Regal Wealth Group Inc. Lowers Stock Holdings in QUALCOMM, Inc. (NASDAQ:QCOM)

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Regal Wealth Group Inc. cut its holdings in QUALCOMM, Inc. (NASDAQ:QCOM) by 34.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 389 shares of the wireless technology company’s stock after selling 202 shares during the quarter. Regal Wealth Group Inc.’s holdings in QUALCOMM were worth $36,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Franklin Resources Inc. lifted its holdings in QUALCOMM by 77.9% during the fourth quarter. Franklin Resources Inc. now owns 302,088 shares of the wireless technology company’s stock valued at $26,654,000 after purchasing an additional 132,272 shares in the last quarter. Vestcor Investment Management Corp acquired a new stake in QUALCOMM during the 4th quarter worth $1,747,000. PSI Advisors LLC purchased a new stake in shares of QUALCOMM during the fourth quarter worth $38,000. Magnetar Financial LLC raised its position in shares of QUALCOMM by 1.8% in the fourth quarter. Magnetar Financial LLC now owns 12,492 shares of the wireless technology company’s stock valued at $1,102,000 after buying an additional 216 shares during the last quarter. Finally, Cipher Capital LP acquired a new stake in shares of QUALCOMM in the fourth quarter valued at about $9,459,000. 74.56% of the stock is owned by institutional investors and hedge funds.

QCOM stock traded down $1.38 during mid-day trading on Thursday, reaching $92.15. The company had a trading volume of 110,342 shares, compared to its average volume of 8,894,775. The firm has a fifty day simple moving average of $86.14 and a 200 day simple moving average of $82.07. The company has a debt-to-equity ratio of 4.42, a quick ratio of 1.39 and a current ratio of 1.57. The company has a market capitalization of $105.21 billion, a price-to-earnings ratio of 27.67, a price-to-earnings-growth ratio of 1.70 and a beta of 1.34. QUALCOMM, Inc. has a fifty-two week low of $58.00 and a fifty-two week high of $96.17.

QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, April 29th. The wireless technology company reported $0.88 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.79 by $0.09. QUALCOMM had a net margin of 16.36% and a return on equity of 69.92%. The firm had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.04 billion. During the same period in the prior year, the firm earned $0.77 earnings per share. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. As a group, analysts predict that QUALCOMM, Inc. will post 3.08 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 4th were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend was Wednesday, June 3rd. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.62. QUALCOMM’s dividend payout ratio is 91.55%.

In other news, EVP Donald J. Rosenberg sold 11,038 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $87.68, for a total transaction of $967,811.84. Following the completion of the sale, the executive vice president now owns 3,591 shares in the company, valued at approximately $314,858.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Erin L. Polek sold 1,646 shares of the company’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $79.47, for a total transaction of $130,807.62. The disclosure for this sale can be found here. 0.12% of the stock is owned by company insiders.

A number of research firms have weighed in on QCOM. Goldman Sachs Group lowered QUALCOMM from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $77.00 to $61.00 in a research note on Friday, April 17th. Canaccord Genuity raised their price objective on shares of QUALCOMM from $102.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. boosted their target price on shares of QUALCOMM from $94.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Charter Equity reissued a “hold” rating on shares of QUALCOMM in a research note on Thursday, April 30th. Finally, Tigress Financial reaffirmed a “buy” rating on shares of QUALCOMM in a research report on Friday, April 17th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company’s stock. QUALCOMM has an average rating of “Hold” and a consensus price target of $93.57.

QUALCOMM 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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