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

Ritholtz Wealth Management decreased its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 2.7% in the 3rd quarter, according to the company in its most recent 13F 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 SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Matrix Capital Management Company LP purchased a new position in shares of QUALCOMM during the 1st quarter worth $1,171,516,000. Massachusetts Financial Services Co. MA lifted its position in QUALCOMM by 1,778.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,219,303 shares of the wireless technology company’s stock valued at $641,221,000 after buying an additional 3,047,947 shares during the last quarter. Van ECK Associates Corp boosted its stake in QUALCOMM by 34.8% during the first quarter. Van ECK Associates Corp now owns 5,890,193 shares of the wireless technology company’s stock worth $997,210,000 after buying an additional 1,519,781 shares during the period. Global Assets Advisory LLC acquired a new stake in shares of QUALCOMM during the first quarter valued at about $238,770,000. Finally, Maj Invest Holding A S purchased a new stake in shares of QUALCOMM in the 3rd quarter valued at approximately $229,078,000. Institutional investors and hedge funds own 74.35% of the company’s stock.

QUALCOMM Price Performance

Shares of NASDAQ:QCOM opened at $169.98 on Friday. QUALCOMM Incorporated has a one year low of $104.33 and a one year high of $230.63. The stock has a market capitalization of $189.70 billion, a price-to-earnings ratio of 22.85, a PEG ratio of 1.71 and a beta of 1.28. The company has a 50-day simple moving average of $167.85 and a 200-day simple moving average of $182.09. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.78 and a current ratio of 2.39.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 31st. The wireless technology company reported $1.93 EPS for the quarter, beating 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 firm had revenue of $9.39 billion during the quarter, compared to the consensus estimate of $9.23 billion. On average, analysts predict that QUALCOMM Incorporated will post 8.02 EPS for the current year.

Insider Buying and Selling

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $165.95, for a total value of $497,850.00. Following the transaction, the chief financial officer now directly owns 51,437 shares of the company’s stock, valued at approximately $8,535,970.15. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Alexander H. Rogers sold 3,245 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $166.15, for a total value of $539,156.75. Following the completion of the sale, the insider now directly owns 32,231 shares of the company’s stock, valued at $5,355,180.65. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the company’s 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 transaction, the chief financial officer now directly owns 51,437 shares in the company, valued at $8,535,970.15. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,245 shares of company stock valued at $3,679,407 over the last three months. 0.08% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on QCOM shares. HSBC downgraded shares of QUALCOMM from a “buy” rating to a “hold” rating and set a $200.00 target price for the company. in a report on Wednesday, July 17th. Westpark Capital reiterated a “hold” rating on shares of QUALCOMM in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised their target price on QUALCOMM from $155.00 to $170.00 and gave the company a “hold” rating in a report on Thursday, August 1st. DZ Bank upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 price target on the stock in a research note on Friday, August 2nd. Finally, Cantor Fitzgerald lowered their price objective on shares of QUALCOMM from $215.00 to $160.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $209.38.

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.