Legato Capital Management LLC Trims Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Legato Capital Management LLC cut its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 21.8% during the fourth quarter, HoldingsChannel.com reports. The fund owned 9,910 shares of the wireless technology company’s stock after selling 2,767 shares during the quarter. Legato Capital Management LLC’s holdings in QUALCOMM were worth $1,522,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Reston Wealth Management LLC acquired a new stake in QUALCOMM during the 3rd quarter worth $26,000. CKW Financial Group purchased a new stake in shares of QUALCOMM in the fourth quarter valued at about $27,000. Planning Capital Management Corp boosted its stake in shares of QUALCOMM by 137.3% during the third quarter. Planning Capital Management Corp now owns 197 shares of the wireless technology company’s stock worth $34,000 after buying an additional 114 shares during the period. Accordant Advisory Group Inc purchased a new position in shares of QUALCOMM during the third quarter worth about $36,000. Finally, Synergy Asset Management LLC acquired a new position in QUALCOMM in the 4th quarter valued at about $38,000. 74.35% of the stock is owned by institutional investors and hedge funds.

QUALCOMM Trading Down 1.0 %

Shares of QUALCOMM stock opened at $170.29 on Thursday. QUALCOMM Incorporated has a 1 year low of $148.41 and a 1 year high of $230.63. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.79. The business has a 50 day moving average price of $162.50 and a 200 day moving average price of $165.47. The company has a market capitalization of $188.34 billion, a P/E ratio of 18.19, a P/E/G ratio of 2.80 and a beta of 1.25.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. Sell-side analysts anticipate that QUALCOMM Incorporated will post 9.19 EPS for the current fiscal year.

QUALCOMM Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 6th will be paid a dividend of $0.85 per share. The ex-dividend date is Thursday, March 6th. This represents a $3.40 annualized dividend and a dividend yield of 2.00%. QUALCOMM’s dividend payout ratio is currently 36.32%.

Insider Transactions at QUALCOMM

In other news, insider Alexander H. Rogers sold 19,287 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $169.83, for a total transaction of $3,275,511.21. Following the sale, the insider now owns 20,762 shares in the company, valued at $3,526,010.46. This trade represents a 48.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $161.54, for a total value of $484,620.00. Following the completion of the sale, the chief financial officer now directly owns 48,778 shares of the company’s stock, valued at approximately $7,879,598.12. This represents a 5.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,268 shares of company stock worth $7,785,781 over the last ninety days. 0.08% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on QCOM. Melius initiated coverage on QUALCOMM in a research report on Monday, December 9th. They set a “hold” rating and a $180.00 price objective for the company. Susquehanna decreased their price target on QUALCOMM from $230.00 to $210.00 and set a “positive” rating for the company in a report on Wednesday, November 20th. Piper Sandler dropped their price objective on shares of QUALCOMM from $205.00 to $190.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. Evercore ISI cut their price objective on shares of QUALCOMM from $199.00 to $179.00 and set an “in-line” rating for the company in a research report on Thursday, February 6th. Finally, Citigroup lowered their target price on shares of QUALCOMM from $200.00 to $185.00 and set a “neutral” rating on the stock in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, QUALCOMM currently has an average rating of “Moderate Buy” and an average target price of $205.32.

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.