Red Door Wealth Management LLC Has $7.51 Million Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Red Door Wealth Management LLC increased its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 7.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,865 shares of the wireless technology company's stock after purchasing an additional 3,485 shares during the quarter. Red Door Wealth Management LLC's holdings in QUALCOMM were worth $7,506,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Kohmann Bosshard Financial Services LLC bought a new stake in QUALCOMM during the 4th quarter worth about $26,000. Banque Transatlantique SA acquired a new stake in shares of QUALCOMM during the 4th quarter worth approximately $26,000. WFA Asset Management Corp bought a new stake in shares of QUALCOMM during the first quarter worth approximately $27,000. Sunbeam Capital Management LLC bought a new stake in shares of QUALCOMM during the fourth quarter worth approximately $29,000. Finally, Mascagni Wealth Management Inc. acquired a new position in QUALCOMM in the fourth quarter valued at approximately $30,000. 74.35% of the stock is owned by institutional investors.

Insider Activity at QUALCOMM

In other news, insider Heather S. Ace sold 1,600 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $137.74, for a total transaction of $220,384.00. Following the transaction, the insider owned 22,793 shares in the company, valued at approximately $3,139,507.82. This trade represents a 6.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $146.10, for a total value of $486,951.30. Following the completion of the sale, the chief financial officer owned 49,779 shares of the company's stock, valued at $7,272,711.90. This trade represents a 6.28% 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 worth $8,135,164. Company insiders own 0.08% of the company's stock.

QUALCOMM Stock Up 0.5%

Shares of QUALCOMM stock traded up $0.72 on Monday, reaching $159.26. 7,973,248 shares of the company were exchanged, compared to its average volume of 8,519,354. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $211.09. The company has a current ratio of 2.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average of $149.44 and a 200 day moving average of $154.78. The company has a market capitalization of $174.87 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 2.05 and a beta of 1.26.

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 (EPS) 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 firm had revenue of $10.98 billion for the quarter, compared to analyst estimates of $10.58 billion. During the same period in the prior year, the firm posted $2.44 earnings per share. The company's quarterly revenue was up 17.0% compared to the same quarter last year. On average, equities research analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Thursday, June 5th were issued a dividend of $0.89 per share. The ex-dividend date was Thursday, June 5th. This is a positive change from QUALCOMM's previous quarterly dividend of $0.85. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.24%. QUALCOMM's payout ratio is presently 36.25%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Seaport Res Ptn raised shares of QUALCOMM to a "hold" rating in a report on Friday, May 9th. TD Cowen reduced their price target on QUALCOMM from $195.00 to $160.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Loop Capital dropped their price objective on QUALCOMM from $180.00 to $155.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Evercore ISI cut their target price 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. Finally, Robert W. Baird reduced their target price on QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. One investment 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's stock. According to MarketBeat.com, QUALCOMM presently has a consensus rating of "Hold" and an average price target of $186.96.

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.