QUALCOMM Incorporated (NASDAQ:QCOM) Shares Sold by Correct Capital Wealth Management

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

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Banque Transatlantique SA purchased a new stake in shares of QUALCOMM in the fourth quarter worth approximately $26,000. Atlantic Edge Private Wealth Management LLC grew its holdings in QUALCOMM by 70.0% during the first quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock valued at $26,000 after purchasing an additional 70 shares during the last quarter. WFA Asset Management Corp acquired a new position in QUALCOMM during the first quarter valued at approximately $27,000. Sunbeam Capital Management LLC bought a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $29,000. Finally, Mascagni Wealth Management Inc. bought a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $30,000. 74.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Loop Capital reduced their target price on shares of QUALCOMM from $180.00 to $155.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Wall Street Zen lowered QUALCOMM from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Citigroup boosted their target price on QUALCOMM from $145.00 to $170.00 and gave the stock a "neutral" rating in a research report on Monday. Evercore ISI decreased their price objective on QUALCOMM from $179.00 to $157.00 and set an "in-line" rating for the company in a research report on Friday, May 2nd. Finally, Seaport Res Ptn upgraded QUALCOMM to a "hold" rating in a research report on Friday, May 9th. One 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 data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $186.39.

Insider Activity at QUALCOMM

In related news, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total transaction of $6,600,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total value of $537,546.24. Following the transaction, the chief financial officer directly owned 46,446 shares of the company's stock, valued at approximately $7,490,810.88. This trade represents a 6.70% decrease in their position. 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. Corporate insiders own 0.08% of the company's stock.

QUALCOMM Trading Down 0.7%

NASDAQ QCOM opened at $158.27 on Thursday. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $211.09. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.08 and a current ratio of 2.73. The stock has a 50 day simple moving average of $152.00 and a two-hundred day simple moving average of $155.07. The stock has a market cap of $173.78 billion, a P/E ratio of 16.15, a price-to-earnings-growth ratio of 2.06 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings data 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 business had revenue of $10.98 billion during the quarter, compared to analysts' expectations of $10.58 billion. During the same quarter last year, the business posted $2.44 EPS. The business's revenue was up 17.0% on a year-over-year basis. On average, analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

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.

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