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

Peapack Gladstone Financial Corp trimmed its position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 2.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 234,735 shares of the wireless technology company's stock after selling 6,687 shares during the period. Peapack Gladstone Financial Corp's holdings in QUALCOMM were worth $36,060,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $2,721,882,000. Amundi increased its position in QUALCOMM by 36.6% during the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock worth $2,313,634,000 after acquiring an additional 3,905,918 shares during the period. Raymond James Financial Inc. acquired a new stake in QUALCOMM during the fourth quarter worth approximately $527,053,000. Geode Capital Management LLC increased its position in shares of QUALCOMM by 7.9% in the third quarter. Geode Capital Management LLC now owns 27,128,468 shares of the wireless technology company's stock worth $4,600,625,000 after purchasing an additional 1,989,725 shares during the period. Finally, Franklin Resources Inc. increased its stake in QUALCOMM by 10.4% in the fourth quarter. Franklin Resources Inc. now owns 7,542,337 shares of the wireless technology company's stock valued at $1,158,654,000 after acquiring an additional 709,644 shares during the last quarter. Institutional investors and hedge funds own 74.35% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on QCOM shares. Barclays reduced their price objective on QUALCOMM from $200.00 to $185.00 and set an "overweight" rating on the stock in a research report on Friday, January 17th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $160.00 price objective on shares of QUALCOMM in a research note on Thursday, February 6th. Piper Sandler lowered their price target on QUALCOMM from $205.00 to $190.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. Benchmark reissued a "buy" rating and set a $240.00 target price on shares of QUALCOMM in a research report on Friday, February 7th. Finally, Mizuho lowered their price objective on shares of QUALCOMM from $245.00 to $215.00 and set an "outperform" rating on the stock in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $205.32.

Remove Ads

Insider Transactions at QUALCOMM

In related news, CAO Neil Martin sold 744 shares of the business's 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 in the company, valued at approximately $80,596.63. The trade was a 61.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Alexander H. Rogers sold 19,287 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $169.83, for a total transaction of $3,275,511.21. Following the completion of the transaction, the insider now directly owns 20,762 shares in the company, valued at approximately $3,526,010.46. This represents a 48.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,968 shares of company stock valued at $4,685,077. Corporate insiders own 0.08% of the company's stock.

QUALCOMM Stock Performance

QCOM stock traded up $2.26 during midday trading on Monday, reaching $129.72. The company had a trading volume of 17,928,990 shares, compared to its average volume of 8,719,983. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49. QUALCOMM Incorporated has a fifty-two week low of $120.95 and a fifty-two week high of $230.63. The stock has a 50 day moving average price of $161.74 and a 200 day moving average price of $163.05. The firm has a market capitalization of $143.47 billion, a PE ratio of 13.86, a P/E/G ratio of 2.01 and a beta of 1.28.

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

QUALCOMM Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 6th were paid a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 2.62%. The ex-dividend date was Thursday, March 6th. QUALCOMM's dividend payout ratio is 36.32%.

About QUALCOMM

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.