Convergence Investment Partners LLC Sells 16,608 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Convergence Investment Partners LLC reduced its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 42.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 22,095 shares of the wireless technology company’s stock after selling 16,608 shares during the quarter. Convergence Investment Partners LLC’s holdings in QUALCOMM were worth $3,394,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in QCOM. Reston Wealth Management LLC bought a new position in QUALCOMM in the third quarter worth approximately $26,000. CKW Financial Group purchased a new position in QUALCOMM during the fourth quarter valued at $27,000. Planning Capital Management Corp grew its holdings in QUALCOMM by 137.3% during the third quarter. Planning Capital Management Corp now owns 197 shares of the wireless technology company’s stock valued at $34,000 after purchasing an additional 114 shares during the period. Accordant Advisory Group Inc purchased a new stake in QUALCOMM in the third quarter worth about $36,000. Finally, Synergy Asset Management LLC bought a new position in shares of QUALCOMM in the fourth quarter worth about $38,000. Hedge funds and other institutional investors own 74.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on QCOM shares. Melius assumed coverage on shares of QUALCOMM in a report on Monday, December 9th. They issued a “hold” rating and a $180.00 target price for the company. 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 report on Thursday, November 7th. Susquehanna dropped their target price on shares of QUALCOMM from $230.00 to $210.00 and set a “positive” rating for the company in a report on Wednesday, November 20th. Rosenblatt Securities reissued a “buy” rating and set a $250.00 price target on shares of QUALCOMM in a report on Thursday, February 6th. Finally, Piper Sandler cut their target price on QUALCOMM from $205.00 to $190.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $205.32.

QUALCOMM Price Performance

QCOM stock opened at $173.64 on Wednesday. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49. QUALCOMM Incorporated has a 12 month low of $148.90 and a 12 month high of $230.63. The stock has a market cap of $192.05 billion, a PE ratio of 18.55, a P/E/G ratio of 1.99 and a beta of 1.25. The company has a 50-day moving average price of $163.70 and a 200 day moving average price of $165.54.

QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.07). QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. Equities research analysts anticipate that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 6th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend is Thursday, March 6th. QUALCOMM’s payout ratio is presently 36.32%.

Insider Buying and Selling

In related news, CAO Neil Martin sold 1,304 shares of the company’s 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 sale, the chief accounting officer now directly owns 94 shares of the company’s stock, valued at $14,570. This represents a 93.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $169.80, for a total transaction of $509,400.00. Following the transaction, the chief financial officer now directly owns 63,115 shares in the company, valued at $10,716,927. This trade represents a 4.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 47,268 shares of company stock valued at $7,785,781 in the last 90 days. Company 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.