Sitrin Capital Management LLC Has $5.08 Million Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Sitrin Capital Management LLC raised its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 10.6% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 29,872 shares of the wireless technology company’s stock after acquiring an additional 2,851 shares during the period. QUALCOMM makes up about 2.5% of Sitrin Capital Management LLC’s holdings, making the stock its 26th largest position. Sitrin Capital Management LLC’s holdings in QUALCOMM were worth $5,080,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of QCOM. Reston Wealth Management LLC bought a new position in shares of QUALCOMM in the third quarter valued at $26,000. HWG Holdings LP bought a new position in QUALCOMM in the 2nd quarter valued at about $30,000. Financial Connections Group Inc. acquired a new position in QUALCOMM during the 2nd quarter valued at about $32,000. Aspect Partners LLC increased its holdings in QUALCOMM by 71.8% during the 2nd quarter. Aspect Partners LLC now owns 177 shares of the wireless technology company’s stock worth $35,000 after purchasing an additional 74 shares in the last quarter. Finally, Accordant Advisory Group Inc purchased a new stake in shares of QUALCOMM in the third quarter worth approximately $36,000. Institutional investors own 74.35% of the company’s stock.

Analyst Ratings Changes

QCOM has been the subject of a number of recent analyst reports. Cantor Fitzgerald reduced their price objective on shares of QUALCOMM from $215.00 to $160.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. TD Cowen upgraded shares of QUALCOMM to a “strong-buy” rating in a report on Monday, September 16th. KeyCorp cut shares of QUALCOMM from an “overweight” rating to a “sector weight” rating in a report on Tuesday, October 8th. Wolfe Research downgraded QUALCOMM from an “outperform” rating to a “peer perform” rating in a research note on Monday, August 12th. Finally, JPMorgan Chase & Co. lowered their price objective on QUALCOMM from $230.00 to $210.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $207.92.

Insider Buying and Selling

In other news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $165.95, for a total value of $497,850.00. Following the completion of the sale, the chief financial officer now directly owns 51,437 shares in the company, valued at $8,535,970.15. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other QUALCOMM news, insider Alexander H. Rogers sold 3,245 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $166.15, for a total value of $539,156.75. Following the transaction, the insider now owns 32,231 shares of the company’s stock, valued at approximately $5,355,180.65. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $165.95, for a total value of $497,850.00. Following the sale, the chief financial officer now owns 51,437 shares of the company’s stock, valued at approximately $8,535,970.15. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,245 shares of company stock worth $2,395,407 in the last three months. Insiders own 0.08% of the company’s stock.

QUALCOMM Stock Up 1.5 %

QCOM traded up $2.41 during midday trading on Friday, reaching $165.18. The company’s stock had a trading volume of 1,841,445 shares, compared to its average volume of 8,936,709. QUALCOMM Incorporated has a 1 year low of $114.45 and a 1 year high of $230.63. The stock’s 50-day moving average is $168.94 and its 200-day moving average is $181.93. The firm has a market capitalization of $184.01 billion, a price-to-earnings ratio of 21.08, a PEG ratio of 1.68 and a beta of 1.28. The company has a current ratio of 2.39, a quick ratio of 1.78 and a debt-to-equity ratio of 0.53.

QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.72 by $0.21. The business had revenue of $9.39 billion for the quarter, compared to the consensus estimate of $9.23 billion. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. As a group, research analysts expect that QUALCOMM Incorporated will post 8.02 EPS for the current year.

QUALCOMM Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be paid a dividend of $0.85 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $3.40 dividend on an annualized basis and a yield of 2.06%. QUALCOMM’s dividend payout ratio is currently 44.04%.

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.