Atria Wealth Solutions Inc. Lowers Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Atria Wealth Solutions Inc. has reduced its stake in QUALCOMM by 34.1%, selling 25,643 shares and maintaining 49,470 shares valued at $7.6 million.
• QUALCOMM reported earnings of $2.77 per share, exceeding analysts' expectations of $2.71 for the quarter, accompanied by a revenue of $10.37 billion.
• The company will pay a quarterly dividend of $0.89 per share on September 25, representing an annualized dividend yield of 2.4%.

Atria Wealth Solutions Inc. lessened its position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 34.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,470 shares of the wireless technology company's stock after selling 25,643 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in QUALCOMM were worth $7,599,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in QCOM. WFA Asset Management Corp purchased a new stake in shares of QUALCOMM during the first quarter worth about $27,000. Banque Transatlantique SA bought a new position in QUALCOMM in the fourth quarter worth about $26,000. Atlantic Edge Private Wealth Management LLC raised its stake in QUALCOMM by 70.0% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock worth $26,000 after buying an additional 70 shares in the last quarter. Sunbeam Capital Management LLC bought a new position in QUALCOMM in the fourth quarter worth about $29,000. Finally, Mascagni Wealth Management Inc. bought a new position in QUALCOMM in the fourth quarter worth about $30,000. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, major shareholder Inc/De Qualcomm sold 412,500 shares of QUALCOMM stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $16.00, for a total transaction of $6,600,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the company's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total transaction of $537,546.24. Following the completion of the transaction, the chief financial officer owned 46,446 shares in the company, valued at $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. In the last ninety days, insiders sold 424,099 shares of company stock valued at $8,352,355. Company insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $150.00 target price on shares of QUALCOMM in a research note on Thursday, May 1st. Rosenblatt Securities reaffirmed a "buy" rating and set a $225.00 target price on shares of QUALCOMM in a research note on Thursday, July 31st. Robert W. Baird decreased their target price on shares of QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Wells Fargo & Company decreased their target price on shares of QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a research note on Thursday, May 1st. Finally, Evercore ISI reduced their price target on shares of QUALCOMM from $179.00 to $157.00 and set an "in-line" rating for the company in a research report on Friday, May 2nd. One research 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 an average rating of "Hold" and a consensus target price of $181.10.

QUALCOMM Price Performance

Shares of QUALCOMM stock traded down $0.87 during trading hours on Wednesday, reaching $145.84. The company's stock had a trading volume of 8,450,254 shares, compared to its average volume of 8,473,886. The firm has a 50 day moving average price of $155.08 and a 200-day moving average price of $154.58. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $182.10. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.19 and a quick ratio of 2.38. The stock has a market cap of $157.36 billion, a P/E ratio of 14.06, a P/E/G ratio of 2.14 and a beta of 1.23.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share for the quarter, topping analysts' consensus estimates of $2.71 by $0.06. QUALCOMM had a net margin of 26.77% and a return on equity of 40.35%. The firm had revenue of $10.37 billion for the quarter, compared to the consensus estimate of $10.33 billion. During the same period in the previous year, the firm posted $2.33 EPS. The business's quarterly revenue was up 10.4% on a year-over-year basis. On average, analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be paid a dividend of $0.89 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.4%. QUALCOMM's payout ratio is currently 34.33%.

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.