Cypress Capital Group Trims Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Cypress Capital Group reduced its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 19.2% in the 1st quarter, Holdings Channel reports. The firm owned 15,438 shares of the wireless technology company’s stock after selling 3,676 shares during the period. Cypress Capital Group’s holdings in QUALCOMM were worth $2,371,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the company. WP Advisors LLC lifted its holdings in shares of QUALCOMM by 1.7% in the 1st quarter. WP Advisors LLC now owns 8,673 shares of the wireless technology company’s stock valued at $1,332,000 after purchasing an additional 146 shares during the last quarter. Maia Wealth LLC lifted its holdings in shares of QUALCOMM by 4.8% in the 1st quarter. Maia Wealth LLC now owns 9,988 shares of the wireless technology company’s stock valued at $1,534,000 after purchasing an additional 455 shares during the last quarter. Independent Advisor Alliance lifted its holdings in shares of QUALCOMM by 5.7% in the 1st quarter. Independent Advisor Alliance now owns 48,070 shares of the wireless technology company’s stock valued at $7,384,000 after purchasing an additional 2,599 shares during the last quarter. SouthState Corp lifted its holdings in shares of QUALCOMM by 7.6% in the 1st quarter. SouthState Corp now owns 5,347 shares of the wireless technology company’s stock valued at $821,000 after purchasing an additional 379 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of QUALCOMM in the 1st quarter valued at about $529,713,000. 74.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Citigroup reissued a “hold” rating on shares of QUALCOMM in a report on Thursday, July 17th. Loop Capital reduced their price objective on QUALCOMM from $180.00 to $155.00 and set a “hold” rating for the company in a research note on Thursday, May 1st. UBS Group upped their price objective on QUALCOMM from $145.00 to $165.00 and gave the company a “neutral” rating in a research note on Monday, July 21st. Bank of America reduced their price objective on QUALCOMM from $245.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, June 17th. Finally, Benchmark reduced their price objective on QUALCOMM from $240.00 to $200.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $181.10.

QUALCOMM Stock Performance

NASDAQ QCOM opened at $147.56 on Monday. The company has a current ratio of 3.19, a quick ratio of 2.38 and a debt-to-equity ratio of 0.54. The business’s 50 day moving average is $155.07 and its two-hundred day moving average is $154.06. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $182.10. The stock has a market capitalization of $159.22 billion, a price-to-earnings ratio of 14.23, a PEG ratio of 2.15 and a beta of 1.23.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share for the quarter, topping analysts’ consensus estimates of $2.71 by $0.06. The business had revenue of $10.37 billion for the quarter, compared to analysts’ expectations of $10.33 billion. QUALCOMM had a return on equity of 40.35% and a net margin of 26.77%. The company’s revenue was up 10.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.33 EPS. Research analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be issued a $0.89 dividend. The ex-dividend date is Thursday, September 4th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.4%. QUALCOMM’s dividend payout ratio is currently 34.33%.

Insider Buying and Selling

In related news, major shareholder Inc/De Qualcomm sold 412,500 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total value of $6,600,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Heather S. Ace sold 1,600 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $146.40, for a total value of $234,240.00. Following the completion of the sale, the insider owned 21,193 shares in the company, valued at approximately $3,102,655.20. This represents a 7.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 424,099 shares of company stock worth $8,352,355 in the last quarter. Company insiders own 0.08% of the company’s stock.

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.