Fifth Third Bancorp Reduces Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Fifth Third Bancorp lowered its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 3.2% during the fourth quarter, Holdings Channel reports. The fund owned 423,613 shares of the wireless technology company’s stock after selling 14,211 shares during the quarter. Fifth Third Bancorp’s holdings in QUALCOMM were worth $65,075,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Paulson Wealth Management Inc. boosted its stake in shares of QUALCOMM by 2.2% during the 3rd quarter. Paulson Wealth Management Inc. now owns 2,791 shares of the wireless technology company’s stock worth $475,000 after purchasing an additional 61 shares during the last quarter. Blossom Wealth Management boosted its position in QUALCOMM by 2.6% during the third quarter. Blossom Wealth Management now owns 2,551 shares of the wireless technology company’s stock worth $434,000 after acquiring an additional 64 shares during the last quarter. Delta Financial Advisors LLC grew its stake in QUALCOMM by 2.1% in the 3rd quarter. Delta Financial Advisors LLC now owns 3,221 shares of the wireless technology company’s stock worth $548,000 after acquiring an additional 65 shares during the period. Muirfield Wealth Advisors LLC raised its holdings in QUALCOMM by 3.1% in the 3rd quarter. Muirfield Wealth Advisors LLC now owns 2,176 shares of the wireless technology company’s stock valued at $370,000 after acquiring an additional 66 shares during the last quarter. Finally, Invst LLC lifted its stake in shares of QUALCOMM by 2.9% during the 2nd quarter. Invst LLC now owns 2,365 shares of the wireless technology company’s stock worth $473,000 after purchasing an additional 67 shares during the period. Hedge funds and other institutional investors own 74.35% of the company’s stock.

QUALCOMM Trading Down 1.3 %

NASDAQ:QCOM opened at $172.11 on Friday. The stock has a market cap of $191.21 billion, a price-to-earnings ratio of 19.14, a price-to-earnings-growth ratio of 2.84 and a beta of 1.25. QUALCOMM Incorporated has a one year low of $139.26 and a one year high of $230.63. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.79 and a current ratio of 2.40. The business’s 50-day simple moving average is $159.26 and its 200 day simple moving average is $168.08.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, November 6th. The wireless technology company reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.01 by $0.25. QUALCOMM had a return on equity of 38.81% and a net margin of 26.03%. The company had revenue of $10.24 billion for the quarter, compared to analyst estimates of $9.90 billion. As a group, sell-side analysts predict that QUALCOMM Incorporated will post 9.14 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 6th will be given a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 1.98%. The ex-dividend date is Thursday, March 6th. QUALCOMM’s payout ratio is currently 37.82%.

Insider Activity

In other QUALCOMM news, CAO Neil Martin sold 1,304 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $155.00, for a total transaction of $202,120.00. Following the sale, the chief accounting officer now directly owns 94 shares of the company’s stock, valued at approximately $14,570. This represents a 93.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Ann C. Chaplin sold 1,901 shares of QUALCOMM stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $165.06, for a total transaction of $313,779.06. Following the completion of the transaction, the general counsel now directly owns 12,007 shares of the company’s stock, valued at $1,981,875.42. This trade represents a 13.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,882 shares of company stock worth $4,314,649. 0.08% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Citigroup dropped their target price on QUALCOMM from $200.00 to $185.00 and set a “neutral” rating for the company in a research note on Wednesday, October 16th. Morgan Stanley cut their price objective on shares of QUALCOMM from $207.00 to $204.00 and set an “equal weight” rating on the stock in a report on Thursday, November 7th. Loop Capital initiated coverage on shares of QUALCOMM in a research report on Monday, November 11th. They issued a “hold” rating and a $180.00 target price on the stock. Benchmark reaffirmed a “buy” rating and set a $240.00 price target on shares of QUALCOMM in a research report on Thursday, November 7th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $160.00 price target on shares of QUALCOMM in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $206.57.

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.