WP Advisors LLC Sells 3,232 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

WP Advisors LLC cut its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 29.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,781 shares of the wireless technology company's stock after selling 3,232 shares during the quarter. WP Advisors LLC's holdings in QUALCOMM were worth $1,323,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Matrix Capital Management Company LP acquired a new position in QUALCOMM in the 1st quarter valued at $1,171,516,000. Massachusetts Financial Services Co. MA raised 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 valued at $641,221,000 after purchasing an additional 3,047,947 shares in the last quarter. International Assets Investment Management LLC lifted its position in 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 worth $499,320,000 after purchasing an additional 2,919,490 shares during the period. Van ECK Associates Corp grew its stake in 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 worth $1,250,644,000 after buying an additional 1,741,432 shares in the last quarter. Finally, Maj Invest Holding A S bought a new position in QUALCOMM in the 3rd quarter valued at about $229,078,000. 74.35% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

QCOM has been the topic of several analyst reports. Morgan Stanley reduced their price target on shares of QUALCOMM from $207.00 to $204.00 and set an "equal weight" rating on the stock in a research report on Thursday, November 7th. Robert W. Baird boosted their price objective on shares of QUALCOMM from $200.00 to $250.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 23rd. Citigroup cut their price objective on QUALCOMM from $200.00 to $185.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 16th. TD Cowen raised shares of QUALCOMM to a "strong-buy" rating in a research report on Monday, September 16th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $205.00 price objective (up from $185.00) on shares of QUALCOMM in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $210.92.

Insiders Place Their Bets

In other news, CTO James H. Thompson sold 8,000 shares of the firm's stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $169.80, for a total transaction of $1,358,400.00. Following the completion of the transaction, the chief technology officer now owns 213,364 shares in the company, valued at $36,229,207.20. This trade represents a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the firm's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $165.95, for a total value of $497,850.00. Following the completion of the sale, the chief financial officer now directly owns 51,437 shares of the company's stock, valued at $8,535,970.15. The trade was a 5.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,146 shares of company stock worth $2,709,186 over the last quarter. 0.08% of the stock is currently owned by corporate insiders.

QUALCOMM Stock Performance

Shares of NASDAQ:QCOM traded up $3.60 during midday trading on Monday, reaching $164.10. 3,973,687 shares of the company's stock traded hands, compared to its average volume of 8,998,524. QUALCOMM Incorporated has a one year low of $125.67 and a one year high of $230.63. The stock has a 50 day moving average of $168.35 and a 200 day moving average of $182.34. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.79 and a current ratio of 2.40. The company has a market cap of $182.32 billion, a price-to-earnings ratio of 17.85, a P/E/G ratio of 2.70 and a beta of 1.28.

QUALCOMM Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be given a dividend of $0.85 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $3.40 annualized dividend and a yield of 2.07%. QUALCOMM's dividend payout ratio (DPR) is presently 37.82%.

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.