Kornitzer Capital Management Inc. KS Reduces Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Kornitzer Capital Management Inc. KS lowered its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 0.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 358,667 shares of the wireless technology company’s stock after selling 3,266 shares during the quarter. QUALCOMM accounts for 1.1% of Kornitzer Capital Management Inc. KS’s holdings, making the stock its 17th biggest holding. Kornitzer Capital Management Inc. KS’s holdings in QUALCOMM were worth $55,098,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Mraz Amerine & Associates Inc. raised its holdings in shares of QUALCOMM by 4.5% in the fourth quarter. Mraz Amerine & Associates Inc. now owns 2,540 shares of the wireless technology company’s stock worth $390,000 after buying an additional 110 shares during the period. D.A. Davidson & CO. grew its position in QUALCOMM by 1.8% in the 4th quarter. D.A. Davidson & CO. now owns 427,611 shares of the wireless technology company’s stock valued at $65,690,000 after acquiring an additional 7,532 shares during the last quarter. Wealth Quarterback LLC increased its stake in QUALCOMM by 9.2% in the fourth quarter. Wealth Quarterback LLC now owns 3,374 shares of the wireless technology company’s stock worth $518,000 after purchasing an additional 283 shares during the period. CIBC Asset Management Inc lifted its position in shares of QUALCOMM by 2.3% during the fourth quarter. CIBC Asset Management Inc now owns 394,029 shares of the wireless technology company’s stock worth $60,531,000 after purchasing an additional 8,736 shares during the last quarter. Finally, Evergreen Wealth Management LLC boosted its stake in shares of QUALCOMM by 1.6% during the fourth quarter. Evergreen Wealth Management LLC now owns 12,082 shares of the wireless technology company’s stock valued at $1,856,000 after purchasing an additional 191 shares during the period. 74.35% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Alexander H. Rogers sold 19,287 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $169.83, for a total transaction of $3,275,511.21. Following the completion of the transaction, the insider now directly owns 20,762 shares in the company, valued at $3,526,010.46. The trade was a 48.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Neil Martin sold 1,304 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $155.00, for a total value of $202,120.00. Following the sale, the chief accounting officer now directly owns 94 shares in the company, valued at $14,570. This represents a 93.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,268 shares of company stock valued at $7,785,781. Company insiders own 0.08% of the company’s stock.

QUALCOMM Stock Performance

QCOM opened at $172.23 on Tuesday. The company has a market cap of $190.49 billion, a P/E ratio of 18.40, a price-to-earnings-growth ratio of 2.80 and a beta of 1.25. The company has a quick ratio of 1.79, a current ratio of 2.62 and a debt-to-equity ratio of 0.49. The firm’s 50-day moving average price is $163.13 and its 200-day moving average price is $165.39. QUALCOMM Incorporated has a 52-week low of $148.90 and a 52-week high of $230.63.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. As a group, equities analysts anticipate that QUALCOMM Incorporated will post 9.19 EPS for the current fiscal year.

QUALCOMM Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 6th will be paid a dividend of $0.85 per share. The ex-dividend date is Thursday, March 6th. This represents a $3.40 annualized dividend and a yield of 1.97%. QUALCOMM’s payout ratio is presently 36.32%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. UBS Group raised their price target on shares of QUALCOMM from $185.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Melius initiated coverage on shares of QUALCOMM in a research report on Monday, December 9th. They set a “hold” rating and a $180.00 target price on the stock. Mizuho dropped their price objective on QUALCOMM from $245.00 to $215.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 7th. Loop Capital assumed coverage on QUALCOMM in a report on Monday, November 11th. They set a “hold” rating and a $180.00 price objective on the stock. Finally, Melius Research began coverage on QUALCOMM in a report on Monday, December 9th. They issued a “hold” rating and a $180.00 target price for the company. One investment analyst has rated the stock with a sell rating, fourteen have assigned 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, the company presently has an average rating of “Moderate Buy” and a consensus price target of $205.32.

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.