Monetary Management Group Inc. Cuts Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Monetary Management Group Inc. decreased its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 0.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,350 shares of the wireless technology company’s stock after selling 100 shares during the period. QUALCOMM comprises about 0.7% of Monetary Management Group Inc.’s investment portfolio, making the stock its 27th biggest position. Monetary Management Group Inc.’s holdings in QUALCOMM were worth $2,819,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Nordea Investment Management AB raised its position in QUALCOMM by 39.7% during the fourth quarter. Nordea Investment Management AB now owns 1,841,103 shares of the wireless technology company’s stock valued at $284,708,000 after purchasing an additional 523,244 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of QUALCOMM by 21.9% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 27,596 shares of the wireless technology company’s stock valued at $4,239,000 after buying an additional 4,955 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in QUALCOMM in the 4th quarter worth approximately $2,058,000. Burney Co. boosted its stake in QUALCOMM by 665.6% in the fourth quarter. Burney Co. now owns 146,911 shares of the wireless technology company’s stock worth $22,568,000 after buying an additional 127,722 shares in the last quarter. Finally, Howard Bailey Securities LLC bought a new position in QUALCOMM during the fourth quarter valued at approximately $240,000. 74.35% of the stock is owned by institutional investors.

QUALCOMM Stock Down 6.4 %

Shares of NASDAQ:QCOM opened at $134.40 on Friday. The firm has a market capitalization of $148.65 billion, a P/E ratio of 14.36, a P/E/G ratio of 2.01 and a beta of 1.28. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.99 and a current ratio of 2.62. The stock has a 50 day moving average price of $157.17 and a 200-day moving average price of $161.66. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $230.63.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. As a group, equities research analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Piper Sandler lowered their price objective on shares of QUALCOMM from $205.00 to $190.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. TD Cowen lowered their price target on shares of QUALCOMM from $195.00 to $160.00 and set a “buy” rating for the company in a research note on Wednesday. Barclays reduced their price objective on QUALCOMM from $200.00 to $185.00 and set an “overweight” rating on the stock in a research note on Friday, January 17th. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 target price on shares of QUALCOMM in a research note on Thursday, February 6th. Finally, Mizuho dropped their target price on QUALCOMM from $245.00 to $215.00 and set an “outperform” rating for the company in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, QUALCOMM currently has a consensus rating of “Hold” and a consensus price target of $202.64.

Insider Activity at QUALCOMM

In other news, insider Alexander H. Rogers sold 19,287 shares of QUALCOMM stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $169.83, for a total transaction of $3,275,511.21. Following the completion of the transaction, the insider now directly owns 20,762 shares in the company, valued at approximately $3,526,010.46. This trade represents a 48.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Akash J. Palkhiwala sold 648 shares of the company’s stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $141.11, for a total value of $91,439.28. Following the completion of the sale, the chief financial officer now owns 56,445 shares in the company, valued at $7,964,953.95. The trade was a 1.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,666 shares of company stock valued at $5,047,052 in the last three months. Company insiders own 0.08% of the company’s stock.

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.