Harvest Fund Management Co. Ltd Sells 7,543 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Harvest Fund Management Co. Ltd lessened its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 5.1% during the 1st quarter, Holdings Channel.com reports. The fund owned 141,588 shares of the wireless technology company’s stock after selling 7,543 shares during the period. QUALCOMM comprises approximately 1.1% of Harvest Fund Management Co. Ltd’s investment portfolio, making the stock its 15th biggest position. Harvest Fund Management Co. Ltd’s holdings in QUALCOMM were worth $21,741,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its position in shares of QUALCOMM by 116.6% in the fourth quarter. Brighton Jones LLC now owns 17,356 shares of the wireless technology company’s stock valued at $2,666,000 after purchasing an additional 9,343 shares during the period. Revolve Wealth Partners LLC increased its position in shares of QUALCOMM by 15.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 2,542 shares of the wireless technology company’s stock valued at $391,000 after purchasing an additional 340 shares during the period. Clearbridge Investments LLC boosted its stake in QUALCOMM by 3.1% during the fourth quarter. Clearbridge Investments LLC now owns 177,954 shares of the wireless technology company’s stock worth $27,337,000 after buying an additional 5,348 shares in the last quarter. FSB Premier Wealth Management Inc. lifted its holdings in shares of QUALCOMM by 13.1% during the 4th quarter. FSB Premier Wealth Management Inc. now owns 3,839 shares of the wireless technology company’s stock worth $590,000 after acquiring an additional 444 shares during the period. Finally, AIA Group Ltd boosted its position in shares of QUALCOMM by 27.8% during the 4th quarter. AIA Group Ltd now owns 25,400 shares of the wireless technology company’s stock valued at $3,902,000 after acquiring an additional 5,520 shares in the last quarter. Institutional investors own 74.35% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $225.00 price objective on shares of QUALCOMM in a report on Thursday, May 1st. Wall Street Zen upgraded QUALCOMM from a “hold” rating to a “buy” rating in a research report on Saturday. Seaport Res Ptn raised QUALCOMM to a “hold” rating in a report on Friday, May 9th. Robert W. Baird dropped their target price on shares of QUALCOMM from $250.00 to $216.00 and set an “outperform” rating for the company in a research report on Thursday, May 1st. Finally, Sanford C. Bernstein set a $185.00 price target on shares of QUALCOMM and gave the company an “outperform” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $183.95.

QUALCOMM Stock Performance

Shares of QCOM opened at $161.05 on Tuesday. The firm has a 50-day moving average of $154.74 and a 200-day moving average of $155.00. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $182.64. The company has a market cap of $176.83 billion, a PE ratio of 16.40, a price-to-earnings-growth ratio of 2.04 and a beta of 1.26. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08.

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 analysts’ consensus estimates of $2.82 by $0.03. QUALCOMM had a net margin of 26.11% and a return on equity of 40.11%. The company had revenue of $10.98 billion during the quarter, compared to the consensus estimate of $10.58 billion. During the same quarter last year, the firm posted $2.44 EPS. The company’s quarterly revenue was up 17.0% on a year-over-year basis. As a group, equities analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be given a $0.89 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.21%. QUALCOMM’s payout ratio is 36.25%.

Insider Activity

In related news, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $137.74, for a total transaction of $220,384.00. Following the completion of the sale, the insider owned 22,793 shares of the company’s stock, valued at approximately $3,139,507.82. The trade was a 6.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,333 shares of QUALCOMM stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total transaction of $537,546.24. Following the sale, the chief financial officer directly owned 46,446 shares of the company’s stock, valued at $7,490,810.88. The trade was a 6.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 424,099 shares of company stock valued at $8,310,735 over the last three months. 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.