Cornerstone Wealth Management LLC Has $1.60 Million Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Cornerstone Wealth Management LLC lowered its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 1.7% in the first quarter, HoldingsChannel reports. The institutional investor owned 9,444 shares of the wireless technology company’s stock after selling 160 shares during the period. Cornerstone Wealth Management LLC’s holdings in QUALCOMM were worth $1,599,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Financial Gravity Asset Management Inc. grew its stake in QUALCOMM by 102.5% in the third quarter. Financial Gravity Asset Management Inc. now owns 241 shares of the wireless technology company’s stock valued at $26,000 after purchasing an additional 122 shares in the last quarter. WFA Asset Management Corp bought a new position in QUALCOMM during the first quarter valued at approximately $27,000. CarsonAllaria Wealth Management Ltd. raised its position in 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 acquiring an additional 157 shares in the last quarter. DiNuzzo Private Wealth Inc. acquired a new stake in QUALCOMM in the fourth quarter valued at approximately $32,000. Finally, Cherry Tree Wealth Management LLC increased its stake in shares of QUALCOMM by 95.0% during the 4th quarter. Cherry Tree Wealth Management LLC now owns 236 shares of the wireless technology company’s stock worth $34,000 after purchasing an additional 115 shares during the last quarter. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

QUALCOMM Stock Performance

QUALCOMM stock opened at $203.81 on Friday. The company has a market cap of $227.45 billion, a PE ratio of 27.39, a PEG ratio of 2.48 and a beta of 1.27. The company has a current ratio of 2.65, a quick ratio of 1.98 and a debt-to-equity ratio of 0.59. QUALCOMM Incorporated has a 1 year low of $104.33 and a 1 year high of $230.63. The company’s 50-day moving average is $198.20 and its two-hundred day moving average is $170.71.

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

QUALCOMM Increases Dividend

The business also recently announced 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 a positive change from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $3.40 annualized dividend and a yield of 1.67%. QUALCOMM’s dividend payout ratio is presently 45.70%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on QCOM shares. Argus raised their target price on QUALCOMM from $180.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Citigroup boosted their target price on QUALCOMM from $160.00 to $170.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. Robert W. Baird increased their price target on QUALCOMM from $160.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Wells Fargo & Company boosted their price objective on shares of QUALCOMM from $120.00 to $140.00 and gave the stock an “underweight” rating in a research note on Thursday, May 2nd. Finally, UBS Group raised their target price on shares of QUALCOMM from $165.00 to $175.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $192.13.

Insiders Place Their Bets

In other news, Director Sylvia Acevedo sold 2,056 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $178.21, for a total value of $366,399.76. Following the completion of the sale, the director now directly owns 54 shares of the company’s stock, valued at approximately $9,623.34. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction dated 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 directly owns 237,893 shares of the company’s stock, valued at $47,452,516.71. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Sylvia Acevedo sold 2,056 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $178.21, for a total value of $366,399.76. Following the sale, the director now directly owns 54 shares in the company, valued at approximately $9,623.34. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,185 shares of company stock worth $7,936,005. 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.