Red Cedar Investment Management LLC Cuts Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

by · The Cerbat Gem

Red Cedar Investment Management LLC cut its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM – Free Report) by 23.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 28,436 shares of the wireless technology company’s stock after selling 8,591 shares during the quarter. QUALCOMM makes up about 0.6% of Red Cedar Investment Management LLC’s holdings, making the stock its 22nd biggest position. Red Cedar Investment Management LLC’s holdings in QUALCOMM were worth $4,836,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wedge Capital Management L L P NC lifted its stake in shares of QUALCOMM by 17.1% during the 3rd quarter. Wedge Capital Management L L P NC now owns 354,389 shares of the wireless technology company’s stock valued at $60,264,000 after buying an additional 51,879 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of QUALCOMM by 39.9% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 176,817 shares of the wireless technology company’s stock valued at $30,068,000 after purchasing an additional 50,438 shares during the last quarter. Czech National Bank grew its holdings in shares of QUALCOMM by 6.5% during the 3rd quarter. Czech National Bank now owns 226,933 shares of the wireless technology company’s stock valued at $38,590,000 after purchasing an additional 13,888 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of QUALCOMM by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 10,036,779 shares of the wireless technology company’s stock valued at $1,999,114,000 after purchasing an additional 86,195 shares during the last quarter. Finally, Heritage Wealth Management Inc. bought a new position in shares of QUALCOMM during the 2nd quarter valued at $1,539,000. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on QCOM. Piper Sandler reissued an “overweight” rating and issued a $205.00 price target (up previously from $185.00) on shares of QUALCOMM in a report on Thursday, August 1st. Hsbc Global Res cut shares of QUALCOMM from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Robert W. Baird raised their target price on shares of QUALCOMM from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. KeyCorp cut shares of QUALCOMM from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. dropped their target price on shares of QUALCOMM from $230.00 to $210.00 and set an “overweight” rating for the company in a research report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, QUALCOMM currently has a consensus rating of “Moderate Buy” and a consensus target price of $207.92.

Read Our Latest Stock Analysis on QCOM

Insider Activity at QUALCOMM

In other 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 transaction of $497,850.00. Following the sale, the chief financial officer now owns 51,437 shares of the company’s stock, valued at $8,535,970.15. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction 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 of the company’s stock, valued at approximately $8,535,970.15. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $169.80, for a total value of $1,358,400.00. Following the completion of the transaction, the chief technology officer now owns 213,364 shares in the company, valued at $36,229,207.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,245 shares of company stock valued at $2,395,407 in the last three months. 0.08% of the stock is owned by insiders.

QUALCOMM Stock Up 0.8 %

Shares of QCOM stock traded up $1.32 during mid-day trading on Monday, hitting $166.59. 1,247,620 shares of the stock traded hands, compared to its average volume of 8,922,701. The stock has a market cap of $185.58 billion, a P/E ratio of 21.41, a P/E/G ratio of 1.63 and a beta of 1.28. The stock’s fifty day moving average is $168.77 and its two-hundred day moving average is $182.12. QUALCOMM Incorporated has a 52-week low of $118.38 and a 52-week high of $230.63. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.78.

QUALCOMM Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be given a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Thursday, December 5th. QUALCOMM’s payout ratio is currently 44.04%.

QUALCOMM Profile

(Free Report)

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.

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