Pitti Group Wealth Management LLC Cuts Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Pitti Group Wealth Management LLC lowered its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 16.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,967 shares of the wireless technology company’s stock after selling 774 shares during the period. Pitti Group Wealth Management LLC’s holdings in QUALCOMM were worth $609,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Cibc World Markets Corp increased its position in shares of QUALCOMM by 29.7% in the fourth quarter. Cibc World Markets Corp now owns 900,769 shares of the wireless technology company’s stock worth $138,376,000 after acquiring an additional 206,489 shares in the last quarter. Arbor Capital Management Inc. ADV increased its position in shares of QUALCOMM by 16.4% in the fourth quarter. Arbor Capital Management Inc. ADV now owns 15,114 shares of the wireless technology company’s stock worth $2,322,000 after acquiring an additional 2,128 shares in the last quarter. GLOBALT Investments LLC GA increased its position in shares of QUALCOMM by 6.4% in the fourth quarter. GLOBALT Investments LLC GA now owns 1,486 shares of the wireless technology company’s stock worth $228,000 after acquiring an additional 90 shares in the last quarter. IMG Wealth Management Inc. acquired a new stake in shares of QUALCOMM in the fourth quarter worth $205,000. Finally, SlateStone Wealth LLC increased its position in shares of QUALCOMM by 3.5% in the fourth quarter. SlateStone Wealth LLC now owns 3,597 shares of the wireless technology company’s stock worth $553,000 after acquiring an additional 120 shares in the last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

QUALCOMM Trading Up 3.1 %

QUALCOMM stock opened at $156.58 on Monday. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49. The firm has a 50-day moving average price of $164.68 and a two-hundred day moving average price of $164.40. The firm has a market capitalization of $173.18 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 2.01 and a beta of 1.28. QUALCOMM Incorporated has a 52-week low of $149.43 and a 52-week high of $230.63.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. Sell-side analysts expect that QUALCOMM Incorporated will post 9.39 earnings per share for the current 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 paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Thursday, March 6th. QUALCOMM’s dividend payout ratio is currently 36.32%.

Insider Transactions at QUALCOMM

In related news, insider Alexander H. Rogers sold 19,287 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $169.83, for a total value of $3,275,511.21. Following the sale, the insider now directly owns 20,762 shares in the company, valued at $3,526,010.46. The trade was a 48.16 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $169.80, for a total transaction of $509,400.00. Following the completion of the sale, the chief financial officer now owns 63,115 shares in the company, valued at $10,716,927. The trade was a 4.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 27,968 shares of company stock valued at $4,685,077. Company insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Piper Sandler lowered their price target on shares of QUALCOMM from $205.00 to $190.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. Susquehanna lowered their price target on shares of QUALCOMM from $230.00 to $210.00 and set a “positive” rating for the company in a report on Wednesday, November 20th. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price target on shares of QUALCOMM in a report on Thursday, February 6th. Melius Research started coverage on shares of QUALCOMM in a report on Monday, December 9th. They set a “hold” rating and a $180.00 price objective for the company. Finally, Barclays decreased their price objective on shares of QUALCOMM from $200.00 to $185.00 and set an “overweight” rating for the company in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $205.32.

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.