Pinnacle Bancorp Inc. Lowers Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Pinnacle Bancorp Inc. cut its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 8.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,071 shares of the wireless technology company’s stock after selling 300 shares during the quarter. Pinnacle Bancorp Inc.’s holdings in QUALCOMM were worth $520,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Peoples Bank OH acquired a new stake in QUALCOMM during the 4th quarter worth approximately $219,000. Bank Hapoalim BM raised its holdings in shares of QUALCOMM by 35.0% in the 4th quarter. Bank Hapoalim BM now owns 35,423 shares of the wireless technology company’s stock valued at $5,123,000 after purchasing an additional 9,192 shares in the last quarter. NewEdge Wealth LLC raised its holdings in shares of QUALCOMM by 120.2% in the 4th quarter. NewEdge Wealth LLC now owns 20,677 shares of the wireless technology company’s stock valued at $2,991,000 after purchasing an additional 11,285 shares in the last quarter. 1834 Investment Advisors Co. raised its holdings in shares of QUALCOMM by 6.6% in the 4th quarter. 1834 Investment Advisors Co. now owns 45,570 shares of the wireless technology company’s stock valued at $6,591,000 after purchasing an additional 2,818 shares in the last quarter. Finally, Alexander Randolph Advisory Inc. acquired a new stake in shares of QUALCOMM in the 4th quarter valued at $305,000. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at QUALCOMM

In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $168.27, for a total transaction of $1,346,160.00. Following the transaction, the chief technology officer now directly owns 261,893 shares in the company, valued at $44,068,735.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $168.27, for a total transaction of $1,346,160.00. Following the transaction, the chief technology officer now directly owns 261,893 shares in the company, valued at $44,068,735.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Sylvia Acevedo sold 2,056 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $178.21, for a total transaction of $366,399.76. Following the transaction, the director now owns 54 shares in the company, valued at $9,623.34. The disclosure for this sale can be found here. Insiders have sold a total of 45,185 shares of company stock worth $8,206,875 over the last ninety days. 0.08% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on QCOM. Canaccord Genuity Group raised their price objective on shares of QUALCOMM from $180.00 to $206.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. raised their price objective on shares of QUALCOMM from $170.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Bank of America raised their price objective on shares of QUALCOMM from $180.00 to $245.00 and gave the company a “buy” rating in a report on Friday, May 31st. Evercore ISI assumed coverage on shares of QUALCOMM in a research note on Tuesday, April 16th. They set an “in-line” rating and a $177.00 price target on the stock. Finally, Mizuho lifted their price target on shares of QUALCOMM from $180.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $192.13.

QUALCOMM Stock Performance

Shares of QUALCOMM stock traded up $4.03 on Friday, reaching $199.18. 15,545,504 shares of the stock were exchanged, compared to its average volume of 9,371,027. QUALCOMM Incorporated has a 1-year low of $104.33 and a 1-year high of $230.63. The company has a current ratio of 2.65, a quick ratio of 1.98 and a debt-to-equity ratio of 0.59. The business has a fifty day moving average price of $195.82 and a two-hundred day moving average price of $169.22. The firm has a market capitalization of $222.28 billion, a PE ratio of 26.77, a PEG ratio of 2.40 and a beta of 1.30.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.11. QUALCOMM had a net margin of 23.03% and a return on equity of 37.09%. The business had revenue of $9.39 billion for the quarter, compared to analyst estimates of $9.32 billion. As a group, research analysts anticipate that QUALCOMM Incorporated will post 7.85 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Thursday, May 30th were paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.71%. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date was Thursday, May 30th. QUALCOMM’s payout ratio is 45.70%.

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.