Comerica Bank Has $41.99 Million Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Comerica Bank cut its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 7.3% during the 4th quarter, HoldingsChannel reports. The fund owned 273,314 shares of the wireless technology company’s stock after selling 21,632 shares during the quarter. Comerica Bank’s holdings in QUALCOMM were worth $41,987,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Norges Bank acquired a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $2,721,882,000. Amundi lifted its holdings in shares of QUALCOMM by 36.6% during the 4th quarter. Amundi now owns 14,579,529 shares of the wireless technology company’s stock worth $2,313,634,000 after acquiring an additional 3,905,918 shares during the period. Raymond James Financial Inc. acquired a new position in QUALCOMM during the fourth quarter valued at approximately $527,053,000. Northern Trust Corp increased its holdings in QUALCOMM by 12.7% in the 4th quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company’s stock worth $2,041,535,000 after purchasing an additional 1,493,076 shares in the last quarter. Finally, Capital Research Global Investors boosted its stake in shares of QUALCOMM by 525.5% during the fourth quarter. Capital Research Global Investors now owns 1,413,495 shares of the wireless technology company’s stock valued at $217,141,000 after purchasing an additional 1,187,531 shares in the last quarter. 74.35% of the stock is owned by institutional investors.

Insider Activity at QUALCOMM

In related news, insider Alexander H. Rogers sold 19,287 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $169.83, for a total transaction of $3,275,511.21. Following the sale, the insider now owns 20,762 shares of the company’s stock, valued at $3,526,010.46. The trade was a 48.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Neil Martin sold 744 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $174.83, for a total transaction 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 30,666 shares of company stock valued at $5,047,052 over the last 90 days. 0.08% of the stock is owned by insiders.

QUALCOMM Stock Down 0.5 %

Shares of NASDAQ QCOM opened at $146.88 on Wednesday. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49. The company has a market cap of $162.45 billion, a P/E ratio of 15.69, a P/E/G ratio of 2.01 and a beta of 1.28. QUALCOMM Incorporated has a 52 week low of $120.80 and a 52 week high of $230.63. The business has a 50-day simple moving average of $149.02 and a two-hundred day simple moving average of $159.13.

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

QUALCOMM Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be issued a $0.89 dividend. The ex-dividend date is Thursday, June 5th. This represents a $3.56 annualized dividend and a dividend yield of 2.42%. This is a boost from QUALCOMM’s previous quarterly dividend of $0.85. QUALCOMM’s dividend payout ratio (DPR) is presently 38.03%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on QCOM. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $160.00 price objective on shares of QUALCOMM in a research note on Thursday, February 6th. Benchmark reissued a “buy” rating and issued a $240.00 price objective on shares of QUALCOMM in a research note on Friday, February 7th. Piper Sandler decreased their target price on QUALCOMM from $205.00 to $190.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $185.00 price target on shares of QUALCOMM in a research note on Tuesday. Finally, Citigroup cut their target price on shares of QUALCOMM from $185.00 to $145.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $200.86.

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.