EdgePoint Investment Group Inc. Sells 65,219 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

EdgePoint Investment Group Inc. cut its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 3.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,061,018 shares of the wireless technology company’s stock after selling 65,219 shares during the quarter. QUALCOMM makes up about 2.8% of EdgePoint Investment Group Inc.’s portfolio, making the stock its 17th largest position. EdgePoint Investment Group Inc.’s holdings in QUALCOMM were worth $350,476,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also bought and sold shares of the company. State Street Corp increased its position in QUALCOMM by 1.7% in the 3rd quarter. State Street Corp now owns 51,615,929 shares of the wireless technology company’s stock valued at $8,777,289,000 after buying an additional 870,814 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of QUALCOMM by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 10,036,779 shares of the wireless technology company’s stock worth $1,999,114,000 after purchasing an additional 86,195 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in QUALCOMM by 6.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,356,581 shares of the wireless technology company’s stock valued at $1,421,037,000 after purchasing an additional 498,284 shares during the period. Van ECK Associates Corp increased its stake in QUALCOMM by 30.2% during 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 purchasing an additional 1,741,432 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in QUALCOMM by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,642,986 shares of the wireless technology company’s stock worth $1,129,640,000 after buying an additional 52,897 shares during the last quarter. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other QUALCOMM news, insider Alexander H. Rogers sold 3,245 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $166.15, for a total transaction of $539,156.75. Following the transaction, the insider now directly owns 32,231 shares of the company’s stock, valued at approximately $5,355,180.65. The trade was a 9.15 % decrease in their position. The sale was disclosed in a document filed 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 dated Tuesday, October 1st. The stock was sold at an average price of $169.80, for a total transaction of $1,358,400.00. Following the completion of the sale, the chief technology officer now directly owns 213,364 shares of the company’s stock, valued at approximately $36,229,207.20. This represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,450 shares of company stock valued at $3,395,926 in the last ninety days. Company insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on QCOM shares. Citigroup dropped their price target on shares of QUALCOMM from $200.00 to $185.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 16th. KeyCorp lowered QUALCOMM from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, October 8th. Morgan Stanley reduced their target price on shares of QUALCOMM from $207.00 to $204.00 and set an “equal weight” rating for the company in a research note on Thursday, November 7th. Susquehanna dropped their price target on shares of QUALCOMM from $230.00 to $210.00 and set a “positive” rating on the stock in a research report on Wednesday, November 20th. Finally, TD Cowen upgraded shares of QUALCOMM to a “strong-buy” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $210.15.

QUALCOMM Price Performance

QCOM stock opened at $159.51 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.79 and a current ratio of 2.40. The firm has a market cap of $177.22 billion, a P/E ratio of 17.74, a P/E/G ratio of 2.73 and a beta of 1.25. The firm’s fifty day moving average is $166.15 and its 200 day moving average is $179.89. QUALCOMM Incorporated has a 52 week low of $130.39 and a 52 week high of $230.63.

QUALCOMM Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be given a dividend of $0.85 per share. The ex-dividend date is Thursday, December 5th. This represents a $3.40 annualized dividend and a yield of 2.13%. QUALCOMM’s payout ratio is 37.82%.

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.