South Street Advisors LLC Sells 2,150 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

South Street Advisors LLC decreased its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 10.8% during the third quarter, Holdings Channel.com reports. The firm owned 17,706 shares of the wireless technology company’s stock after selling 2,150 shares during the period. South Street Advisors LLC’s holdings in QUALCOMM were worth $3,011,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Leelyn Smith LLC purchased a new position in QUALCOMM during the 1st quarter valued at $208,000. Nicolet Advisory Services LLC purchased a new stake in QUALCOMM during the 1st quarter worth approximately $222,000. Intech Investment Management LLC raised its stake in QUALCOMM by 49.3% in the 1st quarter. Intech Investment Management LLC now owns 61,797 shares of the wireless technology company’s stock worth $10,462,000 after acquiring an additional 20,412 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of QUALCOMM by 468.0% during the first quarter. Acadian Asset Management LLC now owns 257,374 shares of the wireless technology company’s stock worth $43,564,000 after purchasing an additional 212,064 shares during the period. Finally, Blue Barn Wealth LLC lifted its position in QUALCOMM by 54.5% during the first quarter. Blue Barn Wealth LLC now owns 5,727 shares of the wireless technology company’s stock valued at $970,000 after purchasing an additional 2,021 shares during the period. Hedge funds and other institutional investors own 74.35% of the company’s stock.

Insider Activity at QUALCOMM

In other news, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $169.80, for a total transaction of $1,358,400.00. Following the completion of the transaction, the chief technology officer now directly owns 213,364 shares in the company, valued at approximately $36,229,207.20. This trade represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alexander H. Rogers sold 3,245 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $166.15, for a total transaction of $539,156.75. Following the sale, the insider now owns 32,231 shares of the company’s stock, valued at approximately $5,355,180.65. This represents a 9.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,146 shares of company stock valued at $2,709,186 over the last three months. 0.08% of the stock is owned by corporate insiders.

QUALCOMM Stock Performance

QCOM traded down $3.47 during trading hours on Friday, hitting $160.50. The stock had a trading volume of 9,737,033 shares, compared to its average volume of 9,021,084. The stock has a market cap of $178.32 billion, a PE ratio of 17.85, a price-to-earnings-growth ratio of 2.70 and a beta of 1.28. QUALCOMM Incorporated has a 1 year low of $125.67 and a 1 year high of $230.63. The company has a quick ratio of 1.79, a current ratio of 2.40 and a debt-to-equity ratio of 0.51. The company’s fifty day simple moving average is $168.35 and its 200 day simple moving average is $182.10.

QUALCOMM Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be paid a $0.85 dividend. The ex-dividend date is Thursday, December 5th. This represents a $3.40 dividend on an annualized basis and a yield of 2.12%. QUALCOMM’s dividend payout ratio is currently 37.82%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Morgan Stanley decreased their target price on QUALCOMM from $207.00 to $204.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 7th. DZ Bank upgraded QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 price objective on the stock in a report on Friday, August 2nd. Wolfe Research lowered shares of QUALCOMM from an “outperform” rating to a “peer perform” rating in a research note on Monday, August 12th. Cantor Fitzgerald restated a “neutral” rating and issued a $160.00 price objective on shares of QUALCOMM in a research report on Thursday, November 7th. Finally, TD Cowen raised QUALCOMM to a “strong-buy” rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $210.92.

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.