Axxcess Wealth Management LLC Decreases Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Axxcess Wealth Management LLC trimmed its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 13.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,096 shares of the wireless technology company's stock after selling 4,620 shares during the quarter. Axxcess Wealth Management LLC's holdings in QUALCOMM were worth $4,470,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Teza Capital Management LLC bought a new position in shares of QUALCOMM during the 4th quarter valued at approximately $1,541,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of QUALCOMM by 3.3% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 188,654 shares of the wireless technology company's stock valued at $28,979,000 after purchasing an additional 6,017 shares during the period. Kanawha Capital Management LLC lifted its holdings in QUALCOMM by 1.9% during the 1st quarter. Kanawha Capital Management LLC now owns 85,414 shares of the wireless technology company's stock worth $13,120,000 after purchasing an additional 1,573 shares in the last quarter. First Foundation Advisors boosted its holdings in QUALCOMM by 41.2% in the 4th quarter. First Foundation Advisors now owns 156,770 shares of the wireless technology company's stock valued at $24,083,000 after purchasing an additional 45,769 shares during the period. Finally, Sound Income Strategies LLC raised its holdings in shares of QUALCOMM by 42.2% in the 1st quarter. Sound Income Strategies LLC now owns 1,055 shares of the wireless technology company's stock valued at $162,000 after acquiring an additional 313 shares in the last quarter. Hedge funds and other institutional investors own 74.35% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on QCOM. Seaport Res Ptn upgraded shares of QUALCOMM to a "hold" rating in a research report on Friday, May 9th. TD Cowen dropped their price objective on shares of QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Bank of America dropped their price target on QUALCOMM from $245.00 to $200.00 and set a "buy" rating for the company in a research note on Tuesday, June 17th. Robert W. Baird dropped their target price on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Finally, Citigroup boosted their price objective on shares of QUALCOMM from $145.00 to $170.00 and gave the stock a "neutral" rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $186.39.

QUALCOMM Stock Down 0.4%

Shares of NASDAQ QCOM traded down $0.65 during midday trading on Friday, hitting $158.44. The stock had a trading volume of 2,856,900 shares, compared to its average volume of 8,517,070. The company has a market cap of $173.97 billion, a P/E ratio of 16.13, a PEG ratio of 2.06 and a beta of 1.26. QUALCOMM Incorporated has a 52 week low of $120.80 and a 52 week high of $211.09. The company has a quick ratio of 2.08, a current ratio of 2.73 and a debt-to-equity ratio of 0.48. The business's 50 day moving average is $152.48 and its 200-day moving average is $155.07.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, beating the consensus estimate of $2.82 by $0.03. The company had revenue of $10.98 billion for the quarter, compared to analysts' expectations of $10.58 billion. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. QUALCOMM's revenue was up 17.0% compared to the same quarter last year. During the same period last year, the firm posted $2.44 earnings per share. As a group, analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Inc/De Qualcomm sold 412,500 shares of QUALCOMM stock in a transaction dated Friday, May 23rd. The stock was 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 SEC, which can be accessed through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total value of $537,546.24. Following the completion of the sale, the chief financial officer owned 46,446 shares of the company's stock, valued at $7,490,810.88. The trade was a 6.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold 424,099 shares of company stock valued at $8,310,735 over the last 90 days. Company insiders own 0.08% of the company's stock.

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.