Redwood Wealth Management Group LLC Sells 153 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Redwood Wealth Management Group LLC reduced its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 3.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,858 shares of the wireless technology company’s stock after selling 153 shares during the period. Redwood Wealth Management Group LLC’s holdings in QUALCOMM were worth $746,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Tallon Kerry Patrick bought a new position in QUALCOMM in the fourth quarter worth $207,000. LaFleur & Godfrey LLC grew its stake in shares of QUALCOMM by 10.6% during the fourth quarter. LaFleur & Godfrey LLC now owns 3,126 shares of the wireless technology company’s stock valued at $480,000 after purchasing an additional 300 shares during the last quarter. Brighton Jones LLC increased its stake in shares of QUALCOMM by 116.6% in the 4th quarter. Brighton Jones LLC now owns 17,356 shares of the wireless technology company’s stock valued at $2,666,000 after buying an additional 9,343 shares during the period. Union Bancaire Privee UBP SA acquired a new stake in QUALCOMM in the fourth quarter worth about $10,394,000. Finally, Revolve Wealth Partners LLC grew its position in shares of QUALCOMM by 15.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 2,542 shares of the wireless technology company’s stock worth $391,000 after buying an additional 340 shares during the period. 74.35% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on QCOM. Cantor Fitzgerald reiterated a “neutral” rating and issued a $150.00 price target on shares of QUALCOMM in a research report on Thursday, May 1st. Benchmark reduced their price objective on QUALCOMM from $240.00 to $200.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Bank of America reduced their target price on shares of QUALCOMM from $245.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday. Wall Street Zen downgraded QUALCOMM from a “buy” rating to a “hold” rating in a research report on Thursday, May 22nd. Finally, Loop Capital dropped their price target on shares of QUALCOMM from $180.00 to $155.00 and set a “hold” rating on the stock in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, QUALCOMM has an average rating of “Hold” and an average price target of $190.28.

Insider Activity at QUALCOMM

In related news, CFO Akash J. Palkhiwala sold 1,781 shares of the stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $132.10, for a total value of $235,270.10. Following the completion of the sale, the chief financial officer now directly owns 57,997 shares of the company’s stock, valued at approximately $7,661,403.70. This represents a 2.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $16.00, for a total transaction of $6,600,000.00. The disclosure for this sale can be found here. Insiders have sold 423,464 shares of company stock valued at $8,135,164 over the last ninety days. Insiders own 0.08% of the company’s stock.

QUALCOMM Stock Performance

Shares of QCOM stock opened at $153.63 on Thursday. The company has a market capitalization of $168.69 billion, a P/E ratio of 15.64, a PEG ratio of 1.73 and a beta of 1.26. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $225.90. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.08 and a current ratio of 2.73. The stock has a 50 day moving average price of $146.91 and a two-hundred day moving average price of $155.11.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $10.98 billion for the quarter, compared to analysts’ expectations of $10.58 billion. During the same period in the previous year, the firm earned $2.44 earnings per share. The business’s revenue was up 17.0% compared to the same quarter last year. Analysts expect that QUALCOMM Incorporated will post 9.39 earnings per share for the current year.

QUALCOMM Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be issued a dividend of $0.89 per share. This is an increase from QUALCOMM’s previous quarterly dividend of $0.85. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Thursday, June 5th. QUALCOMM’s dividend payout ratio is presently 36.25%.

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.