QUALCOMM Incorporated (NASDAQ:QCOM) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp trimmed its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 3.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 410,449 shares of the wireless technology company’s stock after selling 13,164 shares during the period. Fifth Third Bancorp’s holdings in QUALCOMM were worth $63,049,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the business. WFA Asset Management Corp purchased a new position in shares of QUALCOMM during the 1st quarter worth about $27,000. Kohmann Bosshard Financial Services LLC purchased a new position in shares of QUALCOMM during the 4th quarter worth about $26,000. Banque Transatlantique SA purchased a new position in shares of QUALCOMM during the 4th quarter worth about $26,000. Centricity Wealth Management LLC purchased a new position in shares of QUALCOMM during the 4th quarter worth about $29,000. Finally, Sunbeam Capital Management LLC purchased a new position in shares of QUALCOMM during the 4th quarter worth about $29,000. 74.35% of the stock is owned by institutional investors and hedge funds.

QUALCOMM Stock Up 0.2%

QUALCOMM stock opened at $159.48 on Thursday. QUALCOMM Incorporated has a twelve month low of $120.80 and a twelve month high of $230.63. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.99 and a current ratio of 2.62. The firm has a market cap of $175.11 billion, a PE ratio of 17.04, a P/E/G ratio of 2.01 and a beta of 1.26. The firm’s 50 day moving average price is $144.67 and its two-hundred day moving average price is $155.17.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, beating the consensus estimate of $2.82 by $0.03. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The company had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $10.58 billion. During the same quarter last year, the company posted $2.44 earnings per share. The company’s revenue for the quarter was up 17.0% compared to the same quarter last year. On average, research analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be given a $0.89 dividend. This represents a $3.56 annualized dividend and a dividend yield of 2.23%. This is a boost from QUALCOMM’s previous quarterly dividend of $0.85. The ex-dividend date is Thursday, June 5th. QUALCOMM’s dividend payout ratio is currently 36.25%.

Insider Activity

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 269 shares of the stock in a transaction on Monday, April 7th. The stock was sold at an average price of $131.10, for a total transaction of $35,265.90. Following the completion of the transaction, the chief financial officer now directly owns 57,728 shares in the company, valued at $7,568,140.80. This represents a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total value of $6,600,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 423,464 shares of company stock valued at $8,135,164. 0.08% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on QCOM. Citigroup cut their price objective on shares of QUALCOMM from $185.00 to $145.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Rosenblatt Securities reiterated a “buy” rating and set a $225.00 price objective on shares of QUALCOMM in a report on Thursday, May 1st. Cantor Fitzgerald restated a “neutral” rating and issued a $150.00 price target on shares of QUALCOMM in a report on Thursday, May 1st. JPMorgan Chase & Co. restated an “overweight” rating and issued a $185.00 price target on shares of QUALCOMM in a report on Tuesday, April 29th. Finally, Wall Street Zen lowered shares of QUALCOMM from a “buy” rating to a “hold” rating in a research note on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $189.88.

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.