First Long Island Investors LLC Sells 2,834 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

First Long Island Investors LLC cut its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 1.5% in the 1st quarter, Holdings Channel reports. The institutional investor owned 189,157 shares of the wireless technology company’s stock after selling 2,834 shares during the period. QUALCOMM accounts for 2.7% of First Long Island Investors LLC’s investment portfolio, making the stock its 12th largest holding. First Long Island Investors LLC’s holdings in QUALCOMM were worth $32,024,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of QCOM. Financial Gravity Asset Management Inc. boosted its holdings in QUALCOMM by 102.5% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock worth $26,000 after buying an additional 122 shares during the period. WFA Asset Management Corp bought a new position in QUALCOMM in the 1st quarter valued at $27,000. CarsonAllaria Wealth Management Ltd. boosted its holdings in QUALCOMM by 327.1% in the 4th quarter. CarsonAllaria Wealth Management Ltd. now owns 205 shares of the wireless technology company’s stock valued at $30,000 after purchasing an additional 157 shares during the period. DiNuzzo Private Wealth Inc. bought a new position in QUALCOMM in the 4th quarter valued at $32,000. Finally, Cherry Tree Wealth Management LLC boosted its holdings in QUALCOMM by 95.0% in the 4th quarter. Cherry Tree Wealth Management LLC now owns 236 shares of the wireless technology company’s stock valued at $34,000 after purchasing an additional 115 shares during the period. 74.35% of the stock is owned by institutional investors.

QUALCOMM Trading Down 4.3 %

Shares of QCOM stock traded down $8.95 during mid-day trading on Thursday, reaching $199.85. The stock had a trading volume of 8,572,221 shares, compared to its average volume of 9,179,811. The stock’s 50-day moving average price is $202.70 and its two-hundred day moving average price is $173.15. The firm has a market capitalization of $223.03 billion, a PE ratio of 26.86, a price-to-earnings-growth ratio of 2.53 and a beta of 1.27. The company has a current ratio of 2.65, a quick ratio of 1.98 and a debt-to-equity ratio of 0.59. QUALCOMM Incorporated has a 52-week low of $104.33 and a 52-week high of $230.63.

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

QUALCOMM Increases Dividend

The business also recently announced 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 is a positive change from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date was Thursday, May 30th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.70%. QUALCOMM’s payout ratio is presently 45.70%.

Wall Street Analysts Forecast Growth

QCOM has been the subject of several analyst reports. HSBC raised their price target on shares of QUALCOMM from $170.00 to $190.00 and gave the company a “buy” rating in a report on Tuesday, April 30th. Robert W. Baird raised their price target on shares of QUALCOMM from $160.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Wolfe Research raised their price objective on shares of QUALCOMM from $180.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, May 2nd. KeyCorp raised their price objective on shares of QUALCOMM from $205.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Evercore ISI began coverage on shares of QUALCOMM in a research report on Tuesday, April 16th. They set an “in-line” rating and a $177.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $192.96.

Insider Activity

In related news, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $182.00, for a total transaction of $1,456,000.00. Following the sale, the chief technology officer now owns 253,893 shares of the company’s stock, valued at $46,208,526. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $182.00, for a total transaction of $1,456,000.00. Following the sale, the chief technology officer now owns 253,893 shares of the company’s stock, valued at $46,208,526. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Cristiano R. Amon sold 8,100 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $181.00, for a total transaction of $1,466,100.00. Following the sale, the chief executive officer now directly owns 8,100 shares in the company, valued at approximately $1,466,100. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,185 shares of company stock valued at $8,552,835. Corporate insiders own 0.08% of the company’s stock.

QUALCOMM Company 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.