Wealth Enhancement Advisory Services LLC Cuts Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Wealth Enhancement Advisory Services LLC reduced its position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 25.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 646,449 shares of the wireless technology company's stock after selling 224,146 shares during the quarter. Wealth Enhancement Advisory Services LLC owned about 0.06% of QUALCOMM worth $99,301,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Tritonpoint Wealth LLC grew its holdings in QUALCOMM by 6.4% in the first quarter. Tritonpoint Wealth LLC now owns 7,877 shares of the wireless technology company's stock worth $1,210,000 after purchasing an additional 471 shares during the last quarter. BNC Wealth Management LLC grew its holdings in shares of QUALCOMM by 606.5% during the first quarter. BNC Wealth Management LLC now owns 18,172 shares of the wireless technology company's stock valued at $2,791,000 after buying an additional 15,600 shares during the last quarter. CVA Family Office LLC grew its holdings in shares of QUALCOMM by 11.7% during the first quarter. CVA Family Office LLC now owns 3,449 shares of the wireless technology company's stock valued at $530,000 after buying an additional 360 shares during the last quarter. Elevation Point Wealth Partners LLC grew its holdings in shares of QUALCOMM by 32.1% during the first quarter. Elevation Point Wealth Partners LLC now owns 27,494 shares of the wireless technology company's stock valued at $4,223,000 after buying an additional 6,685 shares during the last quarter. Finally, Krilogy Financial LLC grew its holdings in shares of QUALCOMM by 2.6% during the first quarter. Krilogy Financial LLC now owns 10,861 shares of the wireless technology company's stock valued at $1,668,000 after buying an additional 274 shares during the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on QCOM. Wells Fargo & Company dropped their price objective on shares of QUALCOMM from $175.00 to $140.00 and set an "underweight" rating on the stock in a report on Thursday, May 1st. Evercore ISI dropped their price objective on shares of QUALCOMM from $179.00 to $157.00 and set an "in-line" rating on the stock in a report on Friday, May 2nd. Wall Street Zen lowered shares of QUALCOMM from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. Cantor Fitzgerald reissued a "neutral" rating and set a $150.00 price objective on shares of QUALCOMM in a report on Thursday, May 1st. Finally, Citigroup dropped their price objective on shares of QUALCOMM from $185.00 to $145.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $190.28.

QUALCOMM Trading Down 0.5%

Shares of QUALCOMM stock opened at $153.63 on Friday. The firm has a 50-day simple moving average of $147.30 and a two-hundred day simple moving average of $155.05. The company has a market cap of $168.69 billion, a P/E ratio of 15.64, a price-to-earnings-growth ratio of 1.98 and a beta of 1.26. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $225.90. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.08 and a current ratio of 2.73.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings results 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 net margin of 26.11% and a return on equity of 40.11%. The firm had revenue of $10.98 billion during the quarter, compared to the consensus estimate of $10.58 billion. During the same quarter in the prior year, the firm earned $2.44 EPS. The company's revenue for the quarter was up 17.0% on a year-over-year basis. As a group, equities analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be given a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Thursday, June 5th. This is an increase from QUALCOMM's previous quarterly dividend of $0.85. QUALCOMM's dividend payout ratio is 36.25%.

Insider Buying and Selling

In other QUALCOMM news, insider Heather S. Ace sold 1,600 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $137.74, for a total value of $220,384.00. Following the completion of the sale, the insider now owns 22,793 shares in the company, valued at approximately $3,139,507.82. This represents a 6.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $146.10, for a total transaction of $486,951.30. Following the completion of the sale, the chief financial officer now owns 49,779 shares of the company's stock, valued at approximately $7,272,711.90. The trade was a 6.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 423,464 shares of company stock worth $8,135,164 in the last 90 days. Insiders own 0.08% of the company's stock.

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.

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