Cullen Frost Bankers Inc. Reduces Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Cullen Frost Bankers Inc. cut its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 0.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 231,149 shares of the wireless technology company’s stock after selling 1,012 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in QUALCOMM were worth $35,509,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of QUALCOMM in the fourth quarter worth about $26,000. CKW Financial Group purchased a new stake in shares of QUALCOMM in the fourth quarter worth about $27,000. Centricity Wealth Management LLC purchased a new stake in shares of QUALCOMM in the fourth quarter worth about $29,000. Planning Capital Management Corp lifted its holdings in shares of QUALCOMM by 137.3% in the third quarter. Planning Capital Management Corp now owns 197 shares of the wireless technology company’s stock worth $34,000 after buying an additional 114 shares in the last quarter. Finally, Synergy Asset Management LLC purchased a new stake in shares of QUALCOMM in the fourth quarter worth about $38,000. 74.35% of the stock is owned by hedge funds and other institutional investors.

QUALCOMM Stock Performance

NASDAQ:QCOM opened at $158.49 on Thursday. The stock has a market cap of $175.29 billion, a P/E ratio of 16.93, a price-to-earnings-growth ratio of 2.01 and a beta of 1.25. The firm’s fifty day simple moving average is $164.73 and its 200 day simple moving average is $165.29. QUALCOMM Incorporated has a twelve month low of $149.43 and a twelve month high of $230.63. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.07). QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. As a group, research analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 6th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 2.15%. The ex-dividend date is Thursday, March 6th. QUALCOMM’s dividend payout ratio (DPR) is currently 36.32%.

Analyst Ratings Changes

QCOM has been the topic of a number of recent analyst reports. Piper Sandler lowered their price target on shares of QUALCOMM from $205.00 to $190.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Evercore ISI lowered their price target on shares of QUALCOMM from $199.00 to $179.00 and set an “in-line” rating on the stock in a report on Thursday, February 6th. Sanford C. Bernstein increased their price target on shares of QUALCOMM from $200.00 to $215.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Benchmark reaffirmed a “buy” rating and issued a $240.00 target price on shares of QUALCOMM in a research note on Friday, February 7th. Finally, StockNews.com raised shares of QUALCOMM from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, QUALCOMM presently has an average rating of “Moderate Buy” and a consensus price target of $205.32.

Insider Activity at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now owns 63,115 shares of the company’s stock, valued at approximately $10,716,927. This trade represents a 4.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Neil Martin sold 744 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $174.83, for a total value of $130,073.52. Following the transaction, the chief accounting officer now directly owns 461 shares of the company’s stock, valued at $80,596.63. This represents a 61.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 47,045 shares of company stock worth $7,752,423 over the last quarter. Corporate insiders own 0.08% of the company’s stock.

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.