Westover Capital Advisors LLC Lowers Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Westover Capital Advisors LLC cut its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 9.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,905 shares of the wireless technology company’s stock after selling 200 shares during the period. Westover Capital Advisors LLC’s holdings in QUALCOMM were worth $293,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in QUALCOMM by 565.0% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 124,327 shares of the wireless technology company’s stock worth $19,098,000 after buying an additional 105,631 shares in the last quarter. PFG Advisors boosted its holdings in QUALCOMM by 8.0% during the first quarter. PFG Advisors now owns 4,314 shares of the wireless technology company’s stock worth $663,000 after buying an additional 321 shares in the last quarter. Teza Capital Management LLC purchased a new stake in QUALCOMM during the fourth quarter worth $1,541,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in QUALCOMM by 3.3% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 188,654 shares of the wireless technology company’s stock worth $28,979,000 after buying an additional 6,017 shares in the last quarter. Finally, Kanawha Capital Management LLC boosted its holdings in QUALCOMM by 1.9% during the first quarter. Kanawha Capital Management LLC now owns 85,414 shares of the wireless technology company’s stock worth $13,120,000 after buying an additional 1,573 shares in the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.

QUALCOMM Stock Down 0.3%

Shares of NASDAQ:QCOM opened at $158.40 on Friday. The company has a market capitalization of $173.92 billion, a PE ratio of 16.13, a P/E/G ratio of 2.05 and a beta of 1.26. The company has a current ratio of 2.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.48. QUALCOMM Incorporated has a twelve month low of $120.80 and a twelve month high of $182.64. The firm has a 50 day simple moving average of $154.60 and a 200-day simple moving average of $155.03.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.03. The business had revenue of $10.98 billion for the quarter, compared to analysts’ expectations of $10.58 billion. QUALCOMM had a net margin of 26.11% and a return on equity of 40.11%. The company’s quarterly revenue was up 17.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.44 EPS. On average, equities analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be issued a $0.89 dividend. The ex-dividend date is Thursday, September 4th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.25%. QUALCOMM’s payout ratio is 36.25%.

Analyst Ratings Changes

Several research firms have issued reports on QCOM. Evercore ISI decreased their price objective on shares of QUALCOMM from $179.00 to $157.00 and set an “in-line” rating on the stock in a report on Friday, May 2nd. Wells Fargo & Company decreased their price objective on shares of QUALCOMM from $175.00 to $140.00 and set an “underweight” rating on the stock in a report on Thursday, May 1st. JPMorgan Chase & Co. increased their price objective on shares of QUALCOMM from $185.00 to $190.00 and gave the company an “overweight” rating in a report on Thursday, July 17th. Susquehanna decreased their price objective on shares of QUALCOMM from $210.00 to $190.00 and set a “positive” rating on the stock in a report on Thursday, May 1st. Finally, TD Cowen decreased their price objective on shares of QUALCOMM from $195.00 to $160.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $184.86.

Insider Activity

In other news, insider Heather S. Ace sold 1,600 shares of QUALCOMM 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 transaction, the insider directly owned 22,793 shares of the company’s stock, valued at $3,139,507.82. The trade was a 6.56% decrease in their position. 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 on Friday, May 23rd. The shares were 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 have sold 424,099 shares of company stock valued at $8,310,735 in the last ninety days. 0.08% of the stock is currently owned by company insiders.

QUALCOMM Company 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.