Hodges Capital Management Inc. Sells 1,549 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Hodges Capital Management Inc. decreased its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 51.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,446 shares of the wireless technology company’s stock after selling 1,549 shares during the period. Hodges Capital Management Inc.’s holdings in QUALCOMM were worth $245,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of QCOM. Financial Gravity Asset Management Inc. lifted its stake in QUALCOMM by 102.5% in the third quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock valued at $26,000 after acquiring an additional 122 shares during the last quarter. CarsonAllaria Wealth Management Ltd. lifted its stake in QUALCOMM by 327.1% in the 4th quarter. CarsonAllaria Wealth Management Ltd. now owns 205 shares of the wireless technology company’s stock valued at $30,000 after purchasing an additional 157 shares during the last quarter. DiNuzzo Private Wealth Inc. acquired a new position in QUALCOMM during the fourth quarter worth approximately $32,000. Cherry Tree Wealth Management LLC boosted its stake in shares of QUALCOMM by 95.0% during the 4th quarter. Cherry Tree Wealth Management LLC now owns 236 shares of the wireless technology company’s stock worth $34,000 after acquiring an additional 115 shares during the period. Finally, Fortitude Family Office LLC acquired a new position in shares of QUALCOMM during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 74.35% of the company’s stock.

Analyst Upgrades and Downgrades

QCOM has been the subject of several research reports. Piper Sandler raised their price objective on shares of QUALCOMM from $165.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. HSBC raised their price objective on QUALCOMM from $170.00 to $190.00 and gave the stock a “buy” rating in a research note on Tuesday, April 30th. Citigroup increased their price objective on shares of QUALCOMM from $160.00 to $170.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Bank of America boosted their price objective on shares of QUALCOMM from $180.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Finally, StockNews.com downgraded QUALCOMM from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $192.13.

Insider Activity at QUALCOMM

In related news, Director Neil Smit sold 3,069 shares of QUALCOMM stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $200.94, for a total transaction of $616,684.86. Following the completion of the transaction, the director now directly owns 5,902 shares in the company, valued at $1,185,947.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Neil Smit sold 3,069 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $200.94, for a total value of $616,684.86. Following the transaction, the director now directly owns 5,902 shares of the company’s stock, valued at $1,185,947.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the company’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 completion of the sale, the chief financial officer now owns 69,343 shares of the company’s stock, valued at $12,030,317.07. The disclosure for this sale can be found here. Insiders have sold a total of 45,185 shares of company stock valued at $8,206,875 in the last ninety days. Company insiders own 0.08% of the company’s stock.

QUALCOMM Price Performance

Shares of QUALCOMM stock traded up $4.03 during trading hours on Friday, reaching $199.18. The company’s stock had a trading volume of 15,547,484 shares, compared to its average volume of 11,272,695. The stock has a market cap of $222.28 billion, a P/E ratio of 26.77, a P/E/G ratio of 2.37 and a beta of 1.30. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.65 and a quick ratio of 1.98. The firm has a 50 day moving average price of $195.82 and a 200-day moving average price of $169.22. QUALCOMM Incorporated has a one year low of $104.33 and a one year high of $230.63.

QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.11. The business had revenue of $9.39 billion for the quarter, compared to analyst estimates of $9.32 billion. QUALCOMM had a return on equity of 37.09% and a net margin of 23.03%. On average, analysts predict that QUALCOMM Incorporated will post 7.85 EPS for the current year.

QUALCOMM Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Thursday, May 30th were paid a dividend of $0.85 per share. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date was Thursday, May 30th. This represents a $3.40 dividend on an annualized basis and a yield of 1.71%. QUALCOMM’s dividend payout ratio is presently 45.70%.

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.