Wedge Capital Management L L P NC Sells 352,225 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Wedge Capital Management L L P NC cut its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 99.4% during the 4th quarter, Holdings Channel reports. The fund owned 2,164 shares of the wireless technology company’s stock after selling 352,225 shares during the period. Wedge Capital Management L L P NC’s holdings in QUALCOMM were worth $332,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Relyea Zuckerberg Hanson LLC increased its stake in QUALCOMM by 12.8% in the 4th quarter. Relyea Zuckerberg Hanson LLC now owns 3,077 shares of the wireless technology company’s stock worth $473,000 after buying an additional 350 shares in the last quarter. Avanza Fonder AB purchased a new position in QUALCOMM during the fourth quarter valued at $17,285,000. Procyon Advisors LLC boosted its holdings in shares of QUALCOMM by 8.8% during the 4th quarter. Procyon Advisors LLC now owns 40,433 shares of the wireless technology company’s stock valued at $6,211,000 after purchasing an additional 3,281 shares during the last quarter. RDA Financial Network lifted its position in shares of QUALCOMM by 20.3% in the fourth quarter. RDA Financial Network now owns 8,589 shares of the wireless technology company’s stock worth $1,319,000 after buying an additional 1,450 shares in the last quarter. Finally, KMG Fiduciary Partners LLC grew its holdings in QUALCOMM by 4.5% during the 4th quarter. KMG Fiduciary Partners LLC now owns 93,295 shares of the wireless technology company’s stock valued at $14,332,000 after buying an additional 3,989 shares in the last quarter. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CAO Neil Martin sold 1,304 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $155.00, for a total value of $202,120.00. Following the sale, the chief accounting officer now directly owns 94 shares of the company’s stock, valued at approximately $14,570. The trade was a 93.28 % decrease in their position. The transaction 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 stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $161.54, for a total transaction of $484,620.00. Following the transaction, the chief financial officer now directly owns 48,778 shares of the company’s stock, valued at $7,879,598.12. The trade was a 5.79 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 26,882 shares of company stock worth $4,314,649. Company insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Mizuho decreased their target price on shares of QUALCOMM from $245.00 to $215.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 7th. Evercore ISI raised their price target on QUALCOMM from $190.00 to $199.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. UBS Group boosted their target price on shares of QUALCOMM from $185.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. dropped their target price on shares of QUALCOMM from $210.00 to $195.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Finally, Melius Research assumed coverage on QUALCOMM in a research note on Monday, December 9th. They set a “hold” rating and a $180.00 price target on the stock. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $206.57.

QUALCOMM Stock Performance

QCOM opened at $167.27 on Wednesday. The firm has a market capitalization of $185.84 billion, a PE ratio of 18.61, a PEG ratio of 2.75 and a beta of 1.25. The company has a current ratio of 2.40, a quick ratio of 1.79 and a debt-to-equity ratio of 0.51. QUALCOMM Incorporated has a twelve month low of $139.26 and a twelve month high of $230.63. The firm’s 50-day moving average price is $158.78 and its 200 day moving average price is $168.29.

QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, November 6th. The wireless technology company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.25. The company had revenue of $10.24 billion during the quarter, compared to analysts’ expectations of $9.90 billion. QUALCOMM had a return on equity of 38.81% and a net margin of 26.03%. As a group, sell-side analysts expect that QUALCOMM Incorporated will post 9.12 EPS for the current fiscal year.

QUALCOMM Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 6th will be given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 2.03%. The ex-dividend date is Thursday, March 6th. QUALCOMM’s payout ratio is presently 37.82%.

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.