Parnassus Investments CA Sells 2,700,000 Shares of QUALCOMM, Inc. (QCOM)

Parnassus Investments CA cut its position in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 56.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,100,000 shares of the wireless technology company’s stock after selling 2,700,000 shares during the quarter. Parnassus Investments CA’s holdings in QUALCOMM were worth $119,511,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in QCOM. American Financial Network Advisory Services LLC acquired a new stake in QUALCOMM during the third quarter worth about $240,000. Cornerstone Wealth Management LLC grew its position in QUALCOMM by 28.0% during the third quarter. Cornerstone Wealth Management LLC now owns 285,648 shares of the wireless technology company’s stock worth $5,402,000 after buying an additional 62,399 shares in the last quarter. Managed Account Services Inc. acquired a new stake in QUALCOMM during the third quarter worth about $234,000. IFM Investors Pty Ltd grew its position in QUALCOMM by 11.0% during the third quarter. IFM Investors Pty Ltd now owns 74,228 shares of the wireless technology company’s stock worth $5,347,000 after buying an additional 7,353 shares in the last quarter. Finally, Truvestments Capital LLC grew its position in QUALCOMM by 6.1% during the third quarter. Truvestments Capital LLC now owns 21,919 shares of the wireless technology company’s stock worth $1,579,000 after buying an additional 1,267 shares in the last quarter. 92.15% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ:QCOM opened at $51.98 on Tuesday. The company has a debt-to-equity ratio of 4.25, a current ratio of 1.54 and a quick ratio of 1.38. QUALCOMM, Inc. has a 1 year low of $48.56 and a 1 year high of $76.50. The company has a market capitalization of $62.91 billion, a PE ratio of 16.29, a PEG ratio of 1.62 and a beta of 1.17.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, January 30th. The wireless technology company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.11. QUALCOMM had a net margin of 10.03% and a return on equity of 36.66%. The firm had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.89 billion. During the same quarter in the previous year, the company posted $0.98 EPS. QUALCOMM’s revenue was down 21.3% on a year-over-year basis. As a group, sell-side analysts anticipate that QUALCOMM, Inc. will post 3.23 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Thursday, March 7th will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 4.77%. The ex-dividend date of this dividend is Wednesday, March 6th. QUALCOMM’s dividend payout ratio (DPR) is presently 77.74%.

In related news, President Cristiano R. Amon sold 18,323 shares of the business’s stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $60.23, for a total value of $1,103,594.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Donald J. Rosenberg sold 9,048 shares of the business’s stock in a transaction that occurred on Thursday, December 13th. The stock was sold at an average price of $58.01, for a total transaction of $524,874.48. The disclosure for this sale can be found here. Insiders sold a total of 73,668 shares of company stock valued at $4,006,189 in the last 90 days. 0.11% of the stock is currently owned by corporate insiders.

QCOM has been the subject of a number of analyst reports. BidaskClub cut shares of QUALCOMM from a “buy” rating to a “hold” rating in a research note on Monday, January 7th. Deutsche Bank cut their price target on shares of QUALCOMM to $65.00 and set a “hold” rating for the company in a research note on Thursday, November 8th. Cowen restated an “outperform” rating and set a $70.00 price target (down previously from $73.00) on shares of QUALCOMM in a research note on Thursday, January 31st. ValuEngine cut shares of QUALCOMM from a “hold” rating to a “sell” rating in a research note on Thursday, January 31st. Finally, Evercore ISI restated an “in-line” rating and set a $60.00 price target (down previously from $68.00) on shares of QUALCOMM in a research note on Monday, January 14th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $66.00.

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About QUALCOMM

QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products 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 code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.

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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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