Elevation Point Wealth Partners LLC Has $4.22 Million Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Elevation Point Wealth Partners LLC boosted its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 32.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,494 shares of the wireless technology company's stock after buying an additional 6,685 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in QUALCOMM were worth $4,223,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Teza Capital Management LLC bought a new position in QUALCOMM in the 4th quarter worth $1,541,000. Purkiss Capital Advisors LLC acquired a new position in shares of QUALCOMM during the 4th quarter worth about $303,000. Amundi lifted its position in shares of QUALCOMM by 36.6% during the 4th quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock worth $2,313,634,000 after purchasing an additional 3,905,918 shares during the last quarter. First Foundation Advisors boosted its stake in QUALCOMM by 41.2% during 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, Arbor Capital Management Inc. ADV grew its holdings in QUALCOMM by 16.4% in the 4th quarter. Arbor Capital Management Inc. ADV now owns 15,114 shares of the wireless technology company's stock valued at $2,322,000 after buying an additional 2,128 shares during the last quarter. 74.35% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

QCOM has been the subject of several research reports. Rosenblatt Securities reissued a "buy" rating and issued a $225.00 price objective on shares of QUALCOMM in a research report on Thursday, May 1st. Wall Street Zen downgraded shares of QUALCOMM from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. JPMorgan Chase & Co. restated an "overweight" rating and issued a $185.00 price target on shares of QUALCOMM in a research report on Tuesday, April 29th. Loop Capital cut their price objective on shares of QUALCOMM from $180.00 to $155.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. Finally, Seaport Res Ptn upgraded shares of QUALCOMM to a "hold" rating in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $189.88.

Insider Activity at QUALCOMM

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 269 shares of QUALCOMM stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $131.10, for a total transaction of $35,265.90. Following the transaction, the chief financial officer now directly owns 57,728 shares in the company, valued at approximately $7,568,140.80. The trade was a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $16.00, for a total value of $6,600,000.00. The disclosure for this sale can be found here. Insiders have sold 423,464 shares of company stock worth $8,135,164 in the last ninety days. Company insiders own 0.08% of the company's stock.

QUALCOMM Trading Down 2.5%

Shares of NASDAQ QCOM traded down $3.98 during midday trading on Friday, hitting $154.72. The stock had a trading volume of 8,444,486 shares, compared to its average volume of 8,732,955. The firm has a market cap of $169.88 billion, a P/E ratio of 16.53, a price-to-earnings-growth ratio of 2.01 and a beta of 1.26. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $230.63. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99. The company's 50-day simple moving average is $145.85 and its 200 day simple moving average is $155.15.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.82 by $0.03. QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. The company had revenue of $10.98 billion for the quarter, compared to the consensus estimate of $10.58 billion. During the same period in the prior year, the company posted $2.44 EPS. The company's revenue was up 17.0% compared to the same quarter last year. Research analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be paid a $0.89 dividend. The ex-dividend date is Thursday, June 5th. This is a boost from QUALCOMM's previous quarterly dividend of $0.85. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.30%. QUALCOMM's dividend payout ratio is 36.25%.

About QUALCOMM

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.