Strait & Sound Wealth Management LLC Sells 710 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Strait & Sound Wealth Management LLC lessened its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 13.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,723 shares of the wireless technology company’s stock after selling 710 shares during the period. Strait & Sound Wealth Management LLC’s holdings in QUALCOMM were worth $726,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in QCOM. Norges Bank bought a new position in QUALCOMM in the 4th quarter valued at approximately $2,721,882,000. Amundi lifted its stake in QUALCOMM by 36.6% in the 4th quarter. Amundi now owns 14,579,529 shares of the wireless technology company’s stock valued at $2,313,634,000 after purchasing an additional 3,905,918 shares during the last quarter. Raymond James Financial Inc. bought a new position in QUALCOMM in the 4th quarter valued at approximately $527,053,000. Northern Trust Corp lifted its stake in QUALCOMM by 12.7% in the 4th quarter. Northern Trust Corp now owns 13,289,513 shares of the wireless technology company’s stock valued at $2,041,535,000 after purchasing an additional 1,493,076 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in QUALCOMM by 17.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,780,687 shares of the wireless technology company’s stock valued at $1,502,509,000 after purchasing an additional 1,424,106 shares during the last quarter. Institutional investors own 74.35% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on QCOM shares. Evercore ISI dropped their price objective on shares of QUALCOMM from $179.00 to $157.00 and set an “in-line” rating for the company in a research note on Friday, May 2nd. Loop Capital dropped their price target on shares of QUALCOMM from $180.00 to $155.00 and set a “hold” rating for the company in a research note on Thursday, May 1st. Rosenblatt Securities reaffirmed a “buy” rating and set a $225.00 price target on shares of QUALCOMM in a research note on Thursday, May 1st. Wells Fargo & Company dropped their price target on shares of QUALCOMM from $175.00 to $140.00 and set an “underweight” rating for the company in a research note on Thursday, May 1st. Finally, Susquehanna dropped their price target on shares of QUALCOMM from $210.00 to $190.00 and set a “positive” rating for the company in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, QUALCOMM currently has a consensus rating of “Hold” and a consensus target price of $192.08.

Insider Activity

In other news, CFO Akash J. Palkhiwala sold 3,337 shares of QUALCOMM 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 completion of the transaction, the chief financial officer now directly owns 59,778 shares in the company, valued at $9,374,385.96. This trade represents a 5.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Heather S. Ace sold 1,600 shares of QUALCOMM stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $137.74, for a total transaction of $220,384.00. Following the transaction, the insider now owns 22,793 shares of the company’s stock, valued at $3,139,507.82. This represents a 6.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,568 shares of company stock worth $1,818,305 over the last three months. 0.08% of the stock is currently owned by insiders.

QUALCOMM Trading Down 2.6%

NASDAQ:QCOM opened at $147.37 on Friday. 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 stock has a market capitalization of $161.81 billion, a price-to-earnings ratio of 15.74, a PEG ratio of 2.01 and a beta of 1.29. The firm has a fifty day simple moving average of $145.68 and a two-hundred day simple moving average of $156.54. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $230.63.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results 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. The business 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% on a year-over-year basis. During the same period last year, the company posted $2.44 earnings per share. Analysts expect that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The firm also recently disclosed 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 a boost from QUALCOMM’s previous quarterly dividend of $0.85. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date is Thursday, June 5th. QUALCOMM’s dividend payout ratio (DPR) is currently 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.