Meridian Investment Counsel Inc. Lowers Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Meridian Investment Counsel Inc. lowered its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 4.0% in the fourth quarter, Holdings Channel reports. The firm owned 26,570 shares of the wireless technology company’s stock after selling 1,094 shares during the period. QUALCOMM makes up about 1.2% of Meridian Investment Counsel Inc.’s investment portfolio, making the stock its 20th biggest position. Meridian Investment Counsel Inc.’s holdings in QUALCOMM were worth $4,082,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. ARGA Investment Management LP lifted its stake in QUALCOMM by 18.8% in the third quarter. ARGA Investment Management LP now owns 6,338 shares of the wireless technology company’s stock valued at $1,078,000 after buying an additional 1,001 shares during the last quarter. Semmax Financial Advisors Inc. grew its holdings in QUALCOMM by 57.8% during the third quarter. Semmax Financial Advisors Inc. now owns 10,600 shares of the wireless technology company’s stock worth $1,732,000 after acquiring an additional 3,884 shares during the period. Erste Asset Management GmbH bought a new stake in shares of QUALCOMM in the 3rd quarter worth approximately $15,657,000. B&L Asset Management LLC acquired a new position in shares of QUALCOMM in the 3rd quarter valued at $632,000. Finally, Kestra Investment Management LLC purchased a new position in shares of QUALCOMM in the third quarter worth approximately $775,000. Hedge funds and other institutional investors own 74.35% of the company’s stock.

Insider Buying and Selling at QUALCOMM

In other news, insider Heather S. Ace sold 1,600 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $154.24, for a total value of $246,784.00. Following the completion of the transaction, the insider now owns 24,393 shares of the company’s stock, valued at approximately $3,762,376.32. This trade represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Neil Martin sold 744 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $174.83, for a total value of $130,073.52. Following the sale, the chief accounting officer now owns 461 shares in the company, valued at approximately $80,596.63. This trade represents a 61.74 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,968 shares of company stock valued at $4,685,077. Company insiders own 0.08% of the company’s stock.

QUALCOMM Stock Performance

QCOM opened at $152.72 on Monday. The company has a market cap of $168.91 billion, a P/E ratio of 16.32, a price-to-earnings-growth ratio of 2.01 and a beta of 1.28. QUALCOMM Incorporated has a 52-week low of $149.43 and a 52-week high of $230.63. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49. The firm’s 50-day moving average price is $164.16 and its 200-day moving average price is $163.82.

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

QUALCOMM Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 6th were paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Thursday, March 6th. QUALCOMM’s payout ratio is currently 36.32%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on QCOM shares. StockNews.com downgraded shares of QUALCOMM from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 12th. Melius started coverage on QUALCOMM in a research note on Monday, December 9th. They set a “hold” rating and a $180.00 target price for the company. Piper Sandler reduced their price target 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. Benchmark reiterated a “buy” rating and set a $240.00 target price on shares of QUALCOMM in a research report on Friday, February 7th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 price objective on shares of QUALCOMM in a research report on Thursday, February 6th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.32.

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.