Peapack Gladstone Financial Corp Sells 6,687 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Peapack Gladstone Financial Corp lessened its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 2.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 234,735 shares of the wireless technology company’s stock after selling 6,687 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in QUALCOMM were worth $36,060,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in QCOM. Quadrant Capital Group LLC raised its stake in shares of QUALCOMM by 12.4% in the 4th quarter. Quadrant Capital Group LLC now owns 11,321 shares of the wireless technology company’s stock valued at $1,739,000 after acquiring an additional 1,247 shares in the last quarter. Ilmarinen Mutual Pension Insurance Co raised its position in shares of QUALCOMM by 47.8% in the fourth quarter. Ilmarinen Mutual Pension Insurance Co now owns 170,000 shares of the wireless technology company’s stock valued at $26,115,000 after purchasing an additional 55,000 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of QUALCOMM by 1.7% in the fourth quarter. Russell Investments Group Ltd. now owns 1,183,250 shares of the wireless technology company’s stock worth $181,965,000 after buying an additional 19,616 shares during the last quarter. Hemenway Trust Co LLC boosted its holdings in shares of QUALCOMM by 18.7% during the 4th quarter. Hemenway Trust Co LLC now owns 1,755 shares of the wireless technology company’s stock worth $270,000 after buying an additional 277 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in QUALCOMM by 8.8% in the 4th quarter. Envestnet Asset Management Inc. now owns 2,398,617 shares of the wireless technology company’s stock valued at $368,476,000 after buying an additional 193,279 shares during the last quarter. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on QCOM. Melius Research started coverage on shares of QUALCOMM in a report on Monday, December 9th. They set a “hold” rating and a $180.00 price target for the company. StockNews.com lowered QUALCOMM from a “strong-buy” rating to a “buy” rating in a report on Wednesday, March 12th. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price target on shares of QUALCOMM in a report on Thursday, February 6th. Barclays lowered their price objective on shares of QUALCOMM from $200.00 to $185.00 and set an “overweight” rating on the stock in a research note on Friday, January 17th. Finally, Mizuho cut their target price on shares of QUALCOMM from $245.00 to $215.00 and set an “outperform” rating for the company in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, QUALCOMM currently has a consensus rating of “Moderate Buy” and a consensus price target of $205.32.

QUALCOMM Price Performance

Shares of QCOM stock opened at $127.46 on Friday. QUALCOMM Incorporated has a 52 week low of $126.68 and a 52 week high of $230.63. The stock has a market capitalization of $140.97 billion, a PE ratio of 13.62, a PEG ratio of 2.01 and a beta of 1.28. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.99 and a current ratio of 2.62. The stock’s fifty day moving average is $161.74 and its 200-day moving average is $163.09.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share 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%. Equities research analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 6th were given a $0.85 dividend. The ex-dividend date was Thursday, March 6th. This represents a $3.40 dividend on an annualized basis and a yield of 2.67%. QUALCOMM’s payout ratio is 36.32%.

Insiders Place Their Bets

In related news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $169.80, for a total transaction of $509,400.00. Following the completion of the sale, the chief financial officer now directly owns 63,115 shares of the company’s stock, valued at $10,716,927. The trade was a 4.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Neil Martin sold 744 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $174.83, for a total value of $130,073.52. Following the completion of the transaction, the chief accounting officer now directly owns 461 shares in the company, valued at $80,596.63. The trade was a 61.74 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 27,968 shares of company stock valued at $4,685,077. 0.08% of the stock is currently owned by insiders.

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.