Trace Wealth Advisors LLC Buys Shares of 15,961 QUALCOMM Incorporated (NASDAQ:QCOM)

Trace Wealth Advisors LLC acquired a new position in QUALCOMM Incorporated (NASDAQ:QCOM) in the fourth quarter, Holdings Channel.com reports. The fund acquired 15,961 shares of the wireless technology company’s stock, valued at approximately $2,452,000. QUALCOMM accounts for approximately 2.2% of Trace Wealth Advisors LLC’s holdings, making the stock its 13th largest holding.

Other institutional investors have also recently made changes to their positions in the company. Kohmann Bosshard Financial Services LLC purchased a new position in shares of QUALCOMM during the 4th quarter valued at about $26,000. Banque Transatlantique SA acquired a new stake in QUALCOMM in the 4th quarter worth about $26,000. CKW Financial Group acquired a new position in shares of QUALCOMM during the 4th quarter worth approximately $27,000. Centricity Wealth Management LLC acquired a new position in shares of QUALCOMM during the 4th quarter worth approximately $29,000. Finally, CoreFirst Bank & Trust acquired a new position in shares of QUALCOMM during the 4th quarter worth approximately $33,000. Institutional investors and hedge funds own 74.35% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on QCOM shares. Loop Capital cut their target price on QUALCOMM from $180.00 to $155.00 and set a “hold” rating on the stock in a research report on Thursday, May 1st. Piper Sandler reduced their target price on shares of QUALCOMM from $205.00 to $190.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $185.00 price target on shares of QUALCOMM in a report on Tuesday, April 29th. Benchmark dropped their target price on shares of QUALCOMM from $240.00 to $200.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Finally, TD Cowen dropped their target price on shares of QUALCOMM from $195.00 to $160.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $192.08.

QUALCOMM Stock Down 0.1%

Shares of NASDAQ QCOM opened at $152.50 on Friday. The stock has a market cap of $167.45 billion, a P/E ratio of 16.29, a P/E/G ratio of 2.01 and a beta of 1.29. The firm has a 50 day moving average price of $145.94 and a 200 day moving average price of $156.84. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.99 and a current ratio of 2.62. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $230.63.

QUALCOMM (NASDAQ:QCOM) last released 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. The company had revenue of $10.98 billion during the quarter, compared to analysts’ expectations of $10.58 billion. QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. The business’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.44 earnings per share. Analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be given a dividend of $0.89 per share. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.85. This represents a $3.56 annualized dividend and a yield of 2.33%. The ex-dividend date is Thursday, June 5th. QUALCOMM’s dividend payout ratio is 36.25%.

Insiders Place Their Bets

In related news, CFO Akash J. Palkhiwala sold 3,337 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $156.82, for a total transaction of $523,308.34. Following the transaction, the chief financial officer now directly owns 59,778 shares of the company’s stock, valued at approximately $9,374,385.96. This trade represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Neil Martin sold 744 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $174.83, for a total transaction of $130,073.52. Following the transaction, the chief accounting officer now directly owns 461 shares in the company, valued at approximately $80,596.63. This represents a 61.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,312 shares of company stock valued at $1,948,379. 0.08% of the stock is currently owned by corporate insiders.

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.