Van ECK Associates Corp Sells 304,090 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Van ECK Associates Corp lowered its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 6.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,370,412 shares of the wireless technology company’s stock after selling 304,090 shares during the quarter. QUALCOMM makes up 1.2% of Van ECK Associates Corp’s investment portfolio, making the stock its 16th largest position. Van ECK Associates Corp’s holdings in QUALCOMM were worth $632,093,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Financial Gravity Asset Management Inc. boosted its position in shares of QUALCOMM by 102.5% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock valued at $26,000 after acquiring an additional 122 shares during the last quarter. Legacy Financial Group LLC bought a new stake in QUALCOMM in the 3rd quarter worth approximately $29,000. Fortitude Family Office LLC bought a new stake in QUALCOMM in the 4th quarter worth approximately $35,000. Cranbrook Wealth Management LLC lifted its position in QUALCOMM by 68.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 247 shares of the wireless technology company’s stock worth $36,000 after buying an additional 100 shares during the last quarter. Finally, Leith Wheeler Investment Counsel Ltd. lifted its position in QUALCOMM by 184.3% in the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 252,913 shares of the wireless technology company’s stock worth $37,000 after buying an additional 163,963 shares during the last quarter. Institutional investors own 74.35% of the company’s stock.

QUALCOMM Stock Up 2.1 %

QCOM stock traded up $3.54 during midday trading on Monday, hitting $169.20. The stock had a trading volume of 6,619,586 shares, compared to its average volume of 8,500,422. The firm has a market cap of $188.83 billion, a price-to-earnings ratio of 24.17, a price-to-earnings-growth ratio of 2.27 and a beta of 1.41. The business has a 50-day moving average of $165.84 and a two-hundred day moving average of $144.94. QUALCOMM Incorporated has a 52-week low of $101.47 and a 52-week high of $177.59. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.56 and a quick ratio of 1.88.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, January 31st. The wireless technology company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.43. The company had revenue of $9.94 billion for the quarter, compared to analysts’ expectations of $9.50 billion. QUALCOMM had a return on equity of 38.06% and a net margin of 21.39%. As a group, equities research analysts forecast that QUALCOMM Incorporated will post 7.64 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Thursday, May 30th will be paid a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 2.01%. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Thursday, May 30th. QUALCOMM’s dividend payout ratio is presently 46.38%.

Insider Buying and Selling

In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $173.49, for a total value of $520,470.00. Following the sale, the chief financial officer now directly owns 69,343 shares of the company’s stock, valued at $12,030,317.07. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $173.49, for a total value of $520,470.00. Following the sale, the chief financial officer now directly owns 69,343 shares of the company’s stock, valued at $12,030,317.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Neil Martin sold 371 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total value of $55,586.93. Following the completion of the sale, the chief accounting officer now directly owns 689 shares in the company, valued at $103,232.87. The disclosure for this sale can be found here. Insiders have sold a total of 36,260 shares of company stock valued at $5,973,728 over the last ninety days. Company insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

QCOM has been the topic of a number of analyst reports. JPMorgan Chase & Co. decreased their price target on QUALCOMM from $173.00 to $170.00 and set an “overweight” rating on the stock in a research note on Thursday, February 1st. TD Cowen lifted their price target on QUALCOMM from $160.00 to $170.00 and gave the stock an “outperform” rating in a research note on Thursday, February 1st. Mizuho lifted their price target on QUALCOMM from $155.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, February 1st. Canaccord Genuity Group lifted their price target on QUALCOMM from $152.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, January 19th. Finally, Susquehanna lifted their price target on QUALCOMM from $175.00 to $205.00 and gave the stock a “positive” rating in a research note on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $158.86.

QUALCOMM 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.