ARP Americas LP Sells 3,712 Shares of QUALCOMM, Inc. (NASDAQ:QCOM)

ARP Americas LP cut its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 33.6% in the second quarter, HoldingsChannel.com reports. The fund owned 7,350 shares of the wireless technology company’s stock after selling 3,712 shares during the period. ARP Americas LP’s holdings in QUALCOMM were worth $670,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Beacon Financial Advisory LLC grew its stake in shares of QUALCOMM by 1.8% in the second quarter. Beacon Financial Advisory LLC now owns 6,395 shares of the wireless technology company’s stock worth $583,000 after acquiring an additional 116 shares during the period. Nadler Financial Group Inc. grew its stake in shares of QUALCOMM by 3.8% in the second quarter. Nadler Financial Group Inc. now owns 3,237 shares of the wireless technology company’s stock worth $295,000 after acquiring an additional 118 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in QUALCOMM by 1.7% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 7,508 shares of the wireless technology company’s stock valued at $508,000 after buying an additional 125 shares during the period. Country Club Trust Company n.a. grew its position in QUALCOMM by 2.9% during the second quarter. Country Club Trust Company n.a. now owns 4,411 shares of the wireless technology company’s stock valued at $393,000 after buying an additional 125 shares during the period. Finally, Radnor Capital Management LLC grew its position in QUALCOMM by 0.4% during the second quarter. Radnor Capital Management LLC now owns 28,042 shares of the wireless technology company’s stock valued at $2,518,000 after buying an additional 125 shares during the period. Hedge funds and other institutional investors own 74.50% of the company’s stock.

In other news, CFO Akash J. Palkhiwala sold 3,925 shares of the stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $102.42, for a total value of $401,998.50. Following the sale, the chief financial officer now owns 17,790 shares of the company’s stock, valued at $1,822,051.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Steven M. Mollenkopf sold 219,131 shares of the stock in a transaction on Monday, July 13th. The shares were sold at an average price of $93.66, for a total transaction of $20,523,809.46. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 235,740 shares of company stock worth $22,024,427. 0.12% of the stock is owned by insiders.

QCOM has been the subject of several recent research reports. Tigress Financial restated a “buy” rating on shares of QUALCOMM in a research report on Friday, April 17th. UBS Group boosted their target price on shares of QUALCOMM from $70.00 to $77.00 and gave the company a “neutral” rating in a research report on Thursday, April 30th. Mizuho restated a “buy” rating and set a $105.00 target price (up from $91.00) on shares of QUALCOMM in a research report on Wednesday. Morgan Stanley boosted their target price on shares of QUALCOMM from $102.00 to $121.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, KeyCorp upped their price target on shares of QUALCOMM from $110.00 to $125.00 and gave the stock an “overweight” rating in a research report on Thursday. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $106.36.

Shares of QCOM stock traded down $1.58 during mid-day trading on Friday, hitting $105.61. The company had a trading volume of 16,770,274 shares, compared to its average volume of 8,403,357. The company has a market capitalization of $120.94 billion, a P/E ratio of 44.56, a P/E/G ratio of 1.98 and a beta of 1.34. The stock’s 50 day moving average price is $90.67 and its 200-day moving average price is $82.54. The company has a debt-to-equity ratio of 4.67, a current ratio of 1.97 and a quick ratio of 1.39. QUALCOMM, Inc. has a 52-week low of $58.00 and a 52-week high of $107.75.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, July 29th. The wireless technology company reported $0.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.15. The company had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.80 billion. QUALCOMM had a net margin of 13.72% and a return on equity of 78.39%. QUALCOMM’s revenue was down .1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.80 earnings per share. On average, equities research analysts expect that QUALCOMM, Inc. will post 3.08 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 3rd will be paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date is Wednesday, September 2nd. QUALCOMM’s payout ratio is 91.55%.

QUALCOMM Company Profile

QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products 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 code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.

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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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