Pitti Group Wealth Management LLC Has $609,000 Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Pitti Group Wealth Management LLC lowered its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 16.3% during the fourth quarter, Holdings Channel reports. The fund owned 3,967 shares of the wireless technology company’s stock after selling 774 shares during the quarter. Pitti Group Wealth Management LLC’s holdings in QUALCOMM were worth $609,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in QCOM. Amundi raised its holdings in shares of QUALCOMM by 36.6% during the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company’s stock valued at $2,313,634,000 after acquiring an additional 3,905,918 shares during the period. Raymond James Financial Inc. acquired a new position in QUALCOMM in the 4th quarter valued at approximately $527,053,000. Pacer Advisors Inc. increased its stake in QUALCOMM by 1,702.6% in the 3rd quarter. Pacer Advisors Inc. now owns 3,191,342 shares of the wireless technology company’s stock valued at $542,688,000 after buying an additional 3,014,302 shares during the period. Geode Capital Management LLC increased its stake in QUALCOMM by 7.9% in the 3rd quarter. Geode Capital Management LLC now owns 27,128,468 shares of the wireless technology company’s stock valued at $4,600,625,000 after buying an additional 1,989,725 shares during the period. Finally, Two Sigma Advisers LP increased its stake in QUALCOMM by 202.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,061,900 shares of the wireless technology company’s stock valued at $350,626,000 after buying an additional 1,380,500 shares during the period. Institutional investors and hedge funds own 74.35% of the company’s stock.

Insider Buying and Selling

In other QUALCOMM news, CAO Neil Martin sold 744 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $174.83, for a total transaction of $130,073.52. Following the sale, the chief accounting officer now owns 461 shares of the company’s stock, valued at $80,596.63. This represents a 61.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Alexander H. Rogers sold 19,287 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $169.83, for a total transaction of $3,275,511.21. Following the sale, the insider now directly owns 20,762 shares in the company, valued at approximately $3,526,010.46. This represents a 48.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,968 shares of company stock worth $4,685,077 in the last quarter. 0.08% of the stock is owned by corporate insiders.

QUALCOMM Trading Up 3.1 %

Shares of QCOM stock opened at $156.58 on Monday. QUALCOMM Incorporated has a 52-week low of $149.43 and a 52-week high of $230.63. The stock has a market cap of $173.18 billion, a price-to-earnings ratio of 16.73, a P/E/G ratio of 2.01 and a beta of 1.28. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.99 and a current ratio of 2.62. The firm has a fifty day moving average of $164.68 and a 200-day moving average of $164.40.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share (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%. On average, equities research analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 6th will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Thursday, March 6th. QUALCOMM’s dividend payout ratio (DPR) is currently 36.32%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on QCOM shares. Evercore ISI dropped their price objective on shares of QUALCOMM from $199.00 to $179.00 and set an “in-line” rating on the stock in a research note on Thursday, February 6th. Melius started coverage on shares of QUALCOMM in a research note on Monday, December 9th. They issued a “hold” rating and a $180.00 price objective on the stock. Cantor Fitzgerald reiterated a “neutral” rating and issued a $160.00 price objective on shares of QUALCOMM in a research note on Thursday, February 6th. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 price objective on shares of QUALCOMM in a research note on Thursday, February 6th. Finally, Piper Sandler decreased their target price on shares of QUALCOMM from $205.00 to $190.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $205.32.

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.