Savoie Capital LLC Sells 7,199 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Savoie Capital LLC cut its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 9.4% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 69,183 shares of the wireless technology company’s stock after selling 7,199 shares during the quarter. QUALCOMM accounts for 1.8% of Savoie Capital LLC’s investment portfolio, making the stock its 15th biggest position. Savoie Capital LLC’s holdings in QUALCOMM were worth $13,780,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. City Holding Co. raised its position in 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 acquiring an additional 199 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of 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 purchasing an additional 534,176 shares during the period. BNP Paribas acquired a new stake in QUALCOMM in the 1st quarter valued at about $3,104,000. SWP Financial LLC bought a new position in QUALCOMM during the fourth quarter worth about $593,000. Finally, Skandinaviska Enskilda Banken AB publ increased its position in QUALCOMM by 94.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 988,683 shares of the wireless technology company’s stock worth $196,807,000 after buying an additional 479,722 shares during the last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on QCOM. Mizuho raised their price objective on QUALCOMM from $180.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Piper Sandler reiterated an “overweight” rating and issued a $205.00 price objective (up from $185.00) on shares of QUALCOMM in a report on Thursday, August 1st. Robert W. Baird increased their price objective on shares of QUALCOMM from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Westpark Capital reaffirmed a “hold” rating on shares of QUALCOMM in a report on Tuesday, July 30th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $215.00 price target on shares of QUALCOMM in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $211.67.

QUALCOMM Trading Down 1.8 %

Shares of QUALCOMM stock opened at $165.96 on Tuesday. The company has a quick ratio of 1.78, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. QUALCOMM Incorporated has a 12-month low of $104.33 and a 12-month high of $230.63. The company has a market capitalization of $185.21 billion, a price-to-earnings ratio of 22.31, a PEG ratio of 1.82 and a beta of 1.28. The firm’s 50-day moving average price is $171.68 and its two-hundred day moving average price is $182.19.

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

QUALCOMM Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 5th will be paid a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 2.05%. The ex-dividend date is Thursday, September 5th. QUALCOMM’s dividend payout ratio (DPR) is presently 45.70%.

Insider Activity at QUALCOMM

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

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.