Cullinan Associates Inc. Has $2.65 Million Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Cullinan Associates Inc. lessened its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 56.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,637 shares of the wireless technology company’s stock after selling 19,961 shares during the quarter. Cullinan Associates Inc.’s holdings in QUALCOMM were worth $2,647,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of QCOM. Allspring Global Investments Holdings LLC lifted its stake in shares of QUALCOMM by 44.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 388,122 shares of the wireless technology company’s stock valued at $65,709,000 after acquiring an additional 120,088 shares during the last quarter. Tributary Capital Management LLC increased its holdings in QUALCOMM by 6.8% in the 1st quarter. Tributary Capital Management LLC now owns 4,731 shares of the wireless technology company’s stock worth $801,000 after purchasing an additional 300 shares in the last quarter. Steele Capital Management Inc. bought a new position in QUALCOMM in the first quarter valued at about $217,000. Claro Advisors LLC boosted its stake in shares of QUALCOMM by 22.5% during the first quarter. Claro Advisors LLC now owns 5,735 shares of the wireless technology company’s stock valued at $971,000 after purchasing an additional 1,054 shares in the last quarter. Finally, Miracle Mile Advisors LLC grew its holdings in shares of QUALCOMM by 0.6% during the first quarter. Miracle Mile Advisors LLC now owns 14,755 shares of the wireless technology company’s stock worth $2,498,000 after purchasing an additional 81 shares during the last quarter. Institutional investors own 74.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of QUALCOMM from $170.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. StockNews.com downgraded QUALCOMM from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 8th. Wells Fargo & Company lifted their target price on QUALCOMM from $120.00 to $140.00 and gave the stock an “underweight” rating in a report on Thursday, May 2nd. Bank of America increased their price target on QUALCOMM from $180.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Finally, KeyCorp lifted their price objective on QUALCOMM from $180.00 to $205.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, QUALCOMM presently has an average rating of “Moderate Buy” and a consensus target price of $192.13.

Insider Buying and Selling

In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $173.49, for a total transaction of $520,470.00. Following the completion of the sale, the chief financial officer now owns 69,343 shares in the company, valued at approximately $12,030,317.07. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $173.49, for a total transaction of $520,470.00. Following the sale, the chief financial officer now directly owns 69,343 shares of the company’s stock, valued at $12,030,317.07. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Cristiano R. Amon sold 8,100 shares of QUALCOMM stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $181.00, for a total transaction of $1,466,100.00. Following the completion of the transaction, the chief executive officer now owns 8,100 shares of the company’s stock, valued at approximately $1,466,100. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,185 shares of company stock valued at $8,456,475. 0.08% of the stock is owned by insiders.

QUALCOMM Price Performance

Shares of NASDAQ:QCOM opened at $200.16 on Wednesday. The company has a current ratio of 2.65, a quick ratio of 1.98 and a debt-to-equity ratio of 0.59. The stock has a market cap of $223.38 billion, a PE ratio of 26.90, a price-to-earnings-growth ratio of 2.42 and a beta of 1.27. The stock’s fifty day simple moving average is $196.62 and its two-hundred day simple moving average is $170.08. QUALCOMM Incorporated has a 1-year low of $104.33 and a 1-year high of $230.63.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.11. QUALCOMM had a net margin of 23.03% and a return on equity of 37.09%. The business had revenue of $9.39 billion during the quarter, compared to the consensus estimate of $9.32 billion. As a group, analysts forecast that QUALCOMM Incorporated will post 7.85 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Thursday, May 30th were paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.70%. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date was Thursday, May 30th. QUALCOMM’s payout ratio is presently 45.70%.

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.