Rialto Wealth Management LLC Acquires New Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Rialto Wealth Management LLC bought a new position in QUALCOMM Incorporated (NASDAQ:QCOM) in the fourth quarter, Holdings Channel.com reports. The fund bought 1,018 shares of the wireless technology company’s stock, valued at approximately $156,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in QCOM. Lifeworks Advisors LLC boosted its stake in QUALCOMM by 18.3% during the fourth quarter. Lifeworks Advisors LLC now owns 15,583 shares of the wireless technology company’s stock valued at $2,394,000 after buying an additional 2,411 shares in the last quarter. Intellectus Partners LLC raised its position in QUALCOMM by 2.2% in the fourth quarter. Intellectus Partners LLC now owns 18,885 shares of the wireless technology company’s stock worth $2,901,000 after acquiring an additional 415 shares in the last quarter. Blankinship & Foster LLC acquired a new stake in QUALCOMM in the 4th quarter valued at about $1,712,000. Generali Investments CEE investicni spolecnost a.s. bought a new position in shares of QUALCOMM during the 4th quarter valued at about $3,825,000. Finally, Banco Santander S.A. grew its stake in shares of QUALCOMM by 16.3% in the 4th quarter. Banco Santander S.A. now owns 218,686 shares of the wireless technology company’s stock worth $33,595,000 after purchasing an additional 30,674 shares during the last quarter. 74.35% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on QCOM. Evercore ISI cut their target price on shares of QUALCOMM from $199.00 to $179.00 and set an “in-line” rating for the company in a research note on Thursday, February 6th. Barclays cut their price objective on QUALCOMM from $200.00 to $185.00 and set an “overweight” rating for the company in a research report on Friday, January 17th. Melius initiated coverage on QUALCOMM in a report on Monday, December 9th. They issued a “hold” rating and a $180.00 target price on the stock. Piper Sandler reduced their target price on QUALCOMM from $205.00 to $190.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. Finally, Susquehanna dropped their price target on QUALCOMM from $230.00 to $210.00 and set a “positive” rating on the stock in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, QUALCOMM has a consensus rating of “Moderate Buy” and an average target price of $205.32.

QUALCOMM Trading Up 3.3 %

Shares of NASDAQ QCOM opened at $161.22 on Friday. The business has a 50 day simple moving average of $164.76 and a 200 day simple moving average of $165.09. QUALCOMM Incorporated has a 52 week low of $149.43 and a 52 week high of $230.63. The stock has a market cap of $178.31 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 2.01 and a beta of 1.28. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.99 and a current ratio of 2.62.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, February 5th. The wireless technology company reported $2.86 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.07). QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. On average, research analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 6th will be issued a dividend of $0.85 per share. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $3.40 annualized dividend and a yield of 2.11%. QUALCOMM’s dividend payout ratio (DPR) is currently 36.32%.

Insiders Place Their Bets

In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $169.80, for a total value of $509,400.00. Following the transaction, the chief financial officer now directly owns 63,115 shares of the company’s stock, valued at approximately $10,716,927. This trade represents a 4.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Alexander H. Rogers sold 19,287 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $169.83, for a total value of $3,275,511.21. Following the sale, the insider now directly owns 20,762 shares of the company’s stock, valued at $3,526,010.46. The trade was a 48.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,045 shares of company stock valued at $7,752,423 over the last quarter. Insiders own 0.08% of the company’s stock.

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.