Torray Investment Partners LLC Cuts Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Torray Investment Partners LLC decreased its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 33.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 72,146 shares of the wireless technology company’s stock after selling 35,683 shares during the quarter. QUALCOMM accounts for about 2.1% of Torray Investment Partners LLC’s holdings, making the stock its 14th biggest holding. Torray Investment Partners LLC’s holdings in QUALCOMM were worth $14,370,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. City Holding Co. increased its position in shares of QUALCOMM by 3.5% during the first quarter. City Holding Co. now owns 5,884 shares of the wireless technology company’s stock worth $996,000 after acquiring an additional 199 shares during the period. Bard Financial Services Inc. raised its position in QUALCOMM by 0.4% in the 4th quarter. Bard Financial Services Inc. now owns 34,790 shares of the wireless technology company’s stock valued at $5,032,000 after purchasing an additional 125 shares in the last quarter. BNP Paribas purchased a new position in shares of QUALCOMM in the 1st quarter valued at about $3,104,000. SWP Financial LLC acquired a new position in shares of QUALCOMM during the fourth quarter worth about $593,000. Finally, Horizon Investment Services LLC purchased a new stake in shares of QUALCOMM during the first quarter worth approximately $3,832,000. Institutional investors and hedge funds own 74.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on QCOM shares. DZ Bank upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 price target for the company in a research note on Friday, August 2nd. Wolfe Research downgraded shares of QUALCOMM from an “outperform” rating to a “peer perform” rating in a research note on Monday, August 12th. Wells Fargo & Company increased their target price on QUALCOMM from $140.00 to $170.00 and gave the company an “underweight” rating in a report on Thursday, August 1st. Mizuho lifted their price target on QUALCOMM from $180.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $215.00 price objective on shares of QUALCOMM in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have given a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $210.63.

QUALCOMM Stock Performance

Shares of QCOM stock traded down $5.51 during midday trading on Friday, hitting $158.19. The company had a trading volume of 10,703,047 shares, compared to its average volume of 9,279,430. The stock has a market cap of $176.22 billion, a price-to-earnings ratio of 21.26, a PEG ratio of 1.93 and a beta of 1.28. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.78. The company’s 50 day simple moving average is $179.95 and its 200 day simple moving average is $181.35. QUALCOMM Incorporated has a 52-week low of $104.33 and a 52-week high of $230.63.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.21. The company had revenue of $9.39 billion for the quarter, compared to analysts’ expectations of $9.23 billion. QUALCOMM had a net margin of 23.32% and a return on equity of 38.12%. Research analysts anticipate that QUALCOMM Incorporated will post 7.98 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 5th will be issued a dividend of $0.85 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $3.40 annualized dividend and a yield of 2.15%. QUALCOMM’s dividend payout ratio is currently 45.70%.

Insider Activity at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $205.61, for a total transaction of $616,830.00. Following the transaction, the chief financial officer now owns 60,343 shares in the company, valued at approximately $12,407,124.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $199.47, for a total value of $1,595,760.00. Following the completion of the sale, the chief technology officer now owns 237,893 shares in the company, valued at $47,452,516.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $205.61, for a total transaction of $616,830.00. Following the transaction, the chief financial officer now owns 60,343 shares in the company, valued at $12,407,124.23. The disclosure for this sale can be found here. Insiders sold a total of 19,000 shares of company stock worth $3,496,590 over the last 90 days. Company insiders own 0.08% of the company’s stock.

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.