Correct Capital Wealth Management Has $1.31 Million Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Correct Capital Wealth Management cut its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 19.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,502 shares of the wireless technology company's stock after selling 1,996 shares during the period. Correct Capital Wealth Management's holdings in QUALCOMM were worth $1,306,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Eagle Strategies LLC grew its holdings in QUALCOMM by 4.3% during the fourth quarter. Eagle Strategies LLC now owns 1,427 shares of the wireless technology company's stock worth $219,000 after purchasing an additional 59 shares during the period. Clark Capital Management Group Inc. grew its holdings in QUALCOMM by 3.6% during the fourth quarter. Clark Capital Management Group Inc. now owns 1,717 shares of the wireless technology company's stock worth $264,000 after purchasing an additional 59 shares during the period. PDS Planning Inc grew its holdings in QUALCOMM by 1.6% during the fourth quarter. PDS Planning Inc now owns 4,110 shares of the wireless technology company's stock worth $631,000 after purchasing an additional 64 shares during the period. Cassady Schiller Wealth Management LLC grew its holdings in QUALCOMM by 15.8% during the fourth quarter. Cassady Schiller Wealth Management LLC now owns 477 shares of the wireless technology company's stock worth $73,000 after purchasing an additional 65 shares during the period. Finally, Umpqua Bank grew its holdings in QUALCOMM by 4.2% during the fourth quarter. Umpqua Bank now owns 1,653 shares of the wireless technology company's stock worth $264,000 after purchasing an additional 67 shares during the period. 74.35% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

QCOM has been the subject of a number of research analyst reports. Susquehanna reduced their price target on QUALCOMM from $210.00 to $190.00 and set a "positive" rating for the company in a report on Thursday, May 1st. Citigroup boosted their price objective on QUALCOMM from $145.00 to $170.00 and gave the stock a "neutral" rating in a report on Monday. Seaport Res Ptn upgraded QUALCOMM to a "hold" rating in a report on Friday, May 9th. Cantor Fitzgerald restated a "neutral" rating and set a $150.00 price objective on shares of QUALCOMM in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. restated an "overweight" rating and set a $185.00 price objective on shares of QUALCOMM in a report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, QUALCOMM currently has an average rating of "Hold" and an average price target of $186.39.

QUALCOMM Price Performance

NASDAQ QCOM traded down $0.26 on Thursday, hitting $159.09. 5,671,246 shares of the company's stock were exchanged, compared to its average volume of 8,539,163. The stock has a 50-day moving average of $152.00 and a 200-day moving average 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 Incorporated has a 52 week low of $120.80 and a 52 week high of $211.09. The stock has a market cap of $174.68 billion, a price-to-earnings ratio of 16.20, a P/E/G ratio of 2.06 and a beta of 1.26.

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 for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $10.58 billion. During the same period in the prior year, the company earned $2.44 earnings per share. The company's quarterly revenue was up 17.0% on a year-over-year basis. Analysts expect that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

Insiders Place Their Bets

In other QUALCOMM news, insider Heather S. Ace sold 1,600 shares of the company's stock in a transaction 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 completion of the sale, the insider directly owned 22,793 shares in the company, valued at $3,139,507.82. This 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 at the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the company's 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 disclosure for this sale can be found here. Insiders sold 424,099 shares of company stock worth $8,310,735 over the last three months. Insiders own 0.08% of the company's stock.

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.