Steel Grove Capital Advisors LLC Has $2.45 Million Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Steel Grove Capital Advisors LLC reduced its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 17.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,288 shares of the wireless technology company’s stock after selling 2,624 shares during the quarter. QUALCOMM accounts for 0.3% of Steel Grove Capital Advisors LLC’s portfolio, making the stock its 27th largest position. Steel Grove Capital Advisors LLC’s holdings in QUALCOMM were worth $2,448,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. City Holding Co. boosted its position in shares of QUALCOMM by 3.5% during the first quarter. City Holding Co. now owns 5,884 shares of the wireless technology company’s stock worth $996,000 after buying an additional 199 shares during the period. Federated Hermes Inc. lifted its stake in QUALCOMM by 173.3% in the 2nd quarter. Federated Hermes Inc. now owns 842,357 shares of the wireless technology company’s stock valued at $167,781,000 after acquiring an additional 534,176 shares in the last quarter. BNP Paribas acquired a new position in QUALCOMM during the 1st quarter worth approximately $3,104,000. SWP Financial LLC acquired a new position in QUALCOMM during the 4th quarter worth approximately $593,000. Finally, Skandinaviska Enskilda Banken AB publ grew its stake in shares of QUALCOMM by 94.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 988,683 shares of the wireless technology company’s stock worth $196,807,000 after acquiring an additional 479,722 shares in the last quarter. 74.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on QCOM. KeyCorp increased their target price on shares of QUALCOMM from $205.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Bank of America increased their price objective on shares of QUALCOMM from $180.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $215.00 target price on shares of QUALCOMM in a research report on Thursday, August 1st. Susquehanna increased their price target on QUALCOMM from $205.00 to $250.00 and gave the company a “positive” rating in a research report on Wednesday, July 17th. Finally, Wells Fargo & Company boosted their price target on QUALCOMM from $140.00 to $170.00 and gave the stock an “underweight” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, QUALCOMM has an average rating of “Moderate Buy” and an average target price of $211.67.

Insiders Place Their Bets

In other news, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $160.50, for a total transaction of $1,284,000.00. Following the transaction, the chief technology officer now owns 229,987 shares in the company, valued at $36,912,913.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $160.50, for a total value of $1,284,000.00. Following the transaction, the chief technology officer now directly owns 229,987 shares of the company’s stock, valued at $36,912,913.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $205.61, for a total transaction of $616,830.00. Following the sale, the chief financial officer now directly owns 60,343 shares of the company’s stock, valued at approximately $12,407,124.23. The disclosure for this sale can be found here. Insiders have sold 19,000 shares of company stock valued at $3,496,590 in the last ninety days. 0.08% of the stock is currently owned by insiders.

QUALCOMM Stock Down 2.9 %

QCOM stock opened at $168.92 on Monday. The stock has a market capitalization of $188.51 billion, a P/E ratio of 22.70, a price-to-earnings-growth ratio of 1.82 and a beta of 1.28. The company has a current ratio of 2.39, a quick ratio of 1.78 and a debt-to-equity ratio of 0.53. The firm has a 50-day moving average price of $172.52 and a 200-day moving average price of $182.26. QUALCOMM Incorporated has a 12 month low of $104.33 and a 12 month high of $230.63.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.21. The business had revenue of $9.39 billion for the quarter, compared to analyst estimates of $9.23 billion. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. As a group, equities research analysts anticipate that QUALCOMM Incorporated will post 8 EPS for the current fiscal year.

QUALCOMM Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 5th will be given a dividend of $0.85 per share. The ex-dividend date is Thursday, September 5th. This represents a $3.40 annualized dividend and a yield of 2.01%. QUALCOMM’s dividend payout ratio is presently 45.70%.

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.