Edgestream Partners L.P. Sells 1,562 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Edgestream Partners L.P. lessened its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 16.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,148 shares of the wireless technology company’s stock after selling 1,562 shares during the quarter. Edgestream Partners L.P.’s holdings in QUALCOMM were worth $1,379,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in QCOM. WFA Asset Management Corp purchased a new position in shares of QUALCOMM during the first quarter worth about $27,000. CarsonAllaria Wealth Management Ltd. raised its holdings in shares of QUALCOMM by 327.1% during the fourth quarter. CarsonAllaria Wealth Management Ltd. now owns 205 shares of the wireless technology company’s stock valued at $30,000 after acquiring an additional 157 shares in the last quarter. Richardson Capital Management LLC bought a new position in shares of QUALCOMM during the first quarter valued at approximately $37,000. DiNuzzo Private Wealth Inc. purchased a new stake in QUALCOMM in the fourth quarter worth $32,000. Finally, Cherry Tree Wealth Management LLC grew its stake in QUALCOMM by 95.0% in the fourth quarter. Cherry Tree Wealth Management LLC now owns 236 shares of the wireless technology company’s stock worth $34,000 after purchasing an additional 115 shares during the period. Hedge funds and other institutional investors own 74.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on QCOM shares. Canaccord Genuity Group increased their target price on QUALCOMM from $180.00 to $206.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Hsbc Global Res cut QUALCOMM from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Argus lifted their price objective on QUALCOMM from $180.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Citigroup lifted their price objective on QUALCOMM from $170.00 to $200.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Finally, Benchmark reiterated a “buy” rating and issued a $200.00 price objective on shares of QUALCOMM in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $199.63.

QUALCOMM Price Performance

NASDAQ QCOM traded down $1.56 during trading hours on Tuesday, reaching $193.41. The company’s stock had a trading volume of 1,141,436 shares, compared to its average volume of 9,117,832. The firm’s 50-day moving average price is $205.01 and its 200-day moving average price is $176.30. The company has a quick ratio of 1.98, a current ratio of 2.65 and a debt-to-equity ratio of 0.59. QUALCOMM Incorporated has a 1 year low of $104.33 and a 1 year high of $230.63. The company has a market capitalization of $215.85 billion, a price-to-earnings ratio of 26.21, a PEG ratio of 2.26 and a beta of 1.27.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, May 1st. The wireless technology company reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.82 by $0.11. QUALCOMM had a return on equity of 37.09% and a net margin of 23.03%. The company had revenue of $9.39 billion for the quarter, compared to analysts’ expectations of $9.32 billion. On average, equities research analysts predict that QUALCOMM Incorporated will post 7.84 EPS for the current fiscal year.

QUALCOMM Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 5th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $3.40 dividend on an annualized basis and a yield of 1.76%. QUALCOMM’s dividend payout ratio is presently 45.70%.

Insider Buying and Selling

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $205.61, for a total value of $616,830.00. Following the sale, the chief financial officer now owns 60,343 shares of the company’s stock, valued at approximately $12,407,124.23. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other QUALCOMM news, Director Neil Smit sold 3,069 shares of QUALCOMM stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $200.94, for a total value of $616,684.86. Following the sale, the director now owns 5,902 shares of the company’s stock, valued at approximately $1,185,947.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $205.61, for a total value of $616,830.00. Following the completion of the sale, the chief financial officer now directly owns 60,343 shares in the company, valued at approximately $12,407,124.23. The disclosure for this sale can be found here. In the last three months, insiders have sold 45,185 shares of company stock valued at $8,552,835. Corporate 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.