Ridgewood Investments LLC Lowers Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Ridgewood Investments LLC trimmed its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 2.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,075 shares of the wireless technology company’s stock after selling 379 shares during the quarter. QUALCOMM makes up about 1.4% of Ridgewood Investments LLC’s investment portfolio, making the stock its 9th largest holding. Ridgewood Investments LLC’s holdings in QUALCOMM were worth $1,774,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in QUALCOMM by 5.9% during the second quarter. Vanguard Group Inc. now owns 104,166,567 shares of the wireless technology company’s stock valued at $9,501,032,000 after purchasing an additional 5,845,242 shares in the last quarter. Capital World Investors raised its stake in QUALCOMM by 5.2% during the 1st quarter. Capital World Investors now owns 15,268,873 shares of the wireless technology company’s stock worth $1,032,939,000 after acquiring an additional 751,290 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in QUALCOMM by 3.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 10,658,831 shares of the wireless technology company’s stock valued at $972,192,000 after purchasing an additional 318,756 shares in the last quarter. Clearbridge Investments LLC raised its position in shares of QUALCOMM by 6.0% during the 1st quarter. Clearbridge Investments LLC now owns 10,167,014 shares of the wireless technology company’s stock valued at $687,798,000 after purchasing an additional 571,593 shares during the period. Finally, Nuveen Asset Management LLC grew its stake in QUALCOMM by 24.4% during the second quarter. Nuveen Asset Management LLC now owns 9,535,939 shares of the wireless technology company’s stock valued at $869,773,000 after acquiring an additional 1,870,075 shares in the last quarter. 74.79% of the stock is owned by institutional investors and hedge funds.

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,925 shares of QUALCOMM stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $102.42, for a total transaction of $401,998.50. Following the completion of the sale, the chief financial officer now directly owns 17,790 shares of the company’s stock, valued at approximately $1,822,051.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Cristiano R. Amon sold 20,530 shares of the stock in a transaction on Wednesday, October 14th. The stock was sold at an average price of $130.60, for a total value of $2,681,218.00. Following the transaction, the president now directly owns 50,753 shares in the company, valued at approximately $6,628,341.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,720 shares of company stock valued at $5,348,451. 0.12% of the stock is owned by corporate insiders.

A number of research analysts have recently weighed in on QCOM shares. Mizuho restated a “buy” rating and set a $105.00 price objective (up previously from $91.00) on shares of QUALCOMM in a research report on Wednesday, July 29th. Canaccord Genuity raised their price target on QUALCOMM from $137.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, September 1st. Exane BNP Paribas upgraded QUALCOMM from an “underperform” rating to an “outperform” rating and set a $140.00 target price for the company in a research report on Friday, September 25th. Cascend Securities raised their target price on shares of QUALCOMM from $125.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Rosenblatt Securities upped their price target on shares of QUALCOMM from $105.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company’s stock. QUALCOMM presently has an average rating of “Buy” and a consensus price target of $121.58.

QCOM opened at $129.03 on Friday. The business has a fifty day moving average of $117.35 and a 200 day moving average of $95.14. QUALCOMM Incorporated has a 52-week low of $58.00 and a 52-week high of $132.42. The company has a quick ratio of 1.67, a current ratio of 1.97 and a debt-to-equity ratio of 4.67. The stock has a market cap of $145.58 billion, a P/E ratio of 54.44, a PEG ratio of 1.79 and a beta of 1.36.

QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, July 29th. The wireless technology company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.15. The business had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.80 billion. QUALCOMM had a return on equity of 78.39% and a net margin of 13.72%. The business’s revenue was down .1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.80 earnings per share. Equities analysts anticipate that QUALCOMM Incorporated will post 3.2 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, December 3rd will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Wednesday, December 2nd. This represents a $2.60 dividend on an annualized basis and a yield of 2.02%. QUALCOMM’s payout ratio is 91.55%.

QUALCOMM Company Profile

QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products 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 code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.

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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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