Klingenstein Fields & Co. LP Sells 675 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Klingenstein Fields & Co. LP reduced its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 22.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,349 shares of the wireless technology company’s stock after selling 675 shares during the quarter. Klingenstein Fields & Co. LP’s holdings in QUALCOMM were worth $340,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. First Affirmative Financial Network raised its holdings in QUALCOMM by 6.8% during the third quarter. First Affirmative Financial Network now owns 2,257 shares of the wireless technology company’s stock valued at $251,000 after acquiring an additional 143 shares during the period. Stanley Laman Group Ltd. lifted its position in shares of QUALCOMM by 7.5% in the third quarter. Stanley Laman Group Ltd. now owns 24,698 shares of the wireless technology company’s stock worth $2,743,000 after buying an additional 1,720 shares in the last quarter. Legacy Trust lifted its position in shares of QUALCOMM by 11.1% in the third quarter. Legacy Trust now owns 42,978 shares of the wireless technology company’s stock worth $4,773,000 after buying an additional 4,311 shares in the last quarter. Viking Fund Management LLC increased its stake in QUALCOMM by 4.3% during the third quarter. Viking Fund Management LLC now owns 98,000 shares of the wireless technology company’s stock worth $10,884,000 after acquiring an additional 4,000 shares during the last quarter. Finally, Capital Investment Advisors LLC increased its stake in QUALCOMM by 4.3% during the third quarter. Capital Investment Advisors LLC now owns 150,535 shares of the wireless technology company’s stock worth $16,718,000 after acquiring an additional 6,258 shares during the last quarter. 74.35% of the stock is owned by institutional investors.

Analysts Set New Price Targets

QCOM has been the topic of several analyst reports. KeyCorp boosted their price objective on QUALCOMM from $180.00 to $205.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Cantor Fitzgerald boosted their price objective on QUALCOMM from $150.00 to $190.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Citigroup cut QUALCOMM from a “buy” rating to a “neutral” rating and set a $160.00 target price on the stock. in a research note on Thursday, February 1st. Piper Sandler increased their price objective on QUALCOMM from $140.00 to $165.00 and gave the stock an “overweight” rating in a research note on Thursday, February 1st. Finally, Susquehanna increased their price objective on QUALCOMM from $175.00 to $205.00 and gave the company a “positive” rating in a report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, QUALCOMM currently has an average rating of “Moderate Buy” and an average price target of $156.90.

QUALCOMM Stock Performance

QCOM traded up $0.65 during midday trading on Monday, hitting $158.28. 486,598 shares of the company were exchanged, compared to its average volume of 8,531,271. QUALCOMM Incorporated has a 1-year low of $101.47 and a 1-year high of $177.59. The company has a current ratio of 2.56, a quick ratio of 1.88 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $176.64 billion, a price-to-earnings ratio of 22.84, a price-to-earnings-growth ratio of 2.15 and a beta of 1.41. The company’s 50 day simple moving average is $164.87 and its 200 day simple moving average is $143.12.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, January 31st. The wireless technology company reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.43. The firm had revenue of $9.94 billion for the quarter, compared to analyst estimates of $9.50 billion. QUALCOMM had a net margin of 21.39% and a return on equity of 38.06%. As a group, sell-side analysts predict that QUALCOMM Incorporated will post 7.69 earnings per share for the current year.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, May 30th will be paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 2.15%. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date is Thursday, May 30th. QUALCOMM’s dividend payout ratio (DPR) is 46.38%.

Insiders Place Their Bets

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $173.49, for a total value of $520,470.00. Following the transaction, the chief financial officer now directly owns 69,343 shares of the company’s stock, valued at approximately $12,030,317.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $159.39, for a total value of $1,275,120.00. Following the transaction, the chief technology officer now directly owns 269,893 shares of the company’s stock, valued at approximately $43,018,245.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $173.49, for a total transaction of $520,470.00. Following the sale, the chief financial officer now directly owns 69,343 shares in the company, valued at approximately $12,030,317.07. The disclosure for this sale can be found here. Insiders have sold 36,260 shares of company stock valued at $5,973,728 in the last ninety days. 0.08% of the stock is currently owned by corporate 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.