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

Correct Capital Wealth Management reduced its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 19.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Brighton Jones LLC raised its holdings in QUALCOMM by 116.6% in the fourth quarter. Brighton Jones LLC now owns 17,356 shares of the wireless technology company's stock valued at $2,666,000 after acquiring an additional 9,343 shares in the last quarter. Revolve Wealth Partners LLC raised its holdings in QUALCOMM by 15.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 2,542 shares of the wireless technology company's stock valued at $391,000 after acquiring an additional 340 shares in the last quarter. Proficio Capital Partners LLC raised its holdings in QUALCOMM by 50.1% in the fourth quarter. Proficio Capital Partners LLC now owns 4,199 shares of the wireless technology company's stock valued at $645,000 after acquiring an additional 1,401 shares in the last quarter. Sage Mountain Advisors LLC raised its holdings in QUALCOMM by 2.3% in the fourth quarter. Sage Mountain Advisors LLC now owns 5,453 shares of the wireless technology company's stock valued at $838,000 after acquiring an additional 123 shares in the last quarter. Finally, Citizens Financial Group Inc. RI raised its holdings in QUALCOMM by 8.8% in the fourth quarter. Citizens Financial Group Inc. RI now owns 41,148 shares of the wireless technology company's stock valued at $6,321,000 after acquiring an additional 3,322 shares in the last quarter. 74.35% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at QUALCOMM

In other news, insider Heather S. Ace sold 1,600 shares of the firm's stock in a transaction dated 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 approximately $3,139,507.82. This trade represents a 6.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $161.28, for a total transaction of $537,546.24. Following the transaction, the chief financial officer 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. In the last 90 days, insiders have sold 424,099 shares of company stock valued at $8,310,735. Company insiders own 0.08% of the company's stock.

QUALCOMM Price Performance

QUALCOMM stock traded down $1.15 during trading hours on Friday, hitting $157.95. 3,547,249 shares of the company traded hands, compared to its average volume of 8,519,863. The firm has a market cap of $173.42 billion, a P/E ratio of 16.08, a P/E/G ratio of 2.06 and a beta of 1.26. The company has a quick ratio of 2.08, a current ratio of 2.73 and a debt-to-equity ratio of 0.48. The firm's 50-day simple moving average is $152.48 and its two-hundred day simple moving average is $155.07. QUALCOMM Incorporated has a 1-year low of $120.80 and a 1-year high of $211.09.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS 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 analysts' expectations of $10.58 billion. QUALCOMM had a net margin of 26.11% and a return on equity of 40.11%. QUALCOMM's quarterly revenue was up 17.0% on a year-over-year basis. During the same quarter last year, the company earned $2.44 EPS. As a group, analysts forecast that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on QCOM. Susquehanna cut their price target on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a report on Thursday, May 1st. Benchmark lowered their target price on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. JPMorgan Chase & Co. reiterated an "overweight" rating and set a $185.00 target price on shares of QUALCOMM in a research note on Tuesday, April 29th. Rosenblatt Securities reiterated a "buy" rating and set a $225.00 target price on shares of QUALCOMM in a research note on Thursday, May 1st. Finally, Loop Capital lowered their target price on shares of QUALCOMM from $180.00 to $155.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. One 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's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $186.39.

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.