Pinebridge Investments L.P. Decreases Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Pinebridge Investments L.P. cut its position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 8.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 559,669 shares of the wireless technology company's stock after selling 49,819 shares during the period. QUALCOMM accounts for approximately 0.7% of Pinebridge Investments L.P.'s investment portfolio, making the stock its 24th biggest holding. Pinebridge Investments L.P. owned about 0.05% of QUALCOMM worth $85,976,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Alta Advisers Ltd grew its holdings in shares of QUALCOMM by 22.7% during the fourth quarter. Alta Advisers Ltd now owns 3,681 shares of the wireless technology company's stock valued at $565,000 after buying an additional 681 shares during the last quarter. TD Waterhouse Canada Inc. boosted its stake in QUALCOMM by 3.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 332,127 shares of the wireless technology company's stock valued at $51,021,000 after purchasing an additional 10,713 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its holdings in QUALCOMM by 16.0% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 431,036 shares of the wireless technology company's stock worth $66,216,000 after purchasing an additional 59,352 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of QUALCOMM by 135.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 135,487 shares of the wireless technology company's stock worth $20,814,000 after purchasing an additional 78,005 shares during the last quarter. Finally, Transce3nd LLC bought a new position in shares of QUALCOMM in the fourth quarter valued at approximately $59,000. 74.35% of the stock is owned by institutional investors.

QUALCOMM Stock Performance

Shares of NASDAQ:QCOM traded up $6.75 during midday trading on Thursday, reaching $147.21. 8,803,543 shares of the company traded hands, compared to its average volume of 8,894,935. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $230.63. The firm's fifty day moving average price is $150.61 and its two-hundred day moving average price is $159.63. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $162.81 billion, a price-to-earnings ratio of 15.73, a price-to-earnings-growth ratio of 2.01 and a beta of 1.28.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its quarterly earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share (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%. On average, equities analysts expect that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be issued a $0.89 dividend. The ex-dividend date is Thursday, June 5th. This represents a $3.56 annualized dividend and a dividend yield of 2.42%. This is a boost from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's dividend payout ratio is presently 36.32%.

Insider Activity at QUALCOMM

In other QUALCOMM news, insider Alexander H. Rogers sold 19,287 shares of QUALCOMM stock in a transaction that occurred on 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 sale, the insider now directly owns 20,762 shares in the company, valued at $3,526,010.46. The trade was a 48.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the firm's stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $169.80, for a total transaction of $509,400.00. Following the sale, the chief financial officer now owns 63,115 shares in the company, valued at approximately $10,716,927. This trade represents a 4.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,666 shares of company stock valued at $5,047,052. Company insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on QCOM shares. TD Cowen decreased their price target on QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Piper Sandler lowered their target price on shares of QUALCOMM from $205.00 to $190.00 and set an "overweight" rating for the company in a report on Thursday, February 6th. Mizuho dropped their price target 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. Rosenblatt Securities reaffirmed a "buy" rating and issued a $250.00 price objective on shares of QUALCOMM in a research report on Thursday, February 6th. Finally, Barclays dropped their target price on shares of QUALCOMM from $200.00 to $185.00 and set an "overweight" rating on the stock in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $201.21.

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.