PNC Financial Services Group Inc. Reduces Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

PNC Financial Services Group Inc. cut its holdings in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 2.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 995,056 shares of the wireless technology company's stock after selling 27,371 shares during the quarter. PNC Financial Services Group Inc. owned 0.09% of QUALCOMM worth $169,209,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of QCOM. Matrix Capital Management Company LP purchased a new position in shares of QUALCOMM during the 1st quarter worth about $1,171,516,000. Massachusetts Financial Services Co. MA lifted its stake in QUALCOMM by 1,778.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,219,303 shares of the wireless technology company's stock worth $641,221,000 after purchasing an additional 3,047,947 shares during the last quarter. International Assets Investment Management LLC boosted its position in shares of QUALCOMM by 17,357.3% during the third quarter. International Assets Investment Management LLC now owns 2,936,310 shares of the wireless technology company's stock valued at $499,320,000 after buying an additional 2,919,490 shares during the period. Van ECK Associates Corp grew its stake in shares of QUALCOMM by 30.2% during the third quarter. Van ECK Associates Corp now owns 7,506,863 shares of the wireless technology company's stock valued at $1,250,644,000 after buying an additional 1,741,432 shares during the last quarter. Finally, Maj Invest Holding A S purchased a new stake in shares of QUALCOMM in the third quarter worth approximately $229,078,000. Institutional investors own 74.35% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on QCOM shares. Loop Capital began coverage on QUALCOMM in a research report on Monday, November 11th. They set a "hold" rating and a $180.00 target price for the company. Wolfe Research downgraded QUALCOMM from an "outperform" rating to a "peer perform" rating in a report on Monday, August 12th. Piper Sandler reiterated an "overweight" rating and issued a $205.00 target price (up from $185.00) on shares of QUALCOMM in a report on Thursday, August 1st. Rosenblatt Securities raised their target price on shares of QUALCOMM from $240.00 to $250.00 and gave the company a "buy" rating in a research report on Thursday, August 1st. Finally, Citigroup dropped their price objective on shares of QUALCOMM from $200.00 to $185.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $210.15.

QUALCOMM Stock Performance

NASDAQ QCOM traded down $10.44 on Wednesday, reaching $154.27. 14,454,817 shares of the company's stock traded hands, compared to its average volume of 9,027,241. The firm has a market cap of $171.39 billion, a price-to-earnings ratio of 17.16, a P/E/G ratio of 2.70 and a beta of 1.28. QUALCOMM Incorporated has a fifty-two week low of $125.67 and a fifty-two week high of $230.63. The stock has a 50 day moving average price of $168.23 and a 200-day moving average price of $181.93. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.79 and a current ratio of 2.40.

QUALCOMM Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date is Thursday, December 5th. QUALCOMM's dividend payout ratio is presently 37.82%.

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $165.95, for a total transaction of $497,850.00. Following the sale, the chief financial officer now owns 51,437 shares of the company's stock, valued at $8,535,970.15. The trade was a 5.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Alexander H. Rogers sold 3,245 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $166.15, for a total transaction of $539,156.75. Following the completion of the sale, the insider now owns 32,231 shares of the company's stock, valued at $5,355,180.65. This trade represents a 9.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,146 shares of company stock valued at $2,709,186 over the last ninety days. Corporate insiders own 0.08% of the company's stock.

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.