Retirement Systems of Alabama Reduces Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Retirement Systems of Alabama trimmed its holdings in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 6.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 676,690 shares of the wireless technology company's stock after selling 44,743 shares during the quarter. Retirement Systems of Alabama owned about 0.06% of QUALCOMM worth $115,071,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. Wedge Capital Management L L P NC lifted its holdings in shares of QUALCOMM by 17.1% during the third quarter. Wedge Capital Management L L P NC now owns 354,389 shares of the wireless technology company's stock valued at $60,264,000 after purchasing an additional 51,879 shares during the last quarter. Icon Wealth Advisors LLC boosted its holdings in QUALCOMM by 123.2% in the third quarter. Icon Wealth Advisors LLC now owns 33,186 shares of the wireless technology company's stock worth $5,643,000 after acquiring an additional 18,315 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of QUALCOMM by 39.9% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 176,817 shares of the wireless technology company's stock worth $30,068,000 after acquiring an additional 50,438 shares during the last quarter. Aljian Capital Management LLC bought a new position in shares of QUALCOMM during the third quarter valued at $1,820,000. Finally, Captrust Financial Advisors raised its position in shares of QUALCOMM by 4.6% in the 3rd quarter. Captrust Financial Advisors now owns 664,330 shares of the wireless technology company's stock worth $112,969,000 after purchasing an additional 29,287 shares during the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Sanford C. Bernstein raised their price objective on shares of QUALCOMM from $200.00 to $215.00 and gave the company an "outperform" rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. decreased their price objective on shares of QUALCOMM from $210.00 to $195.00 and set an "overweight" rating for the company in a report on Tuesday, November 5th. TD Cowen upgraded QUALCOMM to a "strong-buy" rating in a research note on Monday, September 16th. Evercore ISI increased their price objective on QUALCOMM from $190.00 to $199.00 and gave the company an "in-line" rating in a research report on Thursday, November 7th. Finally, Loop Capital began coverage on QUALCOMM in a research report on Monday, November 11th. They issued a "hold" rating and a $180.00 target price for the company. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $208.00.

QUALCOMM Price Performance

Shares of QUALCOMM stock traded up $0.29 on Friday, hitting $158.53. 8,884,210 shares of the company traded hands, compared to its average volume of 8,959,828. QUALCOMM Incorporated has a 52 week low of $134.94 and a 52 week high of $230.63. The business has a 50-day simple moving average of $165.18 and a 200 day simple moving average of $178.37. 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 stock has a market capitalization of $176.13 billion, a P/E ratio of 17.60, a price-to-earnings-growth ratio of 2.68 and a beta of 1.25.

QUALCOMM Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $3.40 dividend on an annualized basis and a yield of 2.14%. QUALCOMM's dividend payout ratio is currently 37.82%.

Insiders Place Their Bets

In related news, CAO Neil Martin sold 1,304 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $155.00, for a total value of $202,120.00. Following the completion of the transaction, the chief accounting officer now owns 94 shares of the company's stock, valued at approximately $14,570. This trade represents a 93.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $165.95, for a total value of $497,850.00. Following the sale, the chief financial officer now directly owns 51,437 shares in the company, 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 have sold a total of 38,540 shares of company stock worth $6,300,999 in the last 90 days. 0.08% of the stock is currently owned by corporate insiders.

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.