Conning Inc. Has $35.67 Million Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Conning Inc. cut its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 1.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 232,201 shares of the wireless technology company’s stock after selling 3,246 shares during the period. QUALCOMM makes up 1.2% of Conning Inc.’s holdings, making the stock its 27th biggest holding. Conning Inc.’s holdings in QUALCOMM were worth $35,668,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Brighton Jones LLC raised its holdings in shares of QUALCOMM by 116.6% in the fourth quarter. Brighton Jones LLC now owns 17,356 shares of the wireless technology company’s stock valued at $2,666,000 after purchasing an additional 9,343 shares during the last quarter. Revolve Wealth Partners LLC increased its stake in QUALCOMM by 15.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 2,542 shares of the wireless technology company’s stock valued at $391,000 after buying an additional 340 shares during the last quarter. Cookson Peirce & Co. Inc. bought a new position in shares of QUALCOMM during the 4th quarter worth approximately $647,000. SPC Financial Inc. purchased a new position in shares of QUALCOMM in the 4th quarter worth approximately $354,000. Finally, Proficio Capital Partners LLC grew its holdings in shares of QUALCOMM by 50.1% in the fourth quarter. Proficio Capital Partners LLC now owns 4,199 shares of the wireless technology company’s stock valued at $645,000 after acquiring an additional 1,401 shares in the last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Seaport Res Ptn raised QUALCOMM to a “hold” rating in a research report on Friday, May 9th. Loop Capital decreased their target price on QUALCOMM from $180.00 to $155.00 and set a “hold” rating for the company in a research report on Thursday, May 1st. Rosenblatt Securities reissued a “buy” rating and issued a $225.00 price target on shares of QUALCOMM in a report on Thursday, May 1st. TD Cowen decreased their price objective on shares of QUALCOMM from $195.00 to $160.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. Finally, Citigroup lowered their price objective on shares of QUALCOMM from $185.00 to $145.00 and set a “neutral” rating on the stock in a research report on Friday, April 11th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, QUALCOMM currently has an average rating of “Hold” and a consensus price target of $186.96.

QUALCOMM Price Performance

QUALCOMM stock opened at $162.11 on Friday. The stock has a market cap of $177.99 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 2.09 and a beta of 1.26. The company has a quick ratio of 2.08, a current ratio of 2.73 and a debt-to-equity ratio of 0.48. The business has a 50-day simple moving average of $151.05 and a 200 day simple moving average of $154.90. QUALCOMM Incorporated has a 52 week low of $120.80 and a 52 week high of $211.09.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, topping the consensus estimate of $2.82 by $0.03. The company had revenue of $10.98 billion during the quarter, compared to analyst estimates of $10.58 billion. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. QUALCOMM’s revenue was up 17.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.44 earnings per share. On average, research analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th were issued a $0.89 dividend. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.20%. QUALCOMM’s dividend payout ratio is presently 36.25%.

Insider Activity

In other news, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $137.74, for a total transaction of $220,384.00. Following the completion of the sale, the insider directly owned 22,793 shares of the company’s stock, valued at approximately $3,139,507.82. The trade was a 6.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $16.00, for a total value of $6,600,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 425,016 shares of company stock worth $8,437,440. 0.08% of the stock is currently owned by corporate 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.