USS Investment Management Ltd Sells 4,030 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

USS Investment Management Ltd cut its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 1.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 228,924 shares of the wireless technology company’s stock after selling 4,030 shares during the quarter. USS Investment Management Ltd’s holdings in QUALCOMM were worth $35,173,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of QCOM. Tallon Kerry Patrick purchased a new stake in shares of QUALCOMM during the fourth quarter valued at approximately $207,000. Merit Financial Group LLC grew its holdings in QUALCOMM by 40.4% during the fourth quarter. Merit Financial Group LLC now owns 22,889 shares of the wireless technology company’s stock valued at $3,516,000 after purchasing an additional 6,591 shares during the period. Sax Wealth Advisors LLC grew its holdings in QUALCOMM by 43.7% during the fourth quarter. Sax Wealth Advisors LLC now owns 1,776 shares of the wireless technology company’s stock valued at $273,000 after purchasing an additional 540 shares during the period. Kera Capital Partners Inc. bought a new position in QUALCOMM during the fourth quarter valued at $212,000. Finally, Artemis Investment Management LLP grew its holdings in QUALCOMM by 16.8% during the fourth quarter. Artemis Investment Management LLP now owns 75,508 shares of the wireless technology company’s stock valued at $11,600,000 after purchasing an additional 10,867 shares during the period. 74.35% of the stock is owned by hedge funds and other institutional investors.

QUALCOMM Stock Up 0.8%

QCOM opened at $153.70 on Tuesday. The firm has a 50-day simple moving average of $145.96 and a two-hundred day simple moving average of $156.72. QUALCOMM Incorporated has a 52 week low of $120.80 and a 52 week high of $230.63. The company has a market capitalization of $168.76 billion, a PE ratio of 16.42, a price-to-earnings-growth ratio of 2.01 and a beta of 1.29. 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 data 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 net margin of 25.94% and a return on equity of 39.51%. The business had revenue of $10.98 billion during the quarter, compared to the consensus estimate of $10.58 billion. During the same quarter in the prior year, the firm earned $2.44 EPS. The business’s revenue was up 17.0% on a year-over-year basis. Analysts forecast 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. Investors of record on Thursday, June 5th will be issued a $0.89 dividend. This is an increase from QUALCOMM’s previous quarterly dividend of $0.85. The ex-dividend date is Thursday, June 5th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.32%. QUALCOMM’s dividend payout ratio (DPR) is presently 36.25%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on QCOM shares. Susquehanna reduced their price objective on QUALCOMM from $210.00 to $190.00 and set a “positive” rating for the company in a report on Thursday, May 1st. Benchmark reduced their price objective on QUALCOMM from $240.00 to $200.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Evercore ISI reduced their price objective on QUALCOMM from $179.00 to $157.00 and set an “in-line” rating for the company in a report on Friday, May 2nd. Robert W. Baird cut their price target on QUALCOMM from $250.00 to $216.00 and set an “outperform” rating for the company in a report on Thursday, May 1st. Finally, Piper Sandler cut their price target on QUALCOMM from $205.00 to $190.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, QUALCOMM presently has an average rating of “Hold” and a consensus price target of $192.08.

Insider Activity at QUALCOMM

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $139.77, for a total value of $465,853.41. Following the completion of the transaction, the chief financial officer now owns 53,112 shares of the company’s stock, valued at approximately $7,423,464.24. This trade represents a 5.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Neil Martin sold 744 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $174.83, for a total transaction of $130,073.52. Following the completion of the transaction, the chief accounting officer now directly owns 461 shares of the company’s stock, valued at approximately $80,596.63. The trade was a 61.74% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,312 shares of company stock valued at $1,948,379. 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.