Stone Point Wealth LLC Cuts Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Stone Point Wealth LLC lessened its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 0.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 24,446 shares of the wireless technology company’s stock after selling 106 shares during the quarter. QUALCOMM comprises approximately 1.3% of Stone Point Wealth LLC’s investment portfolio, making the stock its 23rd biggest position. Stone Point Wealth LLC’s holdings in QUALCOMM were worth $4,157,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Reston Wealth Management LLC acquired a new stake in shares of QUALCOMM in the third quarter valued at about $26,000. HWG Holdings LP acquired a new stake in QUALCOMM during the second quarter worth about $30,000. Financial Connections Group Inc. acquired a new stake in QUALCOMM during the second quarter worth about $32,000. Aspect Partners LLC increased its position in QUALCOMM by 71.8% during the second quarter. Aspect Partners LLC now owns 177 shares of the wireless technology company’s stock worth $35,000 after purchasing an additional 74 shares during the last quarter. Finally, Accordant Advisory Group Inc acquired a new stake in QUALCOMM during the third quarter worth about $36,000. Hedge funds and other institutional investors own 74.35% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Westpark Capital reaffirmed a “hold” rating on shares of QUALCOMM in a research note on Tuesday, July 30th. DZ Bank upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 price target for the company in a research note on Friday, August 2nd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $160.00 price target on shares of QUALCOMM in a research note on Thursday. JPMorgan Chase & Co. decreased their price target on shares of QUALCOMM from $210.00 to $195.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Piper Sandler reissued an “overweight” rating and set a $205.00 price objective (up previously from $185.00) on shares of QUALCOMM in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $212.16.

QUALCOMM Stock Performance

Shares of QCOM opened at $171.65 on Friday. The business’s fifty day moving average price is $168.55 and its 200 day moving average price is $182.14. QUALCOMM Incorporated has a 12-month low of $119.85 and a 12-month high of $230.63. The stock has a market capitalization of $191.22 billion, a PE ratio of 22.40, a price-to-earnings-growth ratio of 1.66 and a beta of 1.28. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.78.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, November 6th. The wireless technology company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.25. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. The firm had revenue of $10.24 billion for the quarter, compared to analysts’ expectations of $9.90 billion. Equities research analysts forecast that QUALCOMM Incorporated will post 8.02 EPS for the current year.

QUALCOMM Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be given a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 1.98%. The ex-dividend date is Thursday, December 5th. QUALCOMM’s dividend payout ratio is presently 44.04%.

Insiders Place Their Bets

In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $169.80, for a total value of $1,358,400.00. Following the sale, the chief technology officer now directly owns 213,364 shares of the company’s stock, valued at $36,229,207.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $169.80, for a total value of $1,358,400.00. Following the sale, the chief technology officer now directly owns 213,364 shares of the company’s stock, valued at $36,229,207.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’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 in the company, valued at $8,535,970.15. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,146 shares of company stock valued at $2,709,186 over the last three months. Company 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.