Westpac Banking Corp Has $10.40 Million Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Westpac Banking Corp lowered its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 4.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 67,673 shares of the wireless technology company’s stock after selling 3,486 shares during the period. QUALCOMM makes up approximately 0.8% of Westpac Banking Corp’s holdings, making the stock its 23rd biggest position. Westpac Banking Corp’s holdings in QUALCOMM were worth $10,395,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Banque Transatlantique SA bought a new position in QUALCOMM during the fourth quarter valued at about $26,000. Atlantic Edge Private Wealth Management LLC increased its stake in QUALCOMM by 70.0% during the first quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company’s stock valued at $26,000 after acquiring an additional 70 shares during the period. WFA Asset Management Corp bought a new position in QUALCOMM during the first quarter valued at about $27,000. Sunbeam Capital Management LLC bought a new position in QUALCOMM during the fourth quarter valued at about $29,000. Finally, Mascagni Wealth Management Inc. bought a new position in QUALCOMM during the fourth quarter valued at about $30,000. Institutional investors and hedge funds own 74.35% of the company’s stock.

QUALCOMM Price Performance

QUALCOMM stock opened at $147.97 on Tuesday. The company has a current ratio of 3.19, a quick ratio of 2.38 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $159.66 billion, a P/E ratio of 14.27, a PEG ratio of 2.15 and a beta of 1.23. The business has a 50-day moving average of $155.10 and a 200-day moving average of $153.89. QUALCOMM Incorporated has a 1 year low of $120.80 and a 1 year high of $182.10.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 EPS for the quarter, beating analysts’ consensus estimates of $2.71 by $0.06. The company had revenue of $10.37 billion during the quarter, compared to analysts’ expectations of $10.33 billion. QUALCOMM had a return on equity of 40.35% and a net margin of 26.77%. QUALCOMM’s revenue was up 10.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.33 EPS. On average, equities analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 4th will be issued a dividend of $0.89 per share. The ex-dividend date is Thursday, September 4th. This represents a $3.56 annualized dividend and a yield of 2.4%. QUALCOMM’s payout ratio is currently 34.33%.

Analyst Ratings Changes

Several research firms have recently weighed in on QCOM. Loop Capital lowered their price objective on QUALCOMM from $180.00 to $155.00 and set a “hold” rating on the stock in a research note on Thursday, May 1st. UBS Group upped their price objective on QUALCOMM from $145.00 to $165.00 and gave the company a “neutral” rating in a research note on Monday, July 21st. Seaport Res Ptn upgraded QUALCOMM to a “hold” rating in a research note on Friday, May 9th. Wells Fargo & Company lowered their price objective on QUALCOMM from $175.00 to $140.00 and set an “underweight” rating on the stock in a research note on Thursday, May 1st. Finally, Wall Street Zen lowered QUALCOMM from a “buy” rating to a “hold” rating in a research note on Sunday, August 3rd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, QUALCOMM has a consensus rating of “Hold” and a consensus price target of $181.10.

Insiders Place Their Bets

In other QUALCOMM news, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $146.40, for a total transaction of $234,240.00. Following the transaction, the insider directly owned 21,193 shares in the company, valued at approximately $3,102,655.20. The trade was a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Akash J. Palkhiwala sold 3,333 shares of QUALCOMM stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total value of $537,546.24. Following the transaction, the chief financial officer owned 46,446 shares in the company, valued at approximately $7,490,810.88. This represents a 6.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 424,099 shares of company stock worth $8,352,355. Corporate insiders own 0.08% of the company’s stock.

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.