Hickory Asset Management Inc. Decreases Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Hickory Asset Management Inc. cut its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 3.8% during the 1st quarter, HoldingsChannel reports. The fund owned 2,856 shares of the wireless technology company’s stock after selling 114 shares during the quarter. Hickory Asset Management Inc.’s holdings in QUALCOMM were worth $439,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. CVA Family Office LLC raised its stake in shares of QUALCOMM by 11.7% during the first quarter. CVA Family Office LLC now owns 3,449 shares of the wireless technology company’s stock worth $530,000 after acquiring an additional 360 shares in the last quarter. Elevation Point Wealth Partners LLC increased its stake in shares of QUALCOMM by 32.1% in the first quarter. Elevation Point Wealth Partners LLC now owns 27,494 shares of the wireless technology company’s stock worth $4,223,000 after buying an additional 6,685 shares during the period. Krilogy Financial LLC increased its stake in shares of QUALCOMM by 2.6% in the first quarter. Krilogy Financial LLC now owns 10,861 shares of the wireless technology company’s stock worth $1,668,000 after buying an additional 274 shares during the period. CCM Investment Advisers LLC increased its stake in shares of QUALCOMM by 15.2% in the first quarter. CCM Investment Advisers LLC now owns 86,632 shares of the wireless technology company’s stock worth $13,308,000 after buying an additional 11,407 shares during the period. Finally, Everhart Financial Group Inc. increased its stake in shares of QUALCOMM by 67.2% in the first quarter. Everhart Financial Group Inc. now owns 4,646 shares of the wireless technology company’s stock worth $714,000 after buying an additional 1,868 shares during the period. 74.35% of the stock is owned by hedge funds and other institutional investors.

QUALCOMM Stock Performance

Shares of QCOM stock opened at $154.72 on Friday. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $230.63. The company’s 50-day moving average is $145.85 and its 200 day moving average is $155.15. The company has a market capitalization of $169.88 billion, a price-to-earnings ratio of 16.53, a price-to-earnings-growth ratio of 2.01 and a beta of 1.26. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.99 and a current ratio of 2.62.

QUALCOMM (NASDAQ:QCOM) last announced 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 company had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $10.58 billion. During the same period in the prior year, the firm posted $2.44 EPS. QUALCOMM’s revenue for the quarter was up 17.0% on a year-over-year basis. Sell-side analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be paid a $0.89 dividend. The ex-dividend date is Thursday, June 5th. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.85. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.30%. QUALCOMM’s payout ratio is currently 36.25%.

Wall Street Analysts Forecast Growth

QCOM has been the topic of several analyst reports. 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 note on Thursday, May 1st. Wells Fargo & Company decreased their target price on shares of QUALCOMM from $175.00 to $140.00 and set an “underweight” rating on the stock in a research note on Thursday, May 1st. Loop Capital cut their price target on shares of QUALCOMM from $180.00 to $155.00 and set a “hold” rating on the stock in a report on Thursday, May 1st. Citigroup cut their price target 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. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $225.00 price target on shares of QUALCOMM in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $189.88.

Insider Transactions at QUALCOMM

In other news, CFO Akash J. Palkhiwala sold 269 shares of QUALCOMM stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $131.10, for a total value of $35,265.90. Following the completion of the sale, the chief financial officer now directly owns 57,728 shares in the company, valued at $7,568,140.80. The trade was a 0.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of QUALCOMM 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. Insiders sold 423,464 shares of company stock worth $8,135,164 over the last three months. 0.08% of the stock is currently owned by company insiders.

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.