Envestnet Asset Management Inc. Raises Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Envestnet Asset Management Inc. grew its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 0.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,415,408 shares of the wireless technology company's stock after purchasing an additional 16,791 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.22% of QUALCOMM worth $371,031,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. WFA Asset Management Corp purchased a new position in QUALCOMM during the first quarter worth about $27,000. Banque Transatlantique SA acquired a new stake in QUALCOMM during the 4th quarter worth approximately $26,000. Atlantic Edge Private Wealth Management LLC lifted its holdings in shares of QUALCOMM by 70.0% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock valued at $26,000 after buying an additional 70 shares during the period. Sunbeam Capital Management LLC acquired a new stake in shares of QUALCOMM during the 4th quarter valued at approximately $29,000. Finally, Mascagni Wealth Management Inc. purchased a new position in shares of QUALCOMM during the 4th quarter worth approximately $30,000. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other QUALCOMM news, insider Heather S. Ace sold 1,600 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $137.74, for a total transaction of $220,384.00. Following the completion of the transaction, the insider owned 22,793 shares in the company, valued at $3,139,507.82. This trade represents a 6.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Akash J. Palkhiwala sold 3,333 shares of QUALCOMM stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total transaction of $537,546.24. Following the transaction, the chief financial officer directly owned 46,446 shares of the company's stock, valued at $7,490,810.88. The trade was a 6.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 424,099 shares of company stock valued at $8,310,735 in the last 90 days. Company insiders own 0.08% of the company's stock.

QUALCOMM Stock Performance

Shares of NASDAQ QCOM traded down $0.04 during midday trading on Thursday, hitting $159.31. The company's stock had a trading volume of 3,270,282 shares, compared to its average volume of 8,466,417. The firm has a market capitalization of $174.92 billion, a price-to-earnings ratio of 16.23, a P/E/G ratio of 2.06 and a beta of 1.26. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $211.09. The stock has a fifty day moving average price of $152.00 and a 200 day moving average price of $155.07. 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 (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, topping the consensus estimate of $2.82 by $0.03. QUALCOMM had a net margin of 26.11% and a return on equity of 40.11%. The business had revenue of $10.98 billion during the quarter, compared to the consensus estimate of $10.58 billion. During the same period in the previous year, the firm posted $2.44 earnings per share. The firm's revenue for the quarter was up 17.0% on a year-over-year basis. On average, research analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Seaport Res Ptn raised shares of QUALCOMM to a "hold" rating in a research report on Friday, May 9th. Wells Fargo & Company dropped their price target on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a research report on Thursday, May 1st. TD Cowen lowered their price target on shares of QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Benchmark lowered their price target on QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Finally, Rosenblatt Securities restated a "buy" rating and issued a $225.00 price target on shares of QUALCOMM in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $186.39.

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.