Hourglass Capital LLC Decreases Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Hourglass Capital LLC lessened its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 19.7% during the 2nd quarter, Holdings Channel reports. The firm owned 23,080 shares of the wireless technology company’s stock after selling 5,662 shares during the quarter. Hourglass Capital LLC’s holdings in QUALCOMM were worth $4,597,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of QCOM. Price T Rowe Associates Inc. MD grew its holdings in shares of QUALCOMM by 8.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock valued at $3,664,418,000 after buying an additional 1,909,025 shares during the last quarter. Norges Bank purchased a new stake in QUALCOMM during the 4th quarter valued at about $2,507,978,000. Matrix Capital Management Company LP acquired a new position in shares of QUALCOMM in the first quarter valued at about $1,171,516,000. Putnam Investments LLC raised its stake in shares of QUALCOMM by 4.3% in the fourth quarter. Putnam Investments LLC now owns 6,340,667 shares of the wireless technology company’s stock worth $917,051,000 after purchasing an additional 263,482 shares during the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of QUALCOMM by 34.8% during the first quarter. Van ECK Associates Corp now owns 5,890,193 shares of the wireless technology company’s stock worth $997,210,000 after purchasing an additional 1,519,781 shares during the period. Institutional investors and hedge funds own 74.35% of the company’s stock.

QUALCOMM Price Performance

NASDAQ:QCOM opened at $162.22 on Friday. The firm has a market cap of $180.71 billion, a P/E ratio of 22.00, a price-to-earnings-growth ratio of 1.93 and a beta of 1.28. The stock has a 50 day moving average of $180.77 and a two-hundred day moving average of $181.31. QUALCOMM Incorporated has a 12 month low of $104.33 and a 12 month high of $230.63. The company has a current ratio of 2.39, a quick ratio of 1.78 and a debt-to-equity ratio of 0.53.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 31st. The wireless technology company reported $1.93 EPS for the quarter, beating the consensus estimate of $1.72 by $0.21. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. The firm had revenue of $9.39 billion during the quarter, compared to the consensus estimate of $9.23 billion. On average, analysts expect that QUALCOMM Incorporated will post 7.98 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 5th will be given a dividend of $0.85 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $3.40 dividend on an annualized basis and a yield of 2.10%. QUALCOMM’s payout ratio is presently 45.70%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on QCOM shares. Susquehanna increased their price target on shares of QUALCOMM from $205.00 to $250.00 and gave the stock a “positive” rating in a report on Wednesday, July 17th. Rosenblatt Securities increased their price objective on shares of QUALCOMM from $240.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. TD Cowen boosted their target price on shares of QUALCOMM from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, June 4th. DZ Bank raised QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 price target on the stock in a research report on Friday, August 2nd. Finally, Mizuho boosted their price objective on QUALCOMM from $180.00 to $240.00 and gave the company a “buy” rating in a report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $210.63.

Insider Activity at QUALCOMM

In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $205.61, for a total value of $616,830.00. Following the completion of the sale, the chief financial officer now owns 60,343 shares of the company’s stock, valued at $12,407,124.23. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $199.47, for a total value of $1,595,760.00. Following the transaction, the chief technology officer now directly owns 237,893 shares in the company, valued at approximately $47,452,516.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $205.61, for a total transaction of $616,830.00. Following the sale, the chief financial officer now owns 60,343 shares of the company’s stock, valued at approximately $12,407,124.23. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,000 shares of company stock valued at $3,496,590. Corporate insiders own 0.08% of the company’s stock.

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.