Elevation Point Wealth Partners LLC Increases Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Elevation Point Wealth Partners LLC increased its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 32.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,494 shares of the wireless technology company’s stock after buying an additional 6,685 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in QUALCOMM were worth $4,223,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kohmann Bosshard Financial Services LLC acquired a new stake in QUALCOMM during the 4th quarter worth about $26,000. Banque Transatlantique SA purchased a new position in QUALCOMM during the fourth quarter worth approximately $26,000. WFA Asset Management Corp acquired a new position in shares of QUALCOMM during the first quarter valued at approximately $27,000. Centricity Wealth Management LLC acquired a new position in QUALCOMM in the 4th quarter valued at $29,000. Finally, Sunbeam Capital Management LLC acquired a new position in QUALCOMM in the 4th quarter valued at $29,000. Institutional investors and hedge funds own 74.35% of the company’s stock.

QUALCOMM Stock Performance

Shares of QCOM stock opened at $154.72 on Friday. The stock has a market capitalization of $169.88 billion, a PE ratio of 16.53, a price-to-earnings-growth ratio of 2.01 and a beta of 1.26. QUALCOMM Incorporated has a 52-week low of $120.80 and a 52-week high of $230.63. The stock’s 50-day moving average price is $145.85 and its 200 day moving average price is $155.15. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly 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 39.51% and a net margin of 25.94%. The firm 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 EPS. The firm’s revenue for the quarter was up 17.0% on a year-over-year basis. As a group, equities research analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be issued a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Thursday, June 5th. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.85. QUALCOMM’s dividend payout ratio is currently 36.25%.

Analysts Set New Price Targets

QCOM has been the subject of several recent research reports. Wall Street Zen cut QUALCOMM from a “buy” rating to a “hold” rating in a report on Thursday, May 22nd. Rosenblatt Securities reissued a “buy” rating and set a $225.00 target price on shares of QUALCOMM in a research note on Thursday, May 1st. JPMorgan Chase & Co. restated an “overweight” rating and set a $185.00 price target on shares of QUALCOMM in a research report on Tuesday, April 29th. Citigroup lowered their price target on QUALCOMM from $185.00 to $145.00 and set a “neutral” rating for the company in a research report on Friday, April 11th. Finally, Evercore ISI decreased their target price on QUALCOMM from $179.00 to $157.00 and set an “in-line” rating for the company in a report on Friday, May 2nd. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $189.88.

Insider Buying and Selling

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 269 shares of the company’s stock in a transaction on Monday, April 7th. The stock was sold at an average price of $131.10, for a total value of $35,265.90. Following the sale, the chief financial officer now owns 57,728 shares of the company’s stock, valued at approximately $7,568,140.80. This represents a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the company’s 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 have sold 423,464 shares of company stock valued at $8,135,164 over the last quarter. Company insiders own 0.08% of the company’s stock.

QUALCOMM Company 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.