QUALCOMM Incorporated (NASDAQ:QCOM) Position Reduced by Viking Fund Management LLC

Viking Fund Management LLC trimmed its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 9.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 89,000 shares of the wireless technology company’s stock after selling 9,000 shares during the quarter. QUALCOMM makes up 2.7% of Viking Fund Management LLC’s portfolio, making the stock its 4th biggest holding. Viking Fund Management LLC’s holdings in QUALCOMM were worth $15,068,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of QCOM. Franklin Street Advisors Inc. NC lifted its position in shares of QUALCOMM by 23.8% in the first quarter. Franklin Street Advisors Inc. NC now owns 6,394 shares of the wireless technology company’s stock valued at $1,083,000 after acquiring an additional 1,230 shares in the last quarter. Janiczek Wealth Management LLC lifted its position in shares of QUALCOMM by 7.3% in the first quarter. Janiczek Wealth Management LLC now owns 4,572 shares of the wireless technology company’s stock valued at $774,000 after acquiring an additional 312 shares in the last quarter. Investment Partners Asset Management Inc. lifted its position in shares of QUALCOMM by 1.9% in the first quarter. Investment Partners Asset Management Inc. now owns 5,405 shares of the wireless technology company’s stock valued at $915,000 after acquiring an additional 101 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its position in shares of QUALCOMM by 40.4% in the first quarter. Wealthcare Advisory Partners LLC now owns 21,462 shares of the wireless technology company’s stock valued at $3,634,000 after acquiring an additional 6,172 shares in the last quarter. Finally, DGS Capital Management LLC purchased a new stake in shares of QUALCOMM in the first quarter valued at $265,000. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Neil Smit sold 3,069 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $200.94, for a total transaction of $616,684.86. Following the sale, the director now directly owns 5,902 shares in the company, valued at approximately $1,185,947.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Neil Martin sold 1,116 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $196.11, for a total value of $218,858.76. Following the sale, the chief accounting officer now directly owns 358 shares in the company, valued at approximately $70,207.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Neil Smit sold 3,069 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $200.94, for a total value of $616,684.86. Following the completion of the sale, the director now owns 5,902 shares in the company, valued at $1,185,947.88. The disclosure for this sale can be found here. Insiders have sold a total of 45,185 shares of company stock valued at $8,206,875 in the last quarter. Insiders own 0.08% of the company’s stock.

QUALCOMM Stock Down 1.1 %

QCOM traded down $2.09 on Thursday, reaching $195.24. The company’s stock had a trading volume of 8,720,199 shares, compared to its average volume of 9,294,689. The stock has a market cap of $217.89 billion, a price-to-earnings ratio of 26.17, a price-to-earnings-growth ratio of 2.46 and a beta of 1.30. QUALCOMM Incorporated has a 1 year low of $104.33 and a 1 year high of $230.63. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.65 and a quick ratio of 1.98. The business’s 50 day moving average is $194.32 and its 200 day moving average is $168.60.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, May 1st. The wireless technology company reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.11. QUALCOMM had a return on equity of 37.09% and a net margin of 23.03%. The firm had revenue of $9.39 billion during the quarter, compared to the consensus estimate of $9.32 billion. As a group, research analysts forecast that QUALCOMM Incorporated will post 7.85 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Thursday, May 30th were issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend was Thursday, May 30th. This is an increase from QUALCOMM’s previous quarterly dividend of $0.80. QUALCOMM’s dividend payout ratio (DPR) is currently 45.70%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. UBS Group upped their price objective on QUALCOMM from $165.00 to $175.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. Morgan Stanley upped their target price on QUALCOMM from $158.00 to $172.00 and gave the company an “equal weight” rating in a research note on Thursday, May 2nd. Bank of America upped their target price on QUALCOMM from $180.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Wolfe Research upped their target price on QUALCOMM from $180.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. Finally, Canaccord Genuity Group upped their target price on QUALCOMM from $180.00 to $206.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, QUALCOMM currently has a consensus rating of “Moderate Buy” and an average target price of $192.13.

QUALCOMM Company Profile

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.