Cary Street Partners Financial LLC Sells 5,502 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Cary Street Partners Financial LLC reduced its holdings in QUALCOMM by 5.2%, selling 5,502 shares and maintaining a total of 100,070 shares worth approximately $15.37 million.
• QUALCOMM reported $2.77 EPS for the quarter, exceeding analysts' expectations, with quarterly revenue of $10.37 billion, a 10.4% increase year-over-year.
• The company declared a quarterly dividend of $0.89 per share, with a yield of 2.4%, set to be paid on September 25th to shareholders of record.

Cary Street Partners Financial LLC trimmed its holdings in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 5.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,070 shares of the wireless technology company's stock after selling 5,502 shares during the quarter. Cary Street Partners Financial LLC's holdings in QUALCOMM were worth $15,372,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Eagle Strategies LLC raised its holdings in shares of QUALCOMM by 4.3% in the 4th quarter. Eagle Strategies LLC now owns 1,427 shares of the wireless technology company's stock worth $219,000 after purchasing an additional 59 shares during the period. Clark Capital Management Group Inc. raised its holdings in shares of QUALCOMM by 3.6% in the 4th quarter. Clark Capital Management Group Inc. now owns 1,717 shares of the wireless technology company's stock worth $264,000 after purchasing an additional 59 shares during the period. Westwood Holdings Group Inc. raised its holdings in shares of QUALCOMM by 2.1% in the 4th quarter. Westwood Holdings Group Inc. now owns 3,313 shares of the wireless technology company's stock worth $509,000 after purchasing an additional 69 shares during the period. Collaborative Wealth Managment Inc. raised its holdings in shares of QUALCOMM by 5.1% in the 1st quarter. Collaborative Wealth Managment Inc. now owns 1,412 shares of the wireless technology company's stock worth $217,000 after purchasing an additional 69 shares during the period. Finally, Thoroughbred Financial Services LLC raised its holdings in shares of QUALCOMM by 0.3% in the 1st quarter. Thoroughbred Financial Services LLC now owns 25,254 shares of the wireless technology company's stock worth $3,879,000 after purchasing an additional 69 shares during the period. 74.35% of the stock is currently owned by institutional investors.

QUALCOMM Stock Down 0.5%

NASDAQ QCOM opened at $147.51 on Tuesday. The firm has a market cap of $159.16 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 2.18 and a beta of 1.23. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $182.10. The stock's 50 day simple moving average is $155.15 and its 200 day simple moving average is $154.70. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.19 and a quick ratio of 2.38.

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

QUALCOMM Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 4th will be given a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Thursday, September 4th. QUALCOMM's dividend payout ratio (DPR) is presently 34.33%.

Analysts Set New Price Targets

QCOM has been the topic of a number of research reports. Bank of America cut their price objective on QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, June 17th. Wells Fargo & Company cut their price objective on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a report on Thursday, May 1st. TD Cowen dropped their target price on QUALCOMM from $195.00 to $160.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Robert W. Baird dropped their target price on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. raised their target price on QUALCOMM from $190.00 to $200.00 and gave the company an "overweight" rating in a report on Monday, July 28th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $181.10.

Insider Buying and Selling at QUALCOMM

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's 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 transaction, the chief financial officer directly owned 46,446 shares in the company, valued at $7,490,810.88. This trade represents a 6.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Heather S. Ace sold 1,600 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $146.40, for a total value of $234,240.00. Following the completion of the transaction, the insider owned 21,193 shares in the company, valued at $3,102,655.20. This represents a 7.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 424,099 shares of company stock worth $8,352,355. Insiders own 0.08% of the company's stock.

QUALCOMM 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.

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