Cary Street Partners Financial LLC Sells 5,502 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Cary Street Partners Financial LLC cut its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 5.2% during the 1st quarter, HoldingsChannel.com reports. The fund owned 100,070 shares of the wireless technology company’s stock after selling 5,502 shares during the period. Cary Street Partners Financial LLC’s holdings in QUALCOMM were worth $15,372,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in QCOM. Banque Transatlantique SA bought a new stake in shares of QUALCOMM in the fourth quarter valued at about $26,000. Atlantic Edge Private Wealth Management LLC lifted its holdings in shares of QUALCOMM by 70.0% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company’s stock valued at $26,000 after purchasing an additional 70 shares in the last quarter. WFA Asset Management Corp bought a new stake in shares of QUALCOMM in the first quarter valued at about $27,000. Sunbeam Capital Management LLC bought a new stake in shares of QUALCOMM in the fourth quarter valued at about $29,000. Finally, Mascagni Wealth Management Inc. bought a new stake in shares of QUALCOMM in the fourth quarter valued at about $30,000. 74.35% of the stock is currently owned by institutional investors.

QUALCOMM Price Performance

Shares of NASDAQ QCOM opened at $147.51 on Tuesday. The business’s 50 day moving average price is $155.15 and its two-hundred day moving average price is $154.70. The company has a market cap of $159.16 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 2.18 and a beta of 1.23. The company has a quick ratio of 2.38, a current ratio of 3.19 and a debt-to-equity ratio of 0.54. QUALCOMM Incorporated has a twelve month low of $120.80 and a twelve month high of $182.10.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 EPS for the quarter, beating the consensus estimate of $2.71 by $0.06. QUALCOMM had a return on equity of 40.35% and a net margin of 26.77%. The company had revenue of $10.37 billion for the quarter, compared to the consensus estimate of $10.33 billion. During the same quarter in the prior year, the business earned $2.33 earnings per share. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be given a $0.89 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $3.56 annualized dividend and a dividend yield of 2.4%. QUALCOMM’s dividend payout ratio is presently 34.33%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on QCOM. TD Cowen cut their price target on QUALCOMM from $195.00 to $160.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. Benchmark lowered their target price on QUALCOMM from $240.00 to $200.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Robert W. Baird lowered their target price on QUALCOMM from $250.00 to $216.00 and set an “outperform” rating on the stock in a research report on Thursday, May 1st. Wall Street Zen downgraded QUALCOMM from a “buy” rating to a “hold” rating in a research report on Sunday. Finally, Loop Capital lowered 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. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $181.10.

Insider Activity

In other news, insider Heather S. Ace sold 1,600 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $146.40, for a total value of $234,240.00. Following the transaction, the insider owned 21,193 shares of the company’s stock, valued at approximately $3,102,655.20. This represents a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the company’s stock in a transaction that occurred 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. Over the last quarter, insiders have sold 424,099 shares of company stock valued at $8,352,355. 0.08% of the stock is owned by insiders.

QUALCOMM 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.