Lipe & Dalton Cuts Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Lipe & Dalton lessened its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 9.3% in the 1st quarter, Holdings Channel.com reports. The fund owned 10,060 shares of the wireless technology company’s stock after selling 1,029 shares during the quarter. Lipe & Dalton’s holdings in QUALCOMM were worth $1,545,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in QUALCOMM by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 113,730,186 shares of the wireless technology company’s stock worth $17,471,231,000 after purchasing an additional 707,468 shares during the last quarter. Geode Capital Management LLC boosted its stake in QUALCOMM by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 27,798,900 shares of the wireless technology company’s stock worth $4,262,826,000 after purchasing an additional 670,432 shares during the last quarter. Norges Bank acquired a new position in shares of QUALCOMM during the 4th quarter valued at about $2,721,882,000. Northern Trust Corp boosted its position in shares of QUALCOMM by 12.7% during the 4th quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company’s stock valued at $2,041,535,000 after acquiring an additional 1,493,076 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of QUALCOMM by 17.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,780,687 shares of the wireless technology company’s stock valued at $1,502,509,000 after acquiring an additional 1,424,106 shares during the last quarter. Hedge funds and other institutional investors own 74.35% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on QCOM. Benchmark lowered their price target on shares of QUALCOMM from $240.00 to $200.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Cantor Fitzgerald reissued a “neutral” rating and set a $150.00 price target on shares of QUALCOMM in a research report on Thursday, May 1st. Rosenblatt Securities reissued a “buy” rating and set a $225.00 price target on shares of QUALCOMM in a research report on Thursday, May 1st. Wells Fargo & Company lowered their price target on shares of QUALCOMM from $175.00 to $140.00 and set an “underweight” rating on the stock in a research report on Thursday, May 1st. Finally, Evercore ISI lowered their price target on shares of QUALCOMM from $179.00 to $157.00 and set an “in-line” rating on the stock in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $186.00.

Insider Activity

In other news, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total value of $6,600,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Heather S. Ace sold 1,600 shares of the firm’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $137.74, for a total value of $220,384.00. Following the completion of the transaction, the insider owned 22,793 shares of the company’s stock, valued at approximately $3,139,507.82. This represents a 6.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 424,099 shares of company stock worth $8,310,735 over the last 90 days. 0.08% of the stock is currently owned by corporate insiders.

QUALCOMM Stock Performance

Shares of NASDAQ QCOM traded up $1.64 during mid-day trading on Friday, hitting $154.25. 1,263,080 shares of the company were exchanged, compared to its average volume of 8,469,090. The company has a quick ratio of 2.08, a current ratio of 2.73 and a debt-to-equity ratio of 0.48. The stock has a 50 day simple moving average of $153.76 and a 200-day simple moving average of $154.96. QUALCOMM Incorporated has a 1-year low of $120.80 and a 1-year high of $196.24. The firm has a market cap of $169.37 billion, a price-to-earnings ratio of 15.72, a price-to-earnings-growth ratio of 1.99 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.03. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. The firm had revenue of $10.98 billion during the quarter, compared to the consensus estimate of $10.58 billion. During the same period last year, the company earned $2.44 earnings per share. The company’s revenue for the quarter was up 17.0% on a year-over-year basis. On average, sell-side analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

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.