Beacon Financial Group Decreases Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Beacon Financial Group lessened its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 4.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 31,351 shares of the wireless technology company’s stock after selling 1,399 shares during the period. Beacon Financial Group’s holdings in QUALCOMM were worth $4,816,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Kohmann Bosshard Financial Services LLC purchased a new stake in QUALCOMM during the 4th quarter valued at $26,000. Banque Transatlantique SA bought a new position in QUALCOMM in the 4th quarter valued at $26,000. Centricity Wealth Management LLC bought a new position in shares of QUALCOMM during the 4th quarter worth $29,000. Sunbeam Capital Management LLC bought a new position in shares of QUALCOMM during the 4th quarter worth $29,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of QUALCOMM during the 4th quarter worth $30,000. Hedge funds and other institutional investors own 74.35% of the company’s stock.

QUALCOMM Price Performance

QCOM stock opened at $149.05 on Thursday. The stock has a 50-day moving average price of $143.81 and a two-hundred day moving average price of $155.34. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $230.63. The company has a current ratio of 2.62, a quick ratio of 1.99 and a debt-to-equity ratio of 0.49. The company has a market cap of $163.66 billion, a PE ratio of 15.92, a price-to-earnings-growth ratio of 2.01 and a beta of 1.29.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 EPS for the quarter, topping analysts’ consensus estimates of $2.82 by $0.03. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The company had revenue of $10.98 billion for the quarter, compared to analysts’ expectations of $10.58 billion. During the same quarter in the previous year, the firm posted $2.44 earnings per share. The firm’s quarterly revenue was up 17.0% on a year-over-year basis. As a group, research analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 5th will be given a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a yield of 2.39%. This is an increase from QUALCOMM’s previous quarterly dividend of $0.85. The ex-dividend date is Thursday, June 5th. QUALCOMM’s dividend payout ratio is 36.25%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Cantor Fitzgerald reiterated a “neutral” rating and issued a $150.00 price target on shares of QUALCOMM in a research note on Thursday, May 1st. Wall Street Zen cut QUALCOMM from a “buy” rating to a “hold” rating in a research report on Thursday, May 22nd. Seaport Res Ptn raised QUALCOMM to a “hold” rating in a research note on Friday, May 9th. Evercore ISI lowered their price objective on QUALCOMM from $179.00 to $157.00 and set an “in-line” rating on the stock in a research note on Friday, May 2nd. Finally, Wells Fargo & Company reduced their target price on QUALCOMM from $175.00 to $140.00 and set an “underweight” rating on the stock in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, QUALCOMM has a consensus rating of “Hold” and an average price target of $189.88.

Insiders Place Their Bets

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction on Monday, June 2nd. The stock was 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 in the company, valued at approximately $7,272,711.90. This represents a 6.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $16.00, for a total value of $6,600,000.00. The disclosure for this sale can be found here. Insiders sold 425,064 shares of company stock worth $8,381,948 over the last ninety days. Company insiders own 0.08% of the company’s stock.

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.