Foundations Investment Advisors LLC Sells 3,999 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Foundations Investment Advisors LLC reduced its stake in QUALCOMM by 28.3%, owning 10,127 shares worth $1,556,000 after selling 3,999 shares during the first quarter.
• QUALCOMM announced a quarterly dividend of $0.89 per share, payable on September 25th, with a predictable annual yield of 2.20%.
• QUALCOMM reported strong quarterly earnings, with $2.85 EPS and revenue of $10.98 billion, exceeding analyst expectations and showing a year-over-year revenue increase of 17.0%.

Foundations Investment Advisors LLC cut its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 28.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,127 shares of the wireless technology company's stock after selling 3,999 shares during the period. Foundations Investment Advisors LLC's holdings in QUALCOMM were worth $1,556,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of QCOM. Banque Transatlantique SA bought a new stake in shares of QUALCOMM during the fourth quarter worth $26,000. Atlantic Edge Private Wealth Management LLC increased its position in 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 acquiring an additional 70 shares in the last quarter. WFA Asset Management Corp bought a new position in shares of QUALCOMM in the first quarter worth about $27,000. Sunbeam Capital Management LLC acquired a new position in shares of QUALCOMM during the fourth quarter worth approximately $29,000. Finally, Mascagni Wealth Management Inc. bought a new stake in shares of QUALCOMM during the fourth quarter valued at approximately $30,000. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Wells Fargo & Company lowered their price objective on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st. Bank of America reduced their price objective on shares of QUALCOMM from $245.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, June 17th. TD Cowen decreased their price objective on QUALCOMM from $195.00 to $160.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Loop Capital cut their target price on QUALCOMM from $180.00 to $155.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Finally, Citigroup restated a "hold" rating on shares of QUALCOMM in a research report on Thursday, July 17th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $183.95.

Insider Transactions at QUALCOMM

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $161.28, for a total value of $537,546.24. Following the transaction, the chief financial officer owned 46,446 shares in the company, valued at approximately $7,490,810.88. This trade represents a 6.70% 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, major shareholder Inc/De Qualcomm sold 412,500 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were 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. In the last three months, insiders have sold 424,099 shares of company stock valued at $8,310,735. 0.08% of the stock is owned by corporate insiders.

QUALCOMM Stock Performance

NASDAQ:QCOM traded down $3.02 during mid-day trading on Wednesday, reaching $159.06. 14,086,123 shares of the company's stock were exchanged, compared to its average volume of 6,463,369. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $182.10. 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 business's fifty day simple moving average is $155.06 and its two-hundred day simple moving average is $155.08. The firm has a market capitalization of $174.65 billion, a PE ratio of 16.20, a price-to-earnings-growth ratio of 2.08 and a beta of 1.26.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, topping the consensus estimate of $2.82 by $0.03. The company 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%. The business's revenue for the quarter was up 17.0% on a year-over-year basis. During the same period last year, the firm earned $2.44 earnings per share. Analysts anticipate that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be given a dividend of $0.89 per share. The ex-dividend date is Thursday, September 4th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.24%. QUALCOMM's payout ratio is 36.25%.

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.