Argent Trust Co Reduces Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Argent Trust Co decreased its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 0.1% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 82,495 shares of the wireless technology company’s stock after selling 75 shares during the quarter. Argent Trust Co’s holdings in QUALCOMM were worth $16,431,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in QCOM. City Holding Co. grew its holdings in shares of QUALCOMM by 3.5% during the first quarter. City Holding Co. now owns 5,884 shares of the wireless technology company’s stock worth $996,000 after buying an additional 199 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of QUALCOMM by 173.3% during the second quarter. Federated Hermes Inc. now owns 842,357 shares of the wireless technology company’s stock worth $167,781,000 after buying an additional 534,176 shares during the last quarter. BNP Paribas purchased a new position in shares of QUALCOMM during the first quarter worth about $3,104,000. SWP Financial LLC purchased a new position in shares of QUALCOMM during the fourth quarter worth about $593,000. Finally, Horizon Investment Services LLC purchased a new position in shares of QUALCOMM during the first quarter worth about $3,832,000. Hedge funds and other institutional investors own 74.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on QUALCOMM from $230.00 to $210.00 and set an “overweight” rating on the stock in a report on Tuesday. Susquehanna lifted their price objective on QUALCOMM from $205.00 to $250.00 and gave the company a “positive” rating in a report on Wednesday, July 17th. Tigress Financial raised their price target on QUALCOMM from $238.00 to $270.00 and gave the company a “buy” rating in a report on Friday, June 21st. Wells Fargo & Company lifted their price target on QUALCOMM from $140.00 to $170.00 and gave the company an “underweight” rating in a research note on Thursday, August 1st. Finally, Bank of America increased their price objective on QUALCOMM from $180.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, QUALCOMM has a consensus rating of “Moderate Buy” and a consensus target price of $211.67.

QUALCOMM Stock Performance

Shares of QUALCOMM stock opened at $168.70 on Wednesday. The firm’s 50-day simple moving average is $174.52 and its 200-day simple moving average is $182.15. QUALCOMM Incorporated has a 1 year low of $104.33 and a 1 year high of $230.63. The firm has a market cap of $188.27 billion, a PE ratio of 22.67, a price-to-earnings-growth ratio of 1.81 and a beta of 1.28. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.78 and a current ratio of 2.39.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.21. The firm had revenue of $9.39 billion for the quarter, compared to analysts’ expectations of $9.23 billion. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. Equities analysts forecast that QUALCOMM Incorporated will post 8 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 5th will be issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Thursday, September 5th. QUALCOMM’s dividend payout ratio (DPR) is presently 45.70%.

Insider Transactions at QUALCOMM

In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction 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 transaction, the chief financial officer now directly owns 60,343 shares in the company, valued at approximately $12,407,124.23. The sale was disclosed in a document filed with the SEC, which is available through this link. In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $205.61, for a total value of $616,830.00. Following the completion of the transaction, the chief financial officer now owns 60,343 shares in the company, valued at approximately $12,407,124.23. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $160.50, for a total transaction of $1,284,000.00. Following the completion of the sale, the chief technology officer now owns 229,987 shares in the company, valued at approximately $36,912,913.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,000 shares of company stock worth $3,496,590. 0.08% of the stock is currently owned by company insiders.

QUALCOMM Company 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.