Meyer Handelman Co. Reduces Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Meyer Handelman Co. trimmed its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 1.6% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 302,192 shares of the wireless technology company’s stock after selling 4,800 shares during the quarter. QUALCOMM makes up approximately 1.6% of Meyer Handelman Co.’s investment portfolio, making the stock its 14th largest position. Meyer Handelman Co.’s holdings in QUALCOMM were worth $46,423,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA grew its holdings in QUALCOMM by 1,778.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,219,303 shares of the wireless technology company’s stock valued at $641,221,000 after buying an additional 3,047,947 shares in the last quarter. Pacer Advisors Inc. grew its holdings in QUALCOMM by 1,702.6% in the 3rd quarter. Pacer Advisors Inc. now owns 3,191,342 shares of the wireless technology company’s stock valued at $542,688,000 after buying an additional 3,014,302 shares in the last quarter. International Assets Investment Management LLC grew its holdings in QUALCOMM by 17,357.3% in the 3rd quarter. International Assets Investment Management LLC now owns 2,936,310 shares of the wireless technology company’s stock valued at $499,320,000 after buying an additional 2,919,490 shares in the last quarter. Geode Capital Management LLC grew its holdings in QUALCOMM by 7.9% in the 3rd quarter. Geode Capital Management LLC now owns 27,128,468 shares of the wireless technology company’s stock valued at $4,600,625,000 after buying an additional 1,989,725 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in QUALCOMM by 30.2% in the 3rd quarter. Van ECK Associates Corp now owns 7,506,863 shares of the wireless technology company’s stock valued at $1,250,644,000 after buying an additional 1,741,432 shares in the last quarter. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on QCOM. Evercore ISI upped their target price on QUALCOMM from $190.00 to $199.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. KeyCorp cut QUALCOMM from an “overweight” rating to a “sector weight” rating in a report on Tuesday, October 8th. Melius Research started coverage on QUALCOMM in a report on Monday, December 9th. They set a “hold” rating and a $180.00 price target for the company. Mizuho lowered their price target on QUALCOMM from $245.00 to $215.00 and set an “outperform” rating for the company in a report on Tuesday, January 7th. Finally, Citigroup lowered their price target on QUALCOMM from $200.00 to $185.00 and set a “neutral” rating for the company in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, QUALCOMM has an average rating of “Moderate Buy” and an average price target of $207.11.

QUALCOMM Price Performance

QCOM stock opened at $159.53 on Wednesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.40 and a quick ratio of 1.79. The firm has a market capitalization of $177.24 billion, a P/E ratio of 17.75, a P/E/G ratio of 2.65 and a beta of 1.25. The business’s 50-day moving average is $159.38 and its two-hundred day moving average is $169.37. QUALCOMM Incorporated has a 1 year low of $137.35 and a 1 year high of $230.63.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, November 6th. The wireless technology company reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.01 by $0.25. QUALCOMM had a return on equity of 38.81% and a net margin of 26.03%. The business had revenue of $10.24 billion for the quarter, compared to the consensus estimate of $9.90 billion. Analysts anticipate that QUALCOMM Incorporated will post 9.09 earnings per share for the current fiscal year.

Insider Activity

In related news, General Counsel Ann C. Chaplin sold 2,587 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $158.12, for a total transaction of $409,056.44. Following the transaction, the general counsel now owns 19,739 shares in the company, valued at $3,121,130.68. This trade represents a 11.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Alexander H. Rogers sold 10,373 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $160.59, for a total value of $1,665,800.07. Following the transaction, the insider now owns 33,383 shares in the company, valued at $5,360,975.97. This represents a 23.71 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,882 shares of company stock worth $4,314,649. 0.08% of the stock is currently owned by insiders.

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.