Empower Advisory Group LLC Sells 2,067 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• Empower Advisory Group LLC has reduced its stake in QUALCOMM by 12.2%, now holding 14,874 shares valued at approximately $2.3 million.
• QUALCOMM's recent quarterly results showed an earnings per share of $2.77, exceeding the consensus estimate of $2.71, with revenues up 10.4% year-over-year to $10.37 billion.
• The company declared a quarterly dividend of $0.89 per share, set to be paid on September 25th, translating to an annualized yield of 2.4%.

Empower Advisory Group LLC lowered its holdings in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 12.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,874 shares of the wireless technology company's stock after selling 2,067 shares during the quarter. Empower Advisory Group LLC's holdings in QUALCOMM were worth $2,285,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of QCOM. OVERSEA CHINESE BANKING Corp Ltd raised its stake in QUALCOMM by 565.0% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 124,327 shares of the wireless technology company's stock valued at $19,098,000 after purchasing an additional 105,631 shares during the last quarter. PFG Advisors raised its stake in QUALCOMM by 8.0% in the 1st quarter. PFG Advisors now owns 4,314 shares of the wireless technology company's stock valued at $663,000 after purchasing an additional 321 shares during the last quarter. Teza Capital Management LLC purchased a new stake in QUALCOMM in the 4th quarter valued at about $1,541,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in QUALCOMM by 3.3% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 188,654 shares of the wireless technology company's stock valued at $28,979,000 after buying an additional 6,017 shares during the period. Finally, Manchester Capital Management LLC grew its holdings in QUALCOMM by 0.5% in the 1st quarter. Manchester Capital Management LLC now owns 24,169 shares of the wireless technology company's stock valued at $3,713,000 after buying an additional 129 shares during the period. Institutional investors and hedge funds own 74.35% of the company's stock.

QUALCOMM Stock Down 0.6%

QCOM traded down $0.87 during midday trading on Wednesday, reaching $145.84. 8,450,254 shares of the company were exchanged, compared to its average volume of 8,473,886. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.38 and a current ratio of 3.19. The company's fifty day moving average price is $155.08 and its 200 day moving average price is $154.58. The company has a market cap of $157.36 billion, a price-to-earnings ratio of 14.06, a price-to-earnings-growth ratio of 2.14 and a beta of 1.23. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $182.10.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The wireless technology company reported $2.77 EPS for the quarter, topping analysts' consensus estimates of $2.71 by $0.06. QUALCOMM had a return on equity of 40.35% and a net margin of 26.77%. The firm had revenue of $10.37 billion during the quarter, compared to analyst estimates of $10.33 billion. During the same period in the previous year, the company posted $2.33 EPS. The company's revenue for the quarter was up 10.4% on a year-over-year basis. As a group, analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be paid a $0.89 dividend. The ex-dividend date is Thursday, September 4th. This represents a $3.56 annualized dividend and a yield of 2.4%. QUALCOMM's dividend payout ratio is presently 34.33%.

Insider Activity at QUALCOMM

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of the company's stock in a transaction that occurred 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 represents a 6.70% decrease in their ownership of the stock. The transaction 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 on Friday, May 23rd. The shares were sold at an average price of $16.00, for a total transaction of $6,600,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 424,099 shares of company stock worth $8,352,355. Insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Susquehanna lowered 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. Bank of America decreased their target price on QUALCOMM from $245.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, June 17th. Cantor Fitzgerald reiterated a "neutral" rating and set a $150.00 target price on shares of QUALCOMM in a report on Thursday, May 1st. Wall Street Zen lowered QUALCOMM from a "buy" rating to a "hold" rating in a research report on Sunday. Finally, Loop Capital lowered their target price on QUALCOMM from $180.00 to $155.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $181.10.

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.