Golden State Wealth Management LLC Increases Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Golden State Wealth Management LLC lifted its stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 189.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,336 shares of the wireless technology company's stock after purchasing an additional 6,764 shares during the period. Golden State Wealth Management LLC's holdings in QUALCOMM were worth $1,588,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Kohmann Bosshard Financial Services LLC acquired a new stake in QUALCOMM in the fourth quarter valued at $26,000. Banque Transatlantique SA acquired a new stake in QUALCOMM in the fourth quarter valued at $26,000. WFA Asset Management Corp acquired a new stake in QUALCOMM in the first quarter valued at $27,000. Sunbeam Capital Management LLC acquired a new stake in QUALCOMM in the fourth quarter valued at $29,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in QUALCOMM in the fourth quarter valued at $30,000. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Bank of America cut their price target on QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, June 17th. Wells Fargo & Company cut their price target on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a research note on Thursday, May 1st. Evercore ISI cut their price target on QUALCOMM from $179.00 to $157.00 and set an "in-line" rating on the stock in a research note on Friday, May 2nd. Seaport Res Ptn upgraded QUALCOMM to a "hold" rating in a research report on Friday, May 9th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $225.00 target price on shares of QUALCOMM in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $186.96.

QUALCOMM Stock Performance

Shares of NASDAQ QCOM traded up $0.35 during midday trading on Friday, reaching $158.54. 22,085,291 shares of the company were exchanged, compared to its average volume of 8,521,493. The company has a current ratio of 2.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.48. QUALCOMM Incorporated has a 1 year low of $120.80 and a 1 year high of $211.09. The stock has a fifty day simple moving average of $149.44 and a 200 day simple moving average of $154.78. The stock has a market cap of $174.08 billion, a P/E ratio of 16.14, a PEG ratio of 2.05 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.82 by $0.03. QUALCOMM had a return on equity of 40.11% and a net margin of 26.11%. The firm had revenue of $10.98 billion for the quarter, compared to analyst estimates of $10.58 billion. During the same quarter last year, the company posted $2.44 earnings per share. The business's revenue was up 17.0% on a year-over-year basis. On average, research analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th were given a dividend of $0.89 per share. This is a boost from QUALCOMM's previous quarterly dividend of $0.85. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $3.56 annualized dividend and a yield of 2.25%. QUALCOMM's payout ratio is presently 36.25%.

Insiders Place Their Bets

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,333 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $146.10, for a total transaction of $486,951.30. Following the transaction, the chief financial officer now owns 49,779 shares in the company, valued at approximately $7,272,711.90. The trade was a 6.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Heather S. Ace sold 1,600 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $137.74, for a total value of $220,384.00. Following the transaction, the insider now owns 22,793 shares in the company, valued at $3,139,507.82. The trade was a 6.56% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 423,464 shares of company stock worth $8,135,164. Company 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.