South Street Advisors LLC Reduces Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

by · The Markets Daily

South Street Advisors LLC decreased its holdings in QUALCOMM Incorporated (NASDAQ:QCOM – Free Report) by 10.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,706 shares of the wireless technology company’s stock after selling 2,150 shares during the period. South Street Advisors LLC’s holdings in QUALCOMM were worth $3,011,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Leelyn Smith LLC purchased a new position in shares of QUALCOMM during the first quarter valued at approximately $208,000. Nicolet Advisory Services LLC purchased a new position in shares of QUALCOMM during the first quarter valued at approximately $222,000. Intech Investment Management LLC grew its stake in shares of QUALCOMM by 49.3% during the 1st quarter. Intech Investment Management LLC now owns 61,797 shares of the wireless technology company’s stock valued at $10,462,000 after purchasing an additional 20,412 shares during the period. Acadian Asset Management LLC grew its holdings in QUALCOMM by 468.0% during the first quarter. Acadian Asset Management LLC now owns 257,374 shares of the wireless technology company’s stock valued at $43,564,000 after purchasing an additional 212,064 shares during the period. Finally, Blue Barn Wealth LLC increased its stake in shares of QUALCOMM by 54.5% in the first quarter. Blue Barn Wealth LLC now owns 5,727 shares of the wireless technology company’s stock worth $970,000 after purchasing an additional 2,021 shares in the last quarter. Institutional investors own 74.35% of the company’s stock.

Insider Buying and Selling

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $165.95, for a total value of $497,850.00. Following the completion of the transaction, the chief financial officer now owns 51,437 shares in the company, valued at $8,535,970.15. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO James H. Thompson sold 8,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $169.80, for a total value of $1,358,400.00. Following the completion of the transaction, the chief technology officer now owns 213,364 shares of the company’s stock, valued at $36,229,207.20. The trade was a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,146 shares of company stock worth $2,709,186. 0.08% of the stock is owned by corporate insiders.

QUALCOMM Trading Down 2.1 %

Shares of QUALCOMM stock traded down $3.47 during midday trading on Friday, reaching $160.50. The company had a trading volume of 9,737,033 shares, compared to its average volume of 9,021,084. QUALCOMM Incorporated has a fifty-two week low of $125.67 and a fifty-two week high of $230.63. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.40 and a quick ratio of 1.79. The stock has a fifty day moving average price of $168.35 and a 200 day moving average price of $182.10. The firm has a market cap of $178.32 billion, a PE ratio of 17.85, a P/E/G ratio of 2.70 and a beta of 1.28.

QUALCOMM Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be given a $0.85 dividend. The ex-dividend date is Thursday, December 5th. This represents a $3.40 annualized dividend and a yield of 2.12%. QUALCOMM’s payout ratio is 37.82%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on QCOM. Evercore ISI upped their price target on shares of QUALCOMM from $190.00 to $199.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Barclays boosted their price objective on shares of QUALCOMM from $185.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. Benchmark reiterated a “buy” rating and issued a $240.00 target price on shares of QUALCOMM in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of QUALCOMM from $155.00 to $170.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Finally, DZ Bank raised shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 target price on the stock in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $210.92.

Check Out Our Latest Research Report on QCOM

QUALCOMM Company Profile

(Free Report)

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.

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