Summit Financial Wealth Advisors LLC Has $6.40 Million Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Summit Financial Wealth Advisors LLC lifted its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 1.3% in the second quarter, HoldingsChannel.com reports. The fund owned 53,769 shares of the wireless technology company’s stock after buying an additional 689 shares during the period. QUALCOMM comprises approximately 1.5% of Summit Financial Wealth Advisors LLC’s portfolio, making the stock its 23rd biggest holding. Summit Financial Wealth Advisors LLC’s holdings in QUALCOMM were worth $6,401,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. BSW Wealth Partners boosted its holdings in shares of QUALCOMM by 4.6% in the 1st 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 in the last quarter. Naviter Wealth LLC boosted its stake in 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 buying an additional 1,682 shares in the last quarter. Richard W. Paul & Associates LLC grew its position in 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 acquiring an additional 430 shares during the last quarter. First Affirmative Financial Network raised its stake in QUALCOMM by 16.5% during the second quarter. First Affirmative Financial Network now owns 2,114 shares of the wireless technology company’s stock worth $252,000 after acquiring an additional 299 shares in the last quarter. Finally, Alight Capital Management LP bought a new position in shares of QUALCOMM in the fourth quarter worth about $880,000. Institutional investors and hedge funds own 71.10% of the company’s stock.

Insider Transactions at QUALCOMM

In related news, insider James J. Cathey sold 1,000 shares of QUALCOMM stock in a transaction on Monday, September 11th. The shares were 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 accessible through the SEC website. In related news, CTO James H. Thompson sold 27,962 shares of the stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $113.23, for a total value of $3,166,137.26. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider James J. Cathey sold 1,000 shares of QUALCOMM stock in a transaction on Monday, September 11th. The stock was sold at an average price of $111.27, for a total transaction of $111,270.00. Following the transaction, the insider now directly owns 5,745 shares in the company, valued at $639,246.15. The disclosure for this sale can be found here. Insiders have sold 29,962 shares of company stock valued at $3,391,567 over the last ninety days. 0.07% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Piper Sandler upped their price objective on shares of QUALCOMM from $120.00 to $140.00 and gave the stock an “overweight” rating in a research report on Thursday, August 3rd. JPMorgan Chase & Co. dropped their price target on QUALCOMM from $159.00 to $148.00 in a research note on Thursday, August 3rd. KeyCorp reaffirmed an “overweight” rating and issued a $145.00 target price on shares of QUALCOMM in a report on Thursday, September 14th. Bank of America lifted their price target on QUALCOMM from $130.00 to $145.00 in a research note on Friday, June 16th. Finally, Mizuho reaffirmed a “buy” rating and issued a $140.00 price objective on shares of QUALCOMM in a research note on Wednesday, August 23rd. 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 a consensus rating of “Moderate Buy” and a consensus target price of $141.96.

QUALCOMM Trading Down 2.0 %

Shares of NASDAQ:QCOM traded down $2.28 during mid-day trading on Tuesday, hitting $110.47. The company had a trading volume of 1,158,601 shares, compared to its average volume of 8,106,482. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.42 and a quick ratio of 1.64. QUALCOMM Incorporated has a one year low of $101.47 and a one year high of $139.94. The firm has a fifty day moving average price of $117.12 and a 200 day moving average price of $116.90. The company has a market capitalization of $121.52 billion, a PE ratio of 14.76, a price-to-earnings-growth ratio of 1.10 and a beta of 1.23.

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

QUALCOMM Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, August 31st will be issued a dividend of $0.80 per share. The ex-dividend date is Wednesday, August 30th. This represents a $3.20 annualized dividend and a dividend yield of 2.90%. QUALCOMM’s dividend payout ratio is 41.88%.

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.