South Street Advisors LLC Reduces Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

South Street Advisors LLC decreased its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 10.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,706 shares of the wireless technology company’s stock after selling 2,150 shares during the period. South Street Advisors LLC’s holdings in QUALCOMM were worth $3,011,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Leelyn Smith LLC purchased a new position in shares of QUALCOMM during the first quarter valued at approximately $208,000. Nicolet Advisory Services LLC purchased a new position in shares of QUALCOMM during the first quarter valued at approximately $222,000. Intech Investment Management LLC grew its stake in shares of QUALCOMM by 49.3% during the 1st quarter. Intech Investment Management LLC now owns 61,797 shares of the wireless technology company’s stock valued at $10,462,000 after purchasing an additional 20,412 shares during the period. Acadian Asset Management LLC grew its holdings in QUALCOMM by 468.0% during the first quarter. Acadian Asset Management LLC now owns 257,374 shares of the wireless technology company’s stock valued at $43,564,000 after purchasing an additional 212,064 shares during the period. Finally, Blue Barn Wealth LLC increased its stake in shares of QUALCOMM by 54.5% in the first quarter. Blue Barn Wealth LLC now owns 5,727 shares of the wireless technology company’s stock worth $970,000 after purchasing an additional 2,021 shares in the last quarter. Institutional investors own 74.35% of the company’s stock.

Insider Buying and Selling

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $165.95, for a total value of $497,850.00. Following the completion of the transaction, the chief financial officer now owns 51,437 shares in the company, valued at $8,535,970.15. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO James H. Thompson sold 8,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief technology officer now owns 213,364 shares of the company’s stock, valued at $36,229,207.20. The trade was a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,146 shares of company stock worth $2,709,186. 0.08% of the stock is owned by corporate insiders.

QUALCOMM Trading Down 2.1 %

Shares of QUALCOMM stock traded down $3.47 during midday trading on Friday, reaching $160.50. The company had a trading volume of 9,737,033 shares, compared to its average volume of 9,021,084. QUALCOMM Incorporated has a fifty-two week low of $125.67 and a fifty-two week high of $230.63. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.40 and a quick ratio of 1.79. The stock has a fifty day moving average price of $168.35 and a 200 day moving average price of $182.10. The firm has a market cap of $178.32 billion, a PE ratio of 17.85, a P/E/G ratio of 2.70 and a beta of 1.28.

QUALCOMM Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be given a $0.85 dividend. The ex-dividend date is Thursday, December 5th. This represents a $3.40 annualized dividend and a yield of 2.12%. QUALCOMM’s payout ratio is 37.82%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on QCOM. Evercore ISI upped their price target on shares of QUALCOMM from $190.00 to $199.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Barclays boosted their price objective on shares of QUALCOMM from $185.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. Benchmark reiterated a “buy” rating and issued a $240.00 target price on shares of QUALCOMM in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of QUALCOMM from $155.00 to $170.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Finally, DZ Bank raised shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 target price on the stock in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $210.92.

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.