Carret Asset Management LLC Reduces Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Carret Asset Management LLC cut its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 0.9% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 8,488 shares of the wireless technology company’s stock after selling 74 shares during the quarter. Carret Asset Management LLC’s holdings in QUALCOMM were worth $1,437,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. WFA Asset Management Corp purchased a new stake in shares of QUALCOMM during the first quarter valued at $27,000. CarsonAllaria Wealth Management Ltd. boosted its position in shares of QUALCOMM by 327.1% during the fourth quarter. CarsonAllaria Wealth Management Ltd. now owns 205 shares of the wireless technology company’s stock valued at $30,000 after buying an additional 157 shares during the last quarter. Richardson Capital Management LLC purchased a new stake in shares of QUALCOMM during the first quarter valued at $37,000. DiNuzzo Private Wealth Inc. purchased a new stake in shares of QUALCOMM during the fourth quarter valued at $32,000. Finally, Cherry Tree Wealth Management LLC boosted its position in shares of QUALCOMM by 95.0% during the fourth quarter. Cherry Tree Wealth Management LLC now owns 236 shares of the wireless technology company’s stock valued at $34,000 after buying an additional 115 shares during the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other QUALCOMM news, CEO Cristiano R. Amon sold 8,100 shares of QUALCOMM stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $181.00, for a total value of $1,466,100.00. Following the sale, the chief executive officer now owns 8,100 shares of the company’s stock, valued at approximately $1,466,100. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $199.47, for a total value of $1,595,760.00. Following the completion of the transaction, the chief technology officer now owns 237,893 shares in the company, valued at approximately $47,452,516.71. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Cristiano R. Amon sold 8,100 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $181.00, for a total value of $1,466,100.00. Following the transaction, the chief executive officer now owns 8,100 shares of the company’s stock, valued at approximately $1,466,100. The disclosure for this sale can be found here. Insiders have sold a total of 42,185 shares of company stock valued at $7,936,005 in the last quarter. 0.08% of the stock is currently owned by insiders.

QUALCOMM Stock Performance

NASDAQ:QCOM opened at $203.81 on Thursday. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.65 and a quick ratio of 1.98. QUALCOMM Incorporated has a 1 year low of $104.33 and a 1 year high of $230.63. The stock’s 50 day simple moving average is $197.39 and its two-hundred day simple moving average is $170.48. The company has a market cap of $227.45 billion, a price-to-earnings ratio of 27.39, a PEG ratio of 2.43 and a beta of 1.27.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, May 1st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.11. QUALCOMM had a return on equity of 37.09% and a net margin of 23.03%. The business had revenue of $9.39 billion for the quarter, compared to the consensus estimate of $9.32 billion. As a group, equities analysts anticipate that QUALCOMM Incorporated will post 7.85 earnings per share for the current fiscal year.

QUALCOMM Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Thursday, May 30th were paid a $0.85 dividend. This is an increase from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date was Thursday, May 30th. This represents a $3.40 dividend on an annualized basis and a yield of 1.67%. QUALCOMM’s payout ratio is presently 45.70%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Tigress Financial raised their target price on QUALCOMM from $238.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. Wolfe Research raised their target price on QUALCOMM from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. Citigroup raised their target price on QUALCOMM from $160.00 to $170.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. Benchmark reissued a “buy” rating and issued a $200.00 target price on shares of QUALCOMM in a research report on Friday, May 3rd. Finally, Susquehanna raised their target price on QUALCOMM from $175.00 to $205.00 and gave the stock a “positive” rating in a research report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $192.13.

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.