PNC Financial Services Group Inc. Sells 34,725 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

PNC Financial Services Group Inc. cut its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 3.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 960,331 shares of the wireless technology company’s stock after selling 34,725 shares during the quarter. PNC Financial Services Group Inc.’s holdings in QUALCOMM were worth $147,526,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Paulson Wealth Management Inc. increased its holdings in shares of QUALCOMM by 2.2% in the third quarter. Paulson Wealth Management Inc. now owns 2,791 shares of the wireless technology company’s stock worth $475,000 after purchasing an additional 61 shares during the last quarter. TBH Global Asset Management LLC boosted its position in shares of QUALCOMM by 0.9% during the 4th quarter. TBH Global Asset Management LLC now owns 7,050 shares of the wireless technology company’s stock valued at $1,083,000 after acquiring an additional 63 shares during the last quarter. Delta Financial Advisors LLC boosted its position in shares of QUALCOMM by 2.1% during the 3rd quarter. Delta Financial Advisors LLC now owns 3,221 shares of the wireless technology company’s stock valued at $548,000 after acquiring an additional 65 shares during the last quarter. Toth Financial Advisory Corp grew its holdings in shares of QUALCOMM by 3.1% in the fourth quarter. Toth Financial Advisory Corp now owns 2,190 shares of the wireless technology company’s stock valued at $336,000 after purchasing an additional 65 shares in the last quarter. Finally, CFS Investment Advisory Services LLC raised its stake in QUALCOMM by 1.1% during the fourth quarter. CFS Investment Advisory Services LLC now owns 6,050 shares of the wireless technology company’s stock valued at $929,000 after purchasing an additional 65 shares in the last quarter. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

QUALCOMM Stock Up 3.3 %

Shares of QUALCOMM stock opened at $161.22 on Friday. QUALCOMM Incorporated has a 1 year low of $149.43 and a 1 year high of $230.63. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99. The stock has a market cap of $178.31 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 2.01 and a beta of 1.28. The firm’s 50-day moving average is $164.76 and its two-hundred day moving average is $165.09.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.07). QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. As a group, research analysts expect that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The business 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 $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend is Thursday, March 6th. QUALCOMM’s payout ratio is 36.32%.

Insider Activity at QUALCOMM

In related news, insider Alexander H. Rogers sold 10,373 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $160.59, for a total transaction of $1,665,800.07. Following the completion of the transaction, the insider now owns 33,383 shares in the company, valued at $5,360,975.97. The trade was a 23.71 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Neil Martin sold 744 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $174.83, for a total transaction of $130,073.52. Following the completion of the sale, the chief accounting officer now owns 461 shares of the company’s stock, valued at approximately $80,596.63. This trade represents a 61.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 47,045 shares of company stock valued at $7,752,423 over the last quarter. 0.08% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

QCOM has been the subject of a number of recent research reports. Susquehanna dropped their price objective on shares of QUALCOMM from $230.00 to $210.00 and set a “positive” rating for the company in a research note on Wednesday, November 20th. Mizuho reduced their price objective on QUALCOMM from $245.00 to $215.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 7th. Evercore ISI lowered their price objective on QUALCOMM from $199.00 to $179.00 and set an “in-line” rating for the company in a research note on Thursday, February 6th. Loop Capital initiated coverage on QUALCOMM in a research report on Monday, November 11th. They set a “hold” rating and a $180.00 target price on the stock. Finally, Piper Sandler lowered their price target on QUALCOMM from $205.00 to $190.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $205.32.

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.