ARK Investment Management LLC Trims Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

ARK Investment Management LLC decreased its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 11.4% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 107,920 shares of the wireless technology company’s stock after selling 13,926 shares during the quarter. ARK Investment Management LLC’s holdings in QUALCOMM were worth $18,352,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Leelyn Smith LLC purchased a new stake in QUALCOMM in the 1st quarter worth approximately $208,000. Envestnet Portfolio Solutions Inc. boosted its stake in QUALCOMM by 3.5% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 60,297 shares of the wireless technology company’s stock worth $10,208,000 after buying an additional 2,018 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its holdings in QUALCOMM by 3.2% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 12,405 shares of the wireless technology company’s stock valued at $2,100,000 after buying an additional 384 shares during the period. PFG Advisors increased its stake in shares of QUALCOMM by 6.9% during the 1st quarter. PFG Advisors now owns 3,453 shares of the wireless technology company’s stock valued at $585,000 after acquiring an additional 223 shares during the last quarter. Finally, Zevenbergen Capital Investments LLC lifted its holdings in shares of QUALCOMM by 289.9% during the 1st quarter. Zevenbergen Capital Investments LLC now owns 92,602 shares of the wireless technology company’s stock worth $15,678,000 after acquiring an additional 68,850 shares during the period. 74.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on QCOM. Wolfe Research downgraded shares of QUALCOMM from an “outperform” rating to a “peer perform” rating in a research note on Monday, August 12th. Piper Sandler restated an “overweight” rating and set a $205.00 price objective (up from $185.00) on shares of QUALCOMM in a report on Thursday, August 1st. Wells Fargo & Company lifted their target price on QUALCOMM from $170.00 to $175.00 and gave the company an “underweight” rating in a report on Thursday. UBS Group upped their price target on QUALCOMM from $185.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Citigroup reduced their price objective on QUALCOMM from $200.00 to $185.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $212.16.

QUALCOMM Stock Performance

QCOM stock opened at $172.91 on Friday. The firm has a market cap of $192.62 billion, a P/E ratio of 22.40, a P/E/G ratio of 1.66 and a beta of 1.28. The stock’s 50 day simple moving average is $168.55 and its 200 day simple moving average is $182.14. The company has a current ratio of 2.39, a quick ratio of 1.78 and a debt-to-equity ratio of 0.53. QUALCOMM Incorporated has a 12-month low of $119.15 and a 12-month high of $230.63.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, November 6th. The wireless technology company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.25. QUALCOMM had a net margin of 23.32% and a return on equity of 38.12%. The company had revenue of $10.24 billion for the quarter, compared to the consensus estimate of $9.90 billion. As a group, equities research analysts predict that QUALCOMM Incorporated will post 8.02 EPS for the current year.

QUALCOMM Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 1.97%. The ex-dividend date is Thursday, December 5th. QUALCOMM’s dividend payout ratio (DPR) is presently 44.04%.

Insider Buying and Selling

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $165.95, for a total value of $497,850.00. Following the sale, the chief financial officer now directly owns 51,437 shares of the company’s stock, valued at $8,535,970.15. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $165.95, for a total value of $497,850.00. Following the sale, the chief financial officer now owns 51,437 shares in the company, valued at approximately $8,535,970.15. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Alexander H. Rogers sold 3,245 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $166.15, for a total value of $539,156.75. Following the transaction, the insider now owns 32,231 shares of the company’s stock, valued at approximately $5,355,180.65. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,146 shares of company stock valued at $2,709,186. Insiders own 0.08% of the company’s stock.

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.