Private Wealth Partners LLC Cuts Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Private Wealth Partners LLC trimmed its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 0.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 113,966 shares of the wireless technology company’s stock after selling 805 shares during the period. QUALCOMM comprises approximately 1.4% of Private Wealth Partners LLC’s portfolio, making the stock its 22nd largest position. Private Wealth Partners LLC’s holdings in QUALCOMM were worth $16,483,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in QCOM. Financial Gravity Asset Management Inc. boosted its holdings in shares of QUALCOMM by 102.5% during the third quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock worth $26,000 after purchasing an additional 122 shares during the period. Fortitude Family Office LLC bought a new position in QUALCOMM in the fourth quarter worth about $35,000. Cranbrook Wealth Management LLC raised its stake in QUALCOMM by 68.0% in the fourth quarter. Cranbrook Wealth Management LLC now owns 247 shares of the wireless technology company’s stock worth $36,000 after buying an additional 100 shares in the last quarter. Legacy Financial Group LLC bought a new position in QUALCOMM in the third quarter worth about $29,000. Finally, Buck Wealth Strategies LLC bought a new position in QUALCOMM in the third quarter worth about $40,000. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

QUALCOMM Stock Performance

Shares of QCOM stock traded up $2.36 during trading hours on Friday, hitting $165.66. The company’s stock had a trading volume of 7,141,339 shares, compared to its average volume of 6,691,146. The company has a 50 day moving average of $165.84 and a 200 day moving average of $144.70. The stock has a market cap of $184.88 billion, a PE ratio of 24.01, a price-to-earnings-growth ratio of 2.27 and a beta of 1.41. The company has a current ratio of 2.56, a quick ratio of 1.88 and a debt-to-equity ratio of 0.63. QUALCOMM Incorporated has a 12-month low of $101.47 and a 12-month high of $177.59.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, January 31st. The wireless technology company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.43. QUALCOMM had a net margin of 21.39% and a return on equity of 38.06%. The firm had revenue of $9.94 billion for the quarter, compared to the consensus estimate of $9.50 billion. On average, sell-side analysts forecast that QUALCOMM Incorporated will post 7.64 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, May 30th will be given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.05%. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date is Thursday, May 30th. QUALCOMM’s dividend payout ratio is 46.38%.

Insider Activity

In related news, CAO Neil Martin sold 371 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $149.83, for a total transaction of $55,586.93. Following the completion of the sale, the chief accounting officer now directly owns 689 shares in the company, valued at $103,232.87. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other QUALCOMM news, CAO Neil Martin sold 371 shares of QUALCOMM stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $149.83, for a total transaction of $55,586.93. Following the completion of the sale, the chief accounting officer now directly owns 689 shares in the company, valued at $103,232.87. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $173.49, for a total transaction of $520,470.00. Following the sale, the chief financial officer now owns 69,343 shares of the company’s stock, valued at $12,030,317.07. The disclosure for this sale can be found here. Insiders sold 36,260 shares of company stock worth $5,973,728 over the last three months. Insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on QCOM shares. Barclays raised their target price on shares of QUALCOMM from $140.00 to $155.00 and gave the company an “overweight” rating in a research note on Tuesday, January 16th. Mizuho raised their target price on shares of QUALCOMM from $155.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday, February 1st. Cantor Fitzgerald raised their target price on shares of QUALCOMM from $150.00 to $190.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. TD Cowen increased their price target on shares of QUALCOMM from $160.00 to $170.00 and gave the company an “outperform” rating in a report on Thursday, February 1st. Finally, Piper Sandler increased their price target on shares of QUALCOMM from $140.00 to $165.00 and gave the company an “overweight” rating in a report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $158.86.

QUALCOMM Company Profile

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.