New York Life Investment Management LLC Cuts Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

New York Life Investment Management LLC decreased its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 0.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 168,711 shares of the wireless technology company’s stock after selling 975 shares during the period. New York Life Investment Management LLC’s holdings in QUALCOMM were worth $33,604,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its holdings in QUALCOMM by 8.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock worth $3,664,418,000 after acquiring an additional 1,909,025 shares during the period. Norges Bank purchased a new position in shares of QUALCOMM in the 4th quarter worth about $2,507,978,000. Matrix Capital Management Company LP purchased a new position in shares of QUALCOMM in the 1st quarter worth about $1,171,516,000. Putnam Investments LLC grew its position in QUALCOMM by 4.3% during the fourth quarter. Putnam Investments LLC now owns 6,340,667 shares of the wireless technology company’s stock valued at $917,051,000 after buying an additional 263,482 shares during the period. Finally, Van ECK Associates Corp increased its holdings in QUALCOMM by 34.8% during the first quarter. Van ECK Associates Corp now owns 5,890,193 shares of the wireless technology company’s stock worth $997,210,000 after buying an additional 1,519,781 shares during the last quarter. Institutional investors own 74.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on QCOM. Wolfe Research downgraded shares of QUALCOMM from an “outperform” rating to a “peer perform” rating in a research report on Monday, August 12th. TD Cowen increased their price objective on QUALCOMM from $200.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, June 4th. Mizuho raised their target price on QUALCOMM from $180.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. HSBC cut QUALCOMM from a “buy” rating to a “hold” rating and set a $200.00 price target on the stock. in a research report on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on QUALCOMM from $155.00 to $170.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have given a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, QUALCOMM presently has an average rating of “Moderate Buy” and a consensus price target of $210.63.

QUALCOMM Price Performance

QUALCOMM stock opened at $158.19 on Friday. The stock has a market cap of $176.22 billion, a price-to-earnings ratio of 21.26, a PEG ratio of 1.93 and a beta of 1.28. The company has a quick ratio of 1.78, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. The business has a 50-day simple moving average of $179.95 and a 200 day simple moving average of $181.35. QUALCOMM Incorporated has a 52 week low of $104.33 and a 52 week high of $230.63.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.21. The firm had revenue of $9.39 billion during the quarter, compared to the consensus estimate of $9.23 billion. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. On average, research analysts forecast that QUALCOMM Incorporated will post 7.98 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 5th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date is Thursday, September 5th. QUALCOMM’s payout ratio is 45.70%.

Insider Activity

In related news, CTO James H. Thompson sold 8,000 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $199.47, for a total value of $1,595,760.00. Following the completion of the transaction, the chief technology officer now directly owns 237,893 shares in the company, valued at $47,452,516.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $199.47, for a total transaction of $1,595,760.00. Following the transaction, the chief technology officer now directly owns 237,893 shares of the company’s stock, valued at $47,452,516.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $205.61, for a total transaction of $616,830.00. Following the completion of the sale, the chief financial officer now owns 60,343 shares of the company’s stock, valued at $12,407,124.23. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,000 shares of company stock worth $3,496,590. 0.08% of the stock is currently owned by corporate insiders.

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.