Cullinan Associates Inc. Cuts Stake in QUALCOMM, Inc. (QCOM)

Cullinan Associates Inc. lessened its holdings in QUALCOMM, Inc. (NASDAQ:QCOM) by 24.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 180,535 shares of the wireless technology company’s stock after selling 57,860 shares during the quarter. QUALCOMM accounts for approximately 0.8% of Cullinan Associates Inc.’s investment portfolio, making the stock its 23rd biggest holding. Cullinan Associates Inc.’s holdings in QUALCOMM were worth $11,558,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. FMR LLC increased its holdings in QUALCOMM by 16.5% during the second quarter. FMR LLC now owns 80,528,523 shares of the wireless technology company’s stock worth $4,446,786,000 after buying an additional 11,387,347 shares during the last quarter. Veritas Asset Management LLP acquired a new position in QUALCOMM during the second quarter worth $440,415,000. Capital International Investors increased its holdings in QUALCOMM by 41.8% during the third quarter. Capital International Investors now owns 21,455,439 shares of the wireless technology company’s stock worth $1,112,250,000 after buying an additional 6,322,645 shares during the last quarter. Maverick Capital Ltd. acquired a new position in QUALCOMM during the second quarter worth $210,548,000. Finally, Parnassus Investments CA increased its holdings in QUALCOMM by 62.4% during the third quarter. Parnassus Investments CA now owns 7,809,000 shares of the wireless technology company’s stock worth $404,819,000 after buying an additional 3,000,000 shares during the last quarter. 75.68% of the stock is currently owned by institutional investors and hedge funds.

In related news, EVP Michelle M. Sterling sold 7,840 shares of the company’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $66.56, for a total transaction of $521,830.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Matthew S. Grob sold 43,000 shares of the company’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $65.35, for a total transaction of $2,810,050.00. Following the sale, the executive vice president now directly owns 43,000 shares of the company’s stock, valued at approximately $2,810,050. The disclosure for this sale can be found here. In the last three months, insiders sold 53,346 shares of company stock valued at $3,499,504. 0.17% of the stock is currently owned by company insiders.

Shares of QUALCOMM, Inc. (NASDAQ QCOM) opened at $64.85 on Friday. The stock has a market cap of $95,370.00, a PE ratio of -26.47, a PEG ratio of 2.03 and a beta of 1.38. QUALCOMM, Inc. has a 52-week low of $48.92 and a 52-week high of $69.28. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.41 and a quick ratio of 3.25.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, January 31st. The wireless technology company reported $0.98 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.07. The company had revenue of $6.10 billion during the quarter, compared to analysts’ expectations of $5.93 billion. QUALCOMM had a negative net margin of 18.65% and a positive return on equity of 18.10%. QUALCOMM’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.19 earnings per share. sell-side analysts forecast that QUALCOMM, Inc. will post 2.8 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 21st. Stockholders of record on Wednesday, February 28th will be given a $0.57 dividend. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.52%. QUALCOMM’s payout ratio is presently -93.06%.

A number of equities analysts recently weighed in on QCOM shares. BMO Capital Markets boosted their target price on shares of QUALCOMM from $55.00 to $57.00 and gave the stock a “market perform” rating in a report on Thursday, November 2nd. UBS Group upgraded shares of QUALCOMM from a “market perform” rating to an “outperform” rating in a report on Wednesday, November 8th. Royal Bank of Canada boosted their target price on shares of QUALCOMM from $70.00 to $77.00 and gave the stock an “outperform” rating in a report on Tuesday, November 14th. Canaccord Genuity boosted their target price on shares of QUALCOMM from $76.00 to $83.00 and gave the stock a “buy” rating in a report on Monday, November 13th. Finally, Mizuho restated a “buy” rating on shares of QUALCOMM in a report on Friday, October 27th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and fourteen have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $68.25.

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QUALCOMM Profile

QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.

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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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