Covenant Asset Management LLC Sells 1,791 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Covenant Asset Management LLC cut its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 4.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,613 shares of the wireless technology company’s stock after selling 1,791 shares during the quarter. QUALCOMM comprises approximately 0.9% of Covenant Asset Management LLC’s holdings, making the stock its 14th largest position. Covenant Asset Management LLC’s holdings in QUALCOMM were worth $5,932,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Creative Planning boosted its stake in shares of QUALCOMM by 0.5% during the 3rd quarter. Creative Planning now owns 403,811 shares of the wireless technology company’s stock worth $68,147,000 after acquiring an additional 2,086 shares in the last quarter. B.O.S.S. Retirement Advisors LLC bought a new stake in QUALCOMM during the third quarter worth approximately $282,000. Cornerstone Wealth Management LLC grew its holdings in QUALCOMM by 4.1% during the third quarter. Cornerstone Wealth Management LLC now owns 9,971 shares of the wireless technology company’s stock valued at $1,696,000 after purchasing an additional 393 shares during the last quarter. Good Life Advisors LLC grew its holdings in QUALCOMM by 29.8% during the third quarter. Good Life Advisors LLC now owns 3,190 shares of the wireless technology company’s stock valued at $542,000 after purchasing an additional 733 shares during the last quarter. Finally, Marshall Financial Group LLC raised its position in shares of QUALCOMM by 1.0% in the third quarter. Marshall Financial Group LLC now owns 13,805 shares of the wireless technology company’s stock valued at $2,348,000 after purchasing an additional 136 shares during the period. 74.35% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Alexander H. Rogers sold 19,287 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $169.83, for a total transaction of $3,275,511.21. Following the transaction, the insider now owns 20,762 shares of the company’s stock, valued at $3,526,010.46. This represents a 48.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Neil Martin sold 1,304 shares of QUALCOMM stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $155.00, for a total value of $202,120.00. Following the completion of the sale, the chief accounting officer now owns 94 shares of the company’s stock, valued at approximately $14,570. The trade was a 93.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 47,268 shares of company stock valued at $7,785,781 in the last 90 days. 0.08% of the stock is currently owned by insiders.

QUALCOMM Price Performance

Shares of QUALCOMM stock opened at $172.23 on Friday. QUALCOMM Incorporated has a 1-year low of $148.90 and a 1-year high of $230.63. The firm’s 50-day moving average price is $162.87 and its two-hundred day moving average price is $165.55. The company has a current ratio of 2.62, a quick ratio of 1.79 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $190.49 billion, a price-to-earnings ratio of 18.40, a P/E/G ratio of 2.80 and a beta of 1.25.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. On average, equities analysts predict that QUALCOMM Incorporated will post 9.19 earnings per share for the current fiscal year.

QUALCOMM Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 6th will be given a dividend of $0.85 per share. The ex-dividend date is Thursday, March 6th. This represents a $3.40 annualized dividend and a yield of 1.97%. QUALCOMM’s dividend payout ratio (DPR) is 36.32%.

Analyst Ratings Changes

A number of research firms recently issued reports on QCOM. Barclays lowered their target price on shares of QUALCOMM from $200.00 to $185.00 and set an “overweight” rating on the stock in a research note on Friday, January 17th. JPMorgan Chase & Co. lowered their price target on QUALCOMM from $210.00 to $195.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. UBS Group boosted their price objective on QUALCOMM from $185.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Loop Capital started coverage on QUALCOMM in a report on Monday, November 11th. They issued a “hold” rating and a $180.00 target price on the stock. Finally, Piper Sandler cut their price target on QUALCOMM from $205.00 to $190.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $205.32.

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.