First Interstate Bank lowered its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 71.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,459 shares of the wireless technology company’s stock after selling 69,090 shares during the period. First Interstate Bank’s holdings in QUALCOMM were worth $2,088,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Greatmark Investment Partners Inc. raised its stake in shares of QUALCOMM by 2.6% during the second quarter. Greatmark Investment Partners Inc. now owns 157,848 shares of the wireless technology company’s stock valued at $12,007,000 after acquiring an additional 3,976 shares during the last quarter. Meeder Asset Management Inc. raised its stake in shares of QUALCOMM by 143,305.9% during the second quarter. Meeder Asset Management Inc. now owns 73,137 shares of the wireless technology company’s stock valued at $5,563,000 after acquiring an additional 73,086 shares during the last quarter. Vanguard Capital Wealth Advisors bought a new position in shares of QUALCOMM during the second quarter valued at $365,000. K.J. Harrison & Partners Inc bought a new position in shares of QUALCOMM during the second quarter valued at $1,902,000. Finally, FLC Capital Advisors raised its stake in shares of QUALCOMM by 36.1% during the second quarter. FLC Capital Advisors now owns 7,540 shares of the wireless technology company’s stock valued at $578,000 after acquiring an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 79.55% of the company’s stock.

In related news, SVP Erin L. Polek sold 1,478 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $70.36, for a total transaction of $103,992.08. Following the transaction, the senior vice president now directly owns 1,386 shares in the company, valued at $97,518.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.11% of the stock is currently owned by insiders.

QCOM has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on shares of QUALCOMM from $88.00 to $96.00 and gave the stock a “positive” rating in a research note on Thursday, May 2nd. DZ Bank reissued a “sell” rating on shares of QUALCOMM in a research note on Friday, August 2nd. Canaccord Genuity lowered their target price on shares of QUALCOMM from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Barclays downgraded shares of QUALCOMM from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $90.00 to $75.00 in a research note on Thursday, July 18th. Finally, Edward Jones downgraded shares of QUALCOMM from a “hold” rating to a “sell” rating and set a $69.31 target price for the company. in a research note on Thursday, May 23rd. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $79.93.

Shares of NASDAQ QCOM traded up $1.44 during mid-day trading on Monday, reaching $74.72. 2,182,836 shares of the company’s stock traded hands, compared to its average volume of 11,479,831. The stock has a market cap of $86.51 billion, a P/E ratio of 23.42, a PEG ratio of 1.93 and a beta of 1.62. The business has a 50-day simple moving average of $74.13 and a 200 day simple moving average of $67.44. QUALCOMM, Inc. has a 1-year low of $49.10 and a 1-year high of $90.34. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.77 and a quick ratio of 1.61.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, July 31st. The wireless technology company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.02. The firm had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $5.12 billion. QUALCOMM had a net margin of 13.41% and a return on equity of 112.21%. The business’s revenue was down 12.7% on a year-over-year basis. During the same period last year, the company earned $1.01 earnings per share. Equities research analysts anticipate that QUALCOMM, Inc. will post 2.88 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 12th will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 3.32%. The ex-dividend date is Wednesday, September 11th. QUALCOMM’s dividend payout ratio (DPR) is presently 77.74%.

About QUALCOMM

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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