Ritholtz Wealth Management Trims Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Ritholtz Wealth Management trimmed its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 2.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,041 shares of the wireless technology company’s stock after selling 528 shares during the period. Ritholtz Wealth Management’s holdings in QUALCOMM were worth $3,238,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Guinness Atkinson Asset Management Inc raised its holdings in shares of QUALCOMM by 21.7% in the third quarter. Guinness Atkinson Asset Management Inc now owns 640 shares of the wireless technology company’s stock valued at $109,000 after acquiring an additional 114 shares in the last quarter. Perfromance Wealth Partners LLC raised its holdings in shares of QUALCOMM by 7.9% in the 3rd quarter. Perfromance Wealth Partners LLC now owns 4,860 shares of the wireless technology company’s stock valued at $826,000 after purchasing an additional 355 shares in the last quarter. First Affirmative Financial Network lifted its position in shares of QUALCOMM by 35.8% in the 3rd quarter. First Affirmative Financial Network now owns 2,861 shares of the wireless technology company’s stock worth $486,000 after purchasing an additional 754 shares during the period. Wynn Capital LLC boosted its stake in shares of QUALCOMM by 4.1% during the third quarter. Wynn Capital LLC now owns 9,535 shares of the wireless technology company’s stock valued at $1,621,000 after purchasing an additional 375 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt increased its holdings in QUALCOMM by 34.2% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 88,011 shares of the wireless technology company’s stock valued at $14,963,000 after buying an additional 22,434 shares during the period. 74.35% of the stock is currently owned by institutional investors.

QUALCOMM Price Performance

Shares of QUALCOMM stock opened at $169.98 on Friday. The firm has a market cap of $189.70 billion, a PE ratio of 22.85, a P/E/G ratio of 1.71 and a beta of 1.28. QUALCOMM Incorporated has a twelve month low of $104.33 and a twelve month high of $230.63. The company has a quick ratio of 1.78, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. The business has a 50-day moving average price of $167.85 and a 200 day moving average price of $182.09.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.21. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. The business had revenue of $9.39 billion during the quarter, compared to the consensus estimate of $9.23 billion. Sell-side analysts predict that QUALCOMM Incorporated will post 8.02 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Westpark Capital reaffirmed a “hold” rating on shares of QUALCOMM in a research report on Tuesday, July 30th. Robert W. Baird raised their price objective on QUALCOMM from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Piper Sandler reiterated an “overweight” rating and issued a $205.00 target price (up from $185.00) on shares of QUALCOMM in a report on Thursday, August 1st. Tigress Financial raised their price target on shares of QUALCOMM from $238.00 to $270.00 and gave the company a “buy” rating in a report on Friday, June 21st. Finally, Citigroup boosted their price objective on shares of QUALCOMM from $170.00 to $200.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $209.38.

Insider Transactions at QUALCOMM

In related news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $165.95, for a total value of $497,850.00. Following the sale, the chief financial officer now directly owns 51,437 shares in the company, valued at approximately $8,535,970.15. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $165.95, for a total value of $497,850.00. Following the completion of the transaction, the chief financial officer now directly owns 51,437 shares of the company’s stock, valued at approximately $8,535,970.15. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alexander H. Rogers sold 3,245 shares of QUALCOMM stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $166.15, for a total transaction of $539,156.75. Following the sale, the insider now directly owns 32,231 shares in the company, valued at approximately $5,355,180.65. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,245 shares of company stock valued at $3,679,407 over the last 90 days. Corporate 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.