Convergence Investment Partners LLC Sells 16,608 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Convergence Investment Partners LLC lowered its stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 42.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 22,095 shares of the wireless technology company's stock after selling 16,608 shares during the quarter. Convergence Investment Partners LLC's holdings in QUALCOMM were worth $3,394,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in QCOM. Nordea Investment Management AB boosted its stake in QUALCOMM by 39.7% in the 4th quarter. Nordea Investment Management AB now owns 1,841,103 shares of the wireless technology company's stock worth $284,708,000 after purchasing an additional 523,244 shares during the period. China Universal Asset Management Co. Ltd. lifted its holdings in shares of QUALCOMM by 21.9% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 27,596 shares of the wireless technology company's stock valued at $4,239,000 after purchasing an additional 4,955 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in shares of QUALCOMM during the fourth quarter worth about $2,058,000. Burney Co. grew its holdings in shares of QUALCOMM by 665.6% during the fourth quarter. Burney Co. now owns 146,911 shares of the wireless technology company's stock worth $22,568,000 after buying an additional 127,722 shares in the last quarter. Finally, Howard Bailey Securities LLC acquired a new stake in QUALCOMM in the 4th quarter valued at approximately $240,000. Institutional investors and hedge funds own 74.35% of the company's stock.

Insider Buying and Selling at QUALCOMM

In related news, CAO Neil Martin sold 744 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $174.83, for a total transaction of $130,073.52. Following the transaction, the chief accounting officer now directly owns 461 shares of the company's stock, valued at $80,596.63. This represents a 61.74 % decrease in their ownership of the stock. The sale 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 QUALCOMM stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $161.54, for a total transaction of $484,620.00. Following the completion of the sale, the chief financial officer now directly owns 48,778 shares of the company's stock, valued at approximately $7,879,598.12. This trade represents a 5.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,708 shares of company stock valued at $7,713,734. 0.08% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Melius Research began coverage on QUALCOMM in a research report on Monday, December 9th. They set a "hold" rating and a $180.00 price target for the company. Melius assumed coverage on shares of QUALCOMM in a report on Monday, December 9th. They set a "hold" rating and a $180.00 target price for the company. Mizuho decreased their target price on shares of QUALCOMM from $245.00 to $215.00 and set an "outperform" rating for the company in a research report on Tuesday, January 7th. Susquehanna cut their price target on shares of QUALCOMM from $230.00 to $210.00 and set a "positive" rating on the stock in a research report on Wednesday, November 20th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $250.00 price objective on shares of QUALCOMM in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, QUALCOMM has an average rating of "Moderate Buy" and an average target price of $205.32.

QUALCOMM Trading Down 4.8 %

NASDAQ:QCOM traded down $8.27 during trading hours on Friday, hitting $165.43. 12,520,589 shares of the company were exchanged, compared to its average volume of 7,784,163. The company has a fifty day simple moving average of $164.32 and a 200 day simple moving average of $165.67. QUALCOMM Incorporated has a one year low of $149.43 and a one year high of $230.63. The stock has a market capitalization of $182.97 billion, a price-to-earnings ratio of 17.67, a price-to-earnings-growth ratio of 2.03 and a beta of 1.25. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The wireless technology company reported $2.86 EPS for the quarter, missing analysts' consensus estimates of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. Sell-side analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 6th will be issued a $0.85 dividend. The ex-dividend date is Thursday, March 6th. This represents a $3.40 annualized dividend and a yield of 2.06%. QUALCOMM's payout ratio is 36.32%.

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.