PNC Financial Services Group Inc. Decreases Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

PNC Financial Services Group Inc. trimmed its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 3.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 960,331 shares of the wireless technology company's stock after selling 34,725 shares during the period. PNC Financial Services Group Inc. owned 0.09% of QUALCOMM worth $147,526,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Paulson Wealth Management Inc. lifted its position in QUALCOMM by 2.2% during the third quarter. Paulson Wealth Management Inc. now owns 2,791 shares of the wireless technology company's stock valued at $475,000 after buying an additional 61 shares during the period. TBH Global Asset Management LLC increased its holdings in QUALCOMM by 0.9% in the 4th quarter. TBH Global Asset Management LLC now owns 7,050 shares of the wireless technology company's stock worth $1,083,000 after buying an additional 63 shares in the last quarter. Delta Financial Advisors LLC increased its holdings in QUALCOMM by 2.1% in the 3rd quarter. Delta Financial Advisors LLC now owns 3,221 shares of the wireless technology company's stock worth $548,000 after buying an additional 65 shares in the last quarter. CFS Investment Advisory Services LLC grew its stake in shares of QUALCOMM by 1.1% during the 4th quarter. CFS Investment Advisory Services LLC now owns 6,050 shares of the wireless technology company's stock valued at $929,000 after purchasing an additional 65 shares during the period. Finally, Toth Financial Advisory Corp grew its stake in shares of QUALCOMM by 3.1% during the 4th quarter. Toth Financial Advisory Corp now owns 2,190 shares of the wireless technology company's stock valued at $336,000 after purchasing an additional 65 shares during the period. 74.35% of the stock is owned by institutional investors.

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Analyst Ratings Changes

A number of research firms have recently weighed in on QCOM. Piper Sandler lowered their price objective on QUALCOMM from $205.00 to $190.00 and set an "overweight" rating on the stock in a research report on Thursday, February 6th. Melius started coverage on QUALCOMM in a report on Monday, December 9th. They set a "hold" rating and a $180.00 price objective on the stock. Rosenblatt Securities reissued a "buy" rating and set a $250.00 target price on shares of QUALCOMM in a research report on Thursday, February 6th. Susquehanna cut their price objective on QUALCOMM from $230.00 to $210.00 and set a "positive" rating on the stock in a research report on Wednesday, November 20th. Finally, Mizuho cut their price objective on QUALCOMM from $245.00 to $215.00 and set an "outperform" rating on the stock in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, QUALCOMM presently has an average rating of "Moderate Buy" and an average target price of $205.32.

Insider Activity

In related news, insider Alexander H. Rogers sold 19,287 shares of the firm's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $169.83, for a total transaction of $3,275,511.21. Following the sale, the insider now directly owns 20,762 shares of the company's stock, valued at $3,526,010.46. This trade represents a 48.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Neil Martin sold 744 shares of the firm's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $174.83, for a total value of $130,073.52. Following the sale, the chief accounting officer now directly owns 461 shares in the company, valued at approximately $80,596.63. This trade represents a 61.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,045 shares of company stock valued at $7,752,423. Company insiders own 0.08% of the company's stock.

QUALCOMM Stock Performance

Shares of QCOM stock traded up $5.18 during mid-day trading on Friday, reaching $161.22. The stock had a trading volume of 8,725,530 shares, compared to its average volume of 8,297,443. The business's fifty day moving average is $164.76 and its 200-day moving average is $165.03. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49. The firm has a market cap of $178.31 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 2.01 and a beta of 1.28. QUALCOMM Incorporated has a 1-year low of $149.43 and a 1-year high of $230.63.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its quarterly earnings data 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%. On average, research analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 6th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend is Thursday, March 6th. QUALCOMM's dividend payout ratio is presently 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.