Independence Bank of Kentucky Sells 375 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Independence Bank of Kentucky decreased its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 5.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,123 shares of the wireless technology company’s stock after selling 375 shares during the quarter. Independence Bank of Kentucky’s holdings in QUALCOMM were worth $1,094,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in QCOM. Tallon Kerry Patrick purchased a new position in QUALCOMM during the fourth quarter valued at $207,000. LaFleur & Godfrey LLC grew its holdings in QUALCOMM by 10.6% during the 4th quarter. LaFleur & Godfrey LLC now owns 3,126 shares of the wireless technology company’s stock valued at $480,000 after purchasing an additional 300 shares during the last quarter. Brighton Jones LLC increased its stake in QUALCOMM by 116.6% in the fourth quarter. Brighton Jones LLC now owns 17,356 shares of the wireless technology company’s stock worth $2,666,000 after purchasing an additional 9,343 shares during the period. Union Bancaire Privee UBP SA bought a new stake in shares of QUALCOMM during the fourth quarter valued at approximately $10,394,000. Finally, Revolve Wealth Partners LLC lifted its stake in QUALCOMM by 15.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 2,542 shares of the wireless technology company’s stock worth $391,000 after acquiring an additional 340 shares during the period. Hedge funds and other institutional investors own 74.35% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Robert W. Baird dropped their price target on QUALCOMM from $250.00 to $216.00 and set an “outperform” rating on the stock in a research note on Thursday, May 1st. Rosenblatt Securities restated a “buy” rating and issued a $225.00 target price on shares of QUALCOMM in a research report on Thursday, May 1st. TD Cowen reduced their price target on QUALCOMM from $195.00 to $160.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. Susquehanna decreased their target price on shares of QUALCOMM from $210.00 to $190.00 and set a “positive” rating on the stock in a research report on Thursday, May 1st. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $185.00 price objective on shares of QUALCOMM in a research note on Tuesday, April 29th. One investment 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. According to MarketBeat, QUALCOMM currently has an average rating of “Hold” and a consensus target price of $189.88.

Insider Transactions at QUALCOMM

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the business’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $146.10, for a total transaction of $486,951.30. Following the completion of the transaction, the chief financial officer now owns 49,779 shares of the company’s stock, valued at approximately $7,272,711.90. The trade was a 6.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total transaction of $6,600,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 425,064 shares of company stock valued at $8,381,948. 0.08% of the stock is currently owned by corporate insiders.

QUALCOMM Trading Up 1.1%

QUALCOMM stock opened at $149.24 on Friday. 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 business has a 50 day moving average price of $143.61 and a two-hundred day moving average price of $155.12. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $230.63. The stock has a market cap of $163.87 billion, a price-to-earnings ratio of 15.94, a price-to-earnings-growth ratio of 2.01 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM) last released 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 net margin of 25.94% and a return on equity of 39.51%. The business had revenue of $10.98 billion for the quarter, compared to analysts’ expectations of $10.58 billion. During the same period in the prior year, the firm earned $2.44 earnings per share. QUALCOMM’s revenue was up 17.0% compared to the same quarter last year. As a group, equities analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be issued a dividend of $0.89 per share. 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 annualized dividend and a dividend yield of 2.39%. QUALCOMM’s payout ratio is presently 36.25%.

QUALCOMM Profile

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.