Spinnaker Trust Raises Stock Holdings in QUALCOMM Incorporated $QCOM

Spinnaker Trust raised its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 3.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,895 shares of the wireless technology company’s stock after buying an additional 125 shares during the quarter. Spinnaker Trust’s holdings in QUALCOMM were worth $620,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Atlantic Edge Private Wealth Management LLC raised its position in shares of QUALCOMM by 70.0% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company’s stock worth $26,000 after purchasing an additional 70 shares during the last quarter. Vermillion & White Wealth Management Group LLC lifted its position in QUALCOMM by 122.4% during the first quarter. Vermillion & White Wealth Management Group LLC now owns 169 shares of the wireless technology company’s stock valued at $26,000 after purchasing an additional 93 shares during the period. Chung Wu Investment Group LLC bought a new position in shares of QUALCOMM during the 2nd quarter valued at $32,000. Harbor Asset Planning Inc. purchased a new stake in QUALCOMM during the second quarter valued at $32,000. Finally, Atticus Wealth Management LLC increased its position in QUALCOMM by 21,200.0% during the second quarter. Atticus Wealth Management LLC now owns 213 shares of the wireless technology company’s stock valued at $34,000 after acquiring an additional 212 shares during the last quarter. Institutional investors own 74.35% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on QCOM. Mizuho cut their price target on QUALCOMM from $190.00 to $185.00 and set an “outperform” rating for the company in a research note on Thursday, July 31st. Susquehanna raised their price objective on shares of QUALCOMM from $190.00 to $200.00 and gave the stock a “positive” rating in a report on Wednesday, October 22nd. Sanford C. Bernstein set a $185.00 target price on shares of QUALCOMM and gave the company an “outperform” rating in a research report on Monday, July 28th. Rosenblatt Securities reaffirmed a “buy” rating and set a $225.00 target price on shares of QUALCOMM in a report on Tuesday. Finally, Wall Street Zen cut shares of QUALCOMM from a “buy” rating to a “hold” rating in a research note on Sunday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, QUALCOMM currently has a consensus rating of “Moderate Buy” and an average target price of $183.95.

QUALCOMM Stock Down 0.8%

QCOM opened at $177.26 on Friday. The stock has a market cap of $191.26 billion, a price-to-earnings ratio of 17.09, a price-to-earnings-growth ratio of 2.59 and a beta of 1.23. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.38 and a current ratio of 3.19. The firm’s fifty day moving average is $165.40 and its 200 day moving average is $156.26. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $205.95.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 EPS for the quarter, beating analysts’ consensus estimates of $2.71 by $0.06. The business had revenue of $10.37 billion for the quarter, compared to analysts’ expectations of $10.33 billion. QUALCOMM had a return on equity of 40.35% and a net margin of 26.77%.The business’s quarterly revenue was up 10.4% on a year-over-year basis. During the same period last year, the firm earned $2.33 earnings per share. On average, sell-side analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Investors of record on Thursday, December 4th will be issued a $0.89 dividend. The ex-dividend date of this dividend is Thursday, December 4th. This represents a $3.56 dividend on an annualized basis and a yield of 2.0%. QUALCOMM’s payout ratio is currently 34.33%.

Insiders Place Their Bets

In other QUALCOMM news, CEO Cristiano R. Amon sold 150,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $165.56, for a total transaction of $24,834,000.00. Following the completion of the sale, the chief executive officer directly owned 149,304 shares of the company’s stock, valued at $24,718,770.24. This trade represents a 50.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Akash J. Palkhiwala sold 8,335 shares of the business’s stock in a transaction on Monday, October 20th. The stock was sold at an average price of $166.06, for a total transaction of $1,384,110.10. Following the completion of the transaction, the chief financial officer directly owned 36,541 shares in the company, valued at $6,067,998.46. This trade represents a 18.57% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 166,502 shares of company stock valued at $27,472,615. 0.08% of the stock is owned by company insiders.

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.