Drive Wealth Management LLC Has $408,000 Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Drive Wealth Management LLC reduced its stake in QUALCOMM by 58.4%, owning 2,655 shares valued at $408,000 after selling 3,723 shares in the first quarter.
• Major shareholder Inc/De Qualcomm sold 412,500 shares for $6.6 million, while CFO Akash J. Palkhiwala sold 3,333 shares, reflecting a 6.70% decrease in their ownership.
• QUALCOMM plans to pay a quarterly dividend of $0.89 per share on September 25, representing a 2.25% yield, with a current dividend payout ratio of 36.25%.

Drive Wealth Management LLC lessened its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 58.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,655 shares of the wireless technology company's stock after selling 3,723 shares during the period. Drive Wealth Management LLC's holdings in QUALCOMM were worth $408,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. WFA Asset Management Corp acquired a new stake in shares of QUALCOMM in the first quarter worth $27,000. Banque Transatlantique SA acquired a new stake in QUALCOMM during the fourth quarter worth $26,000. Atlantic Edge Private Wealth Management LLC boosted 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 worth $26,000 after buying an additional 70 shares in the last quarter. Sunbeam Capital Management LLC acquired a new stake in QUALCOMM during the fourth quarter worth $29,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in QUALCOMM during the fourth quarter worth $30,000. Institutional investors and hedge funds own 74.35% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of QUALCOMM from $185.00 to $190.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Bank of America decreased their price target on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, June 17th. Benchmark decreased their price target on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Loop Capital decreased their price target on shares of QUALCOMM from $180.00 to $155.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Finally, Wells Fargo & Company decreased their price target on shares of QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $184.86.

Insiders Place Their Bets

In other QUALCOMM news, major shareholder Inc/De Qualcomm sold 412,500 shares of the business's 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the business's 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 sale, the chief financial officer directly owned 46,446 shares of the company's stock, 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 three months, insiders sold 424,099 shares of company stock valued at $8,310,735. 0.08% of the stock is currently owned by insiders.

QUALCOMM Stock Performance

QUALCOMM stock opened at $158.40 on Friday. The stock has a 50-day simple moving average of $154.60 and a 200 day simple moving average of $155.03. The company has a quick ratio of 2.08, a current ratio of 2.73 and a debt-to-equity ratio of 0.48. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $182.64. The stock has a market capitalization of $173.92 billion, a price-to-earnings ratio of 16.13, a P/E/G ratio of 2.05 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.03. The firm had revenue of $10.98 billion during 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%. The company's quarterly revenue was up 17.0% compared to the same quarter last year. During the same period in the previous year, the business posted $2.44 EPS. On average, research analysts anticipate 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 issued a dividend of $0.89 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $3.56 annualized dividend and a yield of 2.25%. QUALCOMM's dividend payout ratio is currently 36.25%.

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.

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