Rockefeller Capital Management L.P. Reduces Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Rockefeller Capital Management L.P. lowered its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 27.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 331,922 shares of the wireless technology company’s stock after selling 123,408 shares during the period. Rockefeller Capital Management L.P.’s holdings in QUALCOMM were worth $56,443,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. LRI Investments LLC purchased a new position in shares of QUALCOMM in the first quarter worth about $44,000. American Trust raised its holdings in QUALCOMM by 3.4% during the 1st quarter. American Trust now owns 3,330 shares of the wireless technology company’s stock valued at $564,000 after acquiring an additional 110 shares during the period. Bright Futures Wealth Management LLC. bought a new position in shares of QUALCOMM in the first quarter worth $249,000. Transcend Capital Advisors LLC grew its position in shares of QUALCOMM by 1.4% in the second quarter. Transcend Capital Advisors LLC now owns 12,335 shares of the wireless technology company’s stock valued at $2,457,000 after purchasing an additional 169 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of QUALCOMM by 91.1% during the 2nd quarter. GAMMA Investing LLC now owns 13,752 shares of the wireless technology company’s stock valued at $2,739,000 after purchasing an additional 6,554 shares during the period. Institutional investors own 74.35% of the company’s stock.

QUALCOMM Price Performance

Shares of QUALCOMM stock opened at $158.53 on Friday. The firm has a market cap of $176.13 billion, a PE ratio of 17.63, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. The company’s fifty day simple moving average is $166.64 and its two-hundred day simple moving average is $180.74. The company has a quick ratio of 1.79, a current ratio of 2.40 and a debt-to-equity ratio of 0.51. QUALCOMM Incorporated has a 12-month low of $127.49 and a 12-month high of $230.63.

QUALCOMM Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend is Thursday, December 5th. QUALCOMM’s payout ratio is 37.82%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Citigroup cut 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. KeyCorp cut shares of QUALCOMM from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, October 8th. Wolfe Research downgraded shares of QUALCOMM from an “outperform” rating to a “peer perform” rating in a report on Monday, August 12th. UBS Group increased their price objective on QUALCOMM from $185.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, StockNews.com cut QUALCOMM from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $210.15.

Insiders Place Their Bets

In other news, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $169.80, for a total transaction of $1,358,400.00. Following the sale, the chief technology officer now owns 213,364 shares of the company’s stock, valued at approximately $36,229,207.20. The trade was a 3.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Neil Martin sold 1,304 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $155.00, for a total transaction of $202,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 94 shares of the company’s stock, valued at approximately $14,570. The trade was a 93.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,450 shares of company stock worth $2,911,306. 0.08% of the stock is currently owned by company insiders.

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.