Patten & Patten Inc. TN Cuts Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Patten & Patten Inc. TN lessened its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 4.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 71,346 shares of the wireless technology company’s stock after selling 3,516 shares during the period. Patten & Patten Inc. TN’s holdings in QUALCOMM were worth $10,960,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of QCOM. Kohmann Bosshard Financial Services LLC acquired a new stake in QUALCOMM during the 4th quarter valued at approximately $26,000. CKW Financial Group acquired a new position in shares of QUALCOMM in the 4th quarter valued at $27,000. Centricity Wealth Management LLC acquired a new position in shares of QUALCOMM in the 4th quarter valued at $29,000. Synergy Asset Management LLC acquired a new position in shares of QUALCOMM in the 4th quarter valued at $38,000. Finally, Legacy Investment Solutions LLC acquired a new position in shares of QUALCOMM in the 3rd quarter valued at $39,000. Hedge funds and other institutional investors own 74.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Susquehanna cut their price target on shares of QUALCOMM from $230.00 to $210.00 and set a “positive” rating for the company in a report on Wednesday, November 20th. Benchmark reissued a “buy” rating and issued a $240.00 price target on shares of QUALCOMM in a report on Friday, February 7th. Piper Sandler dropped their target price on shares of QUALCOMM from $205.00 to $190.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $160.00 target price on shares of QUALCOMM in a report on Thursday, February 6th. Finally, Evercore ISI dropped their target price on shares of QUALCOMM from $199.00 to $179.00 and set an “in-line” rating for the company in a report on Thursday, February 6th. One equities 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 given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $205.32.

Insider Activity at QUALCOMM

In related news, CAO Neil Martin sold 744 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $174.83, for a total value of $130,073.52. Following the sale, the chief accounting officer now owns 461 shares of the company’s stock, valued at $80,596.63. This trade represents a 61.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Ann C. Chaplin sold 2,587 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $158.12, for a total transaction of $409,056.44. Following the completion of the transaction, the general counsel now owns 19,739 shares in the company, valued at $3,121,130.68. This represents a 11.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 30,555 shares of company stock valued at $5,094,134 over the last 90 days. 0.08% of the stock is owned by corporate insiders.

QUALCOMM Stock Up 3.1 %

Shares of QCOM opened at $156.58 on Friday. The stock has a market capitalization of $173.18 billion, a PE ratio of 16.73, a P/E/G ratio of 2.01 and a beta of 1.28. QUALCOMM Incorporated has a 1 year low of $149.43 and a 1 year high of $230.63. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.99 and a current ratio of 2.62. The company’s 50-day simple moving average is $164.68 and its 200-day simple moving average is $164.46.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. Analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 6th will be issued a $0.85 dividend. The ex-dividend date is Thursday, March 6th. This represents a $3.40 annualized dividend and a yield of 2.17%. QUALCOMM’s dividend payout ratio (DPR) is 36.32%.

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.