Trace Wealth Advisors LLC Takes Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Trace Wealth Advisors LLC bought a new position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 15,961 shares of the wireless technology company's stock, valued at approximately $2,452,000. QUALCOMM accounts for about 2.2% of Trace Wealth Advisors LLC's holdings, making the stock its 13th largest holding.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Tallon Kerry Patrick acquired a new stake in shares of QUALCOMM in the 4th quarter valued at approximately $207,000. Empirical Asset Management LLC raised its position in QUALCOMM by 27.2% in the fourth quarter. Empirical Asset Management LLC now owns 18,470 shares of the wireless technology company's stock worth $2,837,000 after acquiring an additional 3,955 shares in the last quarter. Butensky & Cohen Financial Security Inc. raised its position in QUALCOMM by 4.4% in the fourth quarter. Butensky & Cohen Financial Security Inc. now owns 28,713 shares of the wireless technology company's stock worth $4,411,000 after acquiring an additional 1,199 shares in the last quarter. Merit Financial Group LLC lifted its holdings in QUALCOMM by 40.4% in the fourth quarter. Merit Financial Group LLC now owns 22,889 shares of the wireless technology company's stock valued at $3,516,000 after acquiring an additional 6,591 shares during the period. Finally, Sax Wealth Advisors LLC boosted its position in shares of QUALCOMM by 43.7% during the 4th quarter. Sax Wealth Advisors LLC now owns 1,776 shares of the wireless technology company's stock worth $273,000 after purchasing an additional 540 shares in the last quarter. Hedge funds and other institutional investors own 74.35% of the company's stock.

QUALCOMM Trading Up 0.1%

Shares of NASDAQ:QCOM traded up $0.12 during trading on Tuesday, reaching $153.82. The stock had a trading volume of 5,265,290 shares, compared to its average volume of 8,904,832. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $230.63. The business has a fifty day moving average price of $145.99 and a 200-day moving average price of $156.70. The stock has a market cap of $168.89 billion, a P/E ratio of 16.43, a PEG ratio of 2.01 and a beta of 1.29. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.03. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The company had revenue of $10.98 billion during the quarter, compared to the consensus estimate of $10.58 billion. During the same period in the previous year, the firm posted $2.44 EPS. QUALCOMM's revenue was up 17.0% on a year-over-year basis. As a group, analysts anticipate that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be issued a $0.89 dividend. This is a boost from QUALCOMM's previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $3.56 annualized dividend and a yield of 2.31%. QUALCOMM's payout ratio is 36.25%.

Insider Activity at QUALCOMM

In other QUALCOMM news, insider Heather S. Ace sold 1,600 shares of the business's stock in a transaction dated 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 now owns 22,793 shares of the company's stock, valued at approximately $3,139,507.82. The trade was a 6.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the company's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $139.77, for a total value of $465,853.41. Following the sale, the chief financial officer now owns 53,112 shares of the company's stock, valued at $7,423,464.24. This represents a 5.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,312 shares of company stock worth $1,948,379. 0.08% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Citigroup cut their price target on shares of QUALCOMM from $185.00 to $145.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Seaport Res Ptn raised shares of QUALCOMM to a "hold" rating in a report on Friday, May 9th. Piper Sandler reduced their price target on shares of QUALCOMM from $205.00 to $190.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. Cantor Fitzgerald reissued a "neutral" rating and set a $150.00 price target on shares of QUALCOMM in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. reaffirmed an "overweight" rating and issued a $185.00 price objective on shares of QUALCOMM in a research note on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $192.08.

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.