Louisiana State Employees Retirement System Cuts Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Louisiana State Employees Retirement System decreased its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 0.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 140,300 shares of the wireless technology company’s stock after selling 600 shares during the period. QUALCOMM makes up 0.4% of Louisiana State Employees Retirement System’s portfolio, making the stock its 27th biggest position. Louisiana State Employees Retirement System’s holdings in QUALCOMM were worth $21,551,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of the stock. WFA Asset Management Corp purchased a new stake in shares of QUALCOMM during the first quarter valued at approximately $27,000. Banque Transatlantique SA acquired a new stake in QUALCOMM during the 4th quarter valued at $26,000. Atlantic Edge Private Wealth Management LLC increased its stake in QUALCOMM by 70.0% during the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company’s stock worth $26,000 after buying an additional 70 shares during the period. Sunbeam Capital Management LLC acquired a new position in QUALCOMM in the 4th quarter worth $29,000. Finally, Mascagni Wealth Management Inc. purchased a new position in QUALCOMM in the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 74.35% of the company’s stock.

QUALCOMM Price Performance

Shares of NASDAQ QCOM opened at $157.46 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.73 and a quick ratio of 2.08. The firm has a market capitalization of $172.89 billion, a PE ratio of 16.03, a P/E/G ratio of 2.03 and a beta of 1.26. QUALCOMM Incorporated has a 1-year low of $120.80 and a 1-year high of $211.09. The business’s fifty day moving average price is $152.83 and its two-hundred day moving average price is $155.03.

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on QCOM shares. TD Cowen dropped their target price on QUALCOMM from $195.00 to $160.00 and set a “buy” rating on the stock in a research report on Wednesday, April 9th. Citigroup upped their target price on QUALCOMM from $145.00 to $170.00 and gave the company a “neutral” rating in a research report on Monday, July 7th. Loop Capital reduced their target price on QUALCOMM from $180.00 to $155.00 and set a “hold” rating for the company in a research note on Thursday, May 1st. Wells Fargo & Company decreased their price target on shares of QUALCOMM from $175.00 to $140.00 and set an “underweight” rating for the company in a research report on Thursday, May 1st. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $150.00 price target on shares of QUALCOMM in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $186.39.

Insiders Place Their Bets

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the firm’s stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total transaction of $537,546.24. Following the transaction, the chief financial officer directly owned 46,446 shares of the company’s stock, valued at approximately $7,490,810.88. This trade represents a 6.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the company’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $16.00, for a total transaction of $6,600,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 424,099 shares of company stock worth $8,310,735. 0.08% of the stock is owned by company 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.