” rating and issued a $250.00 price target on shares of QUALCOMM in a research report on Thursday, February 6th. Melius Research started coverage on shares of QUALCOMM in a research report on Monday, December 9th. They set a “hold” rating and a $180.00 price objective on the stock. Evercore ISI lowered their target price on shares of QUALCOMM from $199.00 to $179.00 and set an “in-line” rating for the company in a report on Thursday, February 6th. Finally, StockNews.com lowered shares of QUALCOMM from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 12th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $205.32.

QUALCOMM Trading Up 1.8 %

Shares of NASDAQ:QCOM opened at $129.72 on Tuesday. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $230.63. The stock has a market cap of $143.47 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 2.01 and a beta of 1.28. The business has a 50-day moving average price of $160.91 and a 200-day moving average price of $162.74.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, February 5th. The wireless technology company reported $2.86 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.07). QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. Equities analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 6th were given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend was Thursday, March 6th. QUALCOMM’s dividend payout ratio is currently 36.32%.

Insider Activity

In other QUALCOMM news, CAO Neil Martin sold 744 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $174.83, for a total value of $130,073.52. Following the completion of the transaction, the chief accounting officer now owns 461 shares in the company, valued at approximately $80,596.63. This represents a 61.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $169.80, for a total value of $509,400.00. Following the completion of the sale, the chief financial officer now directly owns 63,115 shares in the company, valued at approximately $10,716,927. The trade was a 4.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,749 shares of company stock valued at $4,920,347 in the last quarter. 0.08% of the stock is currently owned by company insiders.

About QUALCOMM

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.