QUALCOMM Incorporated (NASDAQ:QCOM) Shares Acquired by Covenant Asset Management LLC

Covenant Asset Management LLC boosted its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 1.1% in the second quarter, Holdings Channel.com reports. The firm owned 46,642 shares of the wireless technology company’s stock after acquiring an additional 508 shares during the quarter. QUALCOMM comprises about 1.4% of Covenant Asset Management LLC’s portfolio, making the stock its 10th largest position. Covenant Asset Management LLC’s holdings in QUALCOMM were worth $5,552,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. BSW Wealth Partners grew its holdings in QUALCOMM by 4.6% in the first quarter. BSW Wealth Partners now owns 7,609 shares of the wireless technology company’s stock valued at $971,000 after purchasing an additional 335 shares during the period. Naviter Wealth LLC boosted its stake in shares of QUALCOMM by 41.2% in the first quarter. Naviter Wealth LLC now owns 5,765 shares of the wireless technology company’s stock valued at $735,000 after purchasing an additional 1,682 shares during the period. Richard W. Paul & Associates LLC boosted its stake in shares of QUALCOMM by 15.9% in the first quarter. Richard W. Paul & Associates LLC now owns 3,136 shares of the wireless technology company’s stock valued at $400,000 after purchasing an additional 430 shares during the period. First Affirmative Financial Network boosted its stake in shares of QUALCOMM by 16.5% in the second quarter. First Affirmative Financial Network now owns 2,114 shares of the wireless technology company’s stock valued at $252,000 after purchasing an additional 299 shares during the period. Finally, Alight Capital Management LP purchased a new position in shares of QUALCOMM in the fourth quarter valued at $880,000. 71.10% of the stock is currently owned by hedge funds and other institutional investors.

QUALCOMM Trading Down 1.8 %

QUALCOMM stock traded down $2.00 during trading hours on Tuesday, reaching $110.75. 1,396,421 shares of the company’s stock traded hands, compared to its average volume of 8,108,800. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.64 and a current ratio of 2.42. The firm has a market capitalization of $121.83 billion, a price-to-earnings ratio of 14.76, a PEG ratio of 1.10 and a beta of 1.23. The firm’s 50 day moving average is $117.12 and its 200-day moving average is $116.90. QUALCOMM Incorporated has a fifty-two week low of $101.47 and a fifty-two week high of $139.94.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, August 2nd. The wireless technology company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.05. QUALCOMM had a return on equity of 45.94% and a net margin of 22.33%. The company had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.51 billion. On average, analysts predict that QUALCOMM Incorporated will post 6.41 earnings per share for the current year.

QUALCOMM Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, August 31st will be paid a dividend of $0.80 per share. The ex-dividend date is Wednesday, August 30th. This represents a $3.20 dividend on an annualized basis and a yield of 2.89%. QUALCOMM’s payout ratio is 41.88%.

Wall Street Analyst Weigh In

QCOM has been the topic of several recent analyst reports. Susquehanna cut their price target on shares of QUALCOMM from $145.00 to $140.00 and set a “positive” rating on the stock in a report on Thursday, August 3rd. KeyCorp reaffirmed an “overweight” rating and issued a $145.00 price target on shares of QUALCOMM in a report on Thursday, September 14th. Deutsche Bank Aktiengesellschaft cut shares of QUALCOMM from a “buy” rating to a “hold” rating and dropped their target price for the stock from $130.00 to $121.00 in a report on Thursday, August 3rd. Bank of America increased their target price on shares of QUALCOMM from $130.00 to $145.00 in a report on Friday, June 16th. Finally, Wolfe Research initiated coverage on shares of QUALCOMM in a research report on Wednesday, July 19th. They set an “outperform” rating and a $145.00 price objective on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $141.96.

Insider Buying and Selling

In other QUALCOMM news, CTO James H. Thompson sold 27,962 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $113.23, for a total transaction of $3,166,137.26. Following the completion of the transaction, the chief technology officer now owns 241,369 shares of the company’s stock, valued at approximately $27,330,211.87. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider James J. Cathey sold 1,000 shares of the stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $111.27, for a total value of $111,270.00. Following the completion of the sale, the insider now owns 5,745 shares of the company’s stock, valued at approximately $639,246.15. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO James H. Thompson sold 27,962 shares of the firm’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $113.23, for a total value of $3,166,137.26. Following the sale, the chief technology officer now directly owns 241,369 shares of the company’s stock, valued at approximately $27,330,211.87. The disclosure for this sale can be found here. In the last three months, insiders sold 29,962 shares of company stock valued at $3,391,567. 0.07% of the stock is owned by corporate insiders.

QUALCOMM 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, application processing, multimedia, and global positioning system products.