Precedent Wealth Partners LLC Increases Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Precedent Wealth Partners LLC raised its stake in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 21.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,210 shares of the wireless technology company's stock after purchasing an additional 1,821 shares during the period. Precedent Wealth Partners LLC's holdings in QUALCOMM were worth $1,568,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Great Lakes Retirement Inc. lifted its holdings in QUALCOMM by 7.0% in the first quarter. Great Lakes Retirement Inc. now owns 20,077 shares of the wireless technology company's stock valued at $3,084,000 after acquiring an additional 1,307 shares during the period. Sowell Financial Services LLC increased its position in QUALCOMM by 10.2% during the 1st quarter. Sowell Financial Services LLC now owns 37,363 shares of the wireless technology company's stock worth $5,739,000 after purchasing an additional 3,450 shares in the last quarter. Montecito Bank & Trust increased its position in QUALCOMM by 1.9% during the 1st quarter. Montecito Bank & Trust now owns 5,320 shares of the wireless technology company's stock worth $817,000 after purchasing an additional 100 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in QUALCOMM by 5.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 681,808 shares of the wireless technology company's stock valued at $104,733,000 after buying an additional 37,097 shares during the period. Finally, Columbus Macro LLC grew its holdings in QUALCOMM by 2.3% in the 1st quarter. Columbus Macro LLC now owns 50,720 shares of the wireless technology company's stock valued at $7,791,000 after buying an additional 1,129 shares during the period. 74.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on the company. Wall Street Zen cut QUALCOMM from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. Benchmark reduced their price objective on 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 reduced their price objective on QUALCOMM from $180.00 to $155.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. TD Cowen reduced their price objective on QUALCOMM from $195.00 to $160.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. Finally, JPMorgan Chase & Co. reissued an "overweight" rating and set a $185.00 price target on shares of QUALCOMM in a research report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, QUALCOMM currently has a consensus rating of "Hold" and an average price target of $189.88.

Insider Activity

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

QUALCOMM Trading Down 2.5%

Shares of NASDAQ QCOM opened at $154.72 on Monday. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $230.63. The company has a market cap of $169.88 billion, a price-to-earnings ratio of 16.53, a P/E/G ratio of 2.01 and a beta of 1.26. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49. The business has a fifty day simple moving average of $145.85 and a 200-day simple moving average of $155.14.

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

QUALCOMM Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be issued a dividend of $0.89 per share. This is a positive change from QUALCOMM's previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.30%. 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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