Varma Mutual Pension Insurance Co Reduces Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Varma Mutual Pension Insurance Co reduced its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 10.5% in the second quarter, Holdings Channel reports. The institutional investor owned 195,271 shares of the wireless technology company’s stock after selling 22,796 shares during the period. Varma Mutual Pension Insurance Co’s holdings in QUALCOMM were worth $38,894,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in QCOM. Waddell & Associates LLC increased its position in QUALCOMM by 10.0% in the second quarter. Waddell & Associates LLC now owns 1,775 shares of the wireless technology company’s stock worth $354,000 after buying an additional 162 shares in the last quarter. Ballentine Partners LLC grew its stake in shares of QUALCOMM by 5.5% during the 2nd quarter. Ballentine Partners LLC now owns 24,838 shares of the wireless technology company’s stock valued at $4,947,000 after acquiring an additional 1,286 shares during the period. Arlington Trust Co LLC increased its holdings in QUALCOMM by 12.1% in the 2nd quarter. Arlington Trust Co LLC now owns 8,438 shares of the wireless technology company’s stock worth $1,681,000 after acquiring an additional 914 shares in the last quarter. Caprock Group LLC lifted its holdings in QUALCOMM by 21.8% during the second quarter. Caprock Group LLC now owns 31,032 shares of the wireless technology company’s stock valued at $6,181,000 after purchasing an additional 5,555 shares in the last quarter. Finally, W Advisors LLC boosted its position in shares of QUALCOMM by 7.2% in the second quarter. W Advisors LLC now owns 1,779 shares of the wireless technology company’s stock worth $354,000 after purchasing an additional 120 shares during the period. 74.35% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Bank of America lifted their target price on shares of QUALCOMM from $180.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Cantor Fitzgerald restated a “neutral” rating and issued a $215.00 price objective on shares of QUALCOMM in a research report on Thursday, August 1st. Susquehanna increased their target price on QUALCOMM from $205.00 to $250.00 and gave the stock a “positive” rating in a research report on Wednesday, July 17th. Rosenblatt Securities lifted their target price on QUALCOMM from $240.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Hsbc Global Res downgraded QUALCOMM from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $210.63.

Insiders Place Their Bets

In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $160.50, for a total transaction of $1,284,000.00. Following the completion of the transaction, the chief technology officer now owns 229,987 shares in the company, valued at approximately $36,912,913.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’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 value of $616,830.00. Following the sale, the chief financial officer now owns 60,343 shares in the company, valued at approximately $12,407,124.23. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CTO James H. Thompson sold 8,000 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $160.50, for a total transaction of $1,284,000.00. Following the sale, the chief technology officer now directly owns 229,987 shares in the company, valued at $36,912,913.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,000 shares of company stock valued at $3,496,590. 0.08% of the stock is owned by insiders.

QUALCOMM Stock Down 3.4 %

QUALCOMM stock traded down $5.51 during midday trading on Friday, reaching $158.19. The company’s stock had a trading volume of 10,703,047 shares, compared to its average volume of 9,279,430. The stock’s 50-day simple moving average is $179.95 and its 200-day simple moving average is $181.55. The stock has a market capitalization of $176.54 billion, a P/E ratio of 21.26, a PEG ratio of 1.93 and a beta of 1.28. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.78. QUALCOMM Incorporated has a 52-week low of $104.33 and a 52-week high of $230.63.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.21. The company had revenue of $9.39 billion during the quarter, compared to analysts’ expectations of $9.23 billion. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. On average, sell-side analysts expect that QUALCOMM Incorporated will post 7.98 EPS for the current 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 issued a $0.85 dividend. The ex-dividend date is Thursday, September 5th. This represents a $3.40 annualized dividend and a yield of 2.15%. QUALCOMM’s dividend payout ratio (DPR) is presently 45.70%.

About QUALCOMM

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.