State of Michigan Retirement System Sells 600 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

State of Michigan Retirement System cut its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 0.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 320,466 shares of the wireless technology company’s stock after selling 600 shares during the period. State of Michigan Retirement System’s holdings in QUALCOMM were worth $49,230,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of 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 valued at $475,000 after purchasing an additional 61 shares in the last quarter. TBH Global Asset Management LLC lifted its position in 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 purchasing an additional 63 shares during the period. Delta Financial Advisors LLC raised its stake in shares of QUALCOMM by 2.1% during the third quarter. Delta Financial Advisors LLC now owns 3,221 shares of the wireless technology company’s stock worth $548,000 after buying an additional 65 shares during the last quarter. Toth Financial Advisory Corp grew its stake in shares of QUALCOMM by 3.1% during the fourth quarter. Toth Financial Advisory Corp now owns 2,190 shares of the wireless technology company’s stock worth $336,000 after purchasing an additional 65 shares during the period. Finally, CFS Investment Advisory Services LLC grew its position in shares of QUALCOMM by 1.1% during the 4th quarter. CFS Investment Advisory Services LLC now owns 6,050 shares of the wireless technology company’s stock worth $929,000 after buying an additional 65 shares during the period. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Wells Fargo & Company raised their price target on QUALCOMM from $170.00 to $175.00 and gave the stock an “underweight” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. reduced their target price on shares of QUALCOMM from $210.00 to $195.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Mizuho dropped their price target on QUALCOMM from $245.00 to $215.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 7th. Barclays cut their price target on QUALCOMM from $200.00 to $185.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Finally, Evercore ISI decreased their price objective on QUALCOMM from $199.00 to $179.00 and set an “in-line” rating for the company in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $205.32.

Insider Activity at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,337 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $156.82, for a total value of $523,308.34. Following the completion of the sale, the chief financial officer now owns 59,778 shares of the company’s stock, valued at $9,374,385.96. The trade was a 5.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Ann C. Chaplin sold 7,717 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $160.59, for a total transaction of $1,239,273.03. Following the transaction, the general counsel now directly owns 17,153 shares in the company, valued at $2,754,600.27. This represents a 31.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,045 shares of company stock worth $8,237,043. Corporate insiders own 0.08% of the company’s stock.

QUALCOMM Price Performance

Shares of QCOM opened at $153.62 on Tuesday. The company’s 50-day moving average is $164.84 and its 200-day moving average is $165.47. 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 firm has a market capitalization of $169.90 billion, a PE ratio of 16.41, a PEG ratio of 2.01 and a beta of 1.25. QUALCOMM Incorporated has a fifty-two week low of $149.43 and a fifty-two week high of $230.63.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share 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 forecast that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.21%. QUALCOMM’s payout ratio is presently 36.32%.

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.