QUALCOMM Incorporated (NASDAQ:QCOM) Shares Acquired by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC grew its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 33.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,515 shares of the wireless technology company’s stock after acquiring an additional 628 shares during the quarter. Palumbo Wealth Management LLC’s holdings in QUALCOMM were worth $386,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Jmac Enterprises LLC increased its stake in shares of QUALCOMM by 42.0% in the 1st quarter. Jmac Enterprises LLC now owns 4,607 shares of the wireless technology company’s stock worth $708,000 after acquiring an additional 1,363 shares during the last quarter. Live Oak Private Wealth LLC grew its holdings in shares of QUALCOMM by 0.6% during the 1st quarter. Live Oak Private Wealth LLC now owns 50,258 shares of the wireless technology company’s stock worth $7,720,000 after purchasing an additional 283 shares during the period. Crumly & Associates Inc. grew its holdings in shares of QUALCOMM by 6.5% during the 1st quarter. Crumly & Associates Inc. now owns 3,807 shares of the wireless technology company’s stock worth $585,000 after purchasing an additional 231 shares during the period. 1858 Wealth Management LLC grew its holdings in shares of QUALCOMM by 12.5% during the 1st quarter. 1858 Wealth Management LLC now owns 2,610 shares of the wireless technology company’s stock worth $401,000 after purchasing an additional 290 shares during the period. Finally, Paradiem LLC purchased a new position in shares of QUALCOMM during the 1st quarter worth $12,603,000. 74.35% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on QCOM. Wells Fargo & Company lowered their price target on QUALCOMM from $175.00 to $140.00 and set an “underweight” rating for the company in a report on Thursday, May 1st. Loop Capital lowered their target price on QUALCOMM from $180.00 to $155.00 and set a “hold” rating for the company in a report on Thursday, May 1st. Seaport Res Ptn upgraded QUALCOMM to a “hold” rating in a report on Friday, May 9th. Bank of America lowered 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. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $185.00 target price on shares of QUALCOMM in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $186.96.

Insider Transactions at QUALCOMM

In other QUALCOMM news, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $137.74, for a total transaction of $220,384.00. Following the transaction, the insider now owns 22,793 shares of the company’s stock, valued at $3,139,507.82. The trade was a 6.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Akash J. Palkhiwala sold 1,781 shares of QUALCOMM stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $132.10, for a total value of $235,270.10. Following the transaction, the chief financial officer now directly owns 57,997 shares in the company, valued at approximately $7,661,403.70. This trade represents a 2.98% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 423,464 shares of company stock valued at $8,135,164. Corporate insiders own 0.08% of the company’s stock.

QUALCOMM Stock Performance

Shares of QCOM opened at $151.32 on Monday. 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 Incorporated has a 1 year low of $120.80 and a 1 year high of $211.09. The stock has a market capitalization of $166.15 billion, a PE ratio of 15.41, a PEG ratio of 1.95 and a beta of 1.26. The stock has a 50-day simple moving average of $147.54 and a 200-day simple moving average of $154.87.

QUALCOMM (NASDAQ:QCOM) last issued its 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 return on equity of 40.11% and a net margin of 26.11%. The business had revenue of $10.98 billion for the quarter, compared to analyst estimates of $10.58 billion. During the same quarter last year, the company earned $2.44 EPS. The business’s quarterly revenue was up 17.0% on a year-over-year basis. On average, analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders 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 2.35%. The ex-dividend date is Thursday, June 5th. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.85. QUALCOMM’s dividend payout ratio (DPR) is 36.25%.

QUALCOMM 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.