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

PNC Financial Services Group Inc. reduced its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 2.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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 about 0.09% of QUALCOMM worth $169,209,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in QCOM. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in QUALCOMM during the third quarter worth about $16,549,000. Banque Cantonale Vaudoise lifted its position in QUALCOMM by 14.3% during the third quarter. Banque Cantonale Vaudoise now owns 25,099 shares of the wireless technology company’s stock worth $4,268,000 after buying an additional 3,146 shares during the period. Lingohr Asset Management GmbH purchased a new position in QUALCOMM during the third quarter worth about $713,000. First City Capital Management Inc. lifted its position in QUALCOMM by 1.3% during the third quarter. First City Capital Management Inc. now owns 5,507 shares of the wireless technology company’s stock worth $936,000 after buying an additional 68 shares during the period. Finally, Princeton Capital Management LLC lifted its position in QUALCOMM by 3.1% during the third quarter. Princeton Capital Management LLC now owns 41,960 shares of the wireless technology company’s stock worth $7,135,000 after buying an additional 1,259 shares during the period. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Morgan Stanley cut their price objective on QUALCOMM from $207.00 to $204.00 and set an “equal weight” rating on the stock in a report on Thursday, November 7th. Loop Capital assumed coverage on QUALCOMM in a report on Monday, November 11th. They issued a “hold” rating and a $180.00 price objective on the stock. Benchmark restated a “buy” rating and issued a $240.00 price objective on shares of QUALCOMM in a report on Thursday, November 7th. Robert W. Baird raised their price objective on QUALCOMM from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Finally, Wells Fargo & Company raised their price objective on QUALCOMM from $170.00 to $175.00 and gave the stock an “underweight” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $210.92.

Insiders Place Their Bets

In related news, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $169.80, for a total value of $1,358,400.00. Following the sale, the chief technology officer now owns 213,364 shares of the company’s stock, valued at approximately $36,229,207.20. This trade represents a 3.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Alexander H. Rogers sold 3,245 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $166.15, for a total value of $539,156.75. Following the completion of the sale, the insider now directly owns 32,231 shares in the company, valued at approximately $5,355,180.65. This trade represents a 9.15 % decrease in their position. 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 in the last quarter. Insiders own 0.08% of the company’s stock.

QUALCOMM Trading Up 0.1 %

NASDAQ:QCOM opened at $164.71 on Wednesday. The company has a quick ratio of 1.79, a current ratio of 2.40 and a debt-to-equity ratio of 0.51. The business’s 50 day moving average is $168.48 and its two-hundred day moving average is $182.13. QUALCOMM Incorporated has a 52 week low of $125.67 and a 52 week high of $230.63. The company has a market cap of $182.99 billion, a PE ratio of 18.32, a P/E/G ratio of 2.70 and a beta of 1.28.

QUALCOMM Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend is Thursday, December 5th. QUALCOMM’s dividend payout ratio is presently 37.82%.

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.