Morey & Quinn Wealth Partners LLC Sells 98 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Morey & Quinn Wealth Partners LLC decreased its position in QUALCOMM Incorporated (NASDAQ:QCOM) by 2.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 3,374 shares of the wireless technology company’s stock after selling 98 shares during the quarter. Morey & Quinn Wealth Partners LLC’s holdings in QUALCOMM were worth $518,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Kohmann Bosshard Financial Services LLC bought a new stake in QUALCOMM during the 4th quarter worth about $26,000. Banque Transatlantique SA bought a new stake in QUALCOMM during the 4th quarter worth about $26,000. WFA Asset Management Corp bought a new stake in QUALCOMM during the 1st quarter worth about $27,000. Centricity Wealth Management LLC bought a new stake in QUALCOMM during the 4th quarter worth about $29,000. Finally, Sunbeam Capital Management LLC bought a new stake in QUALCOMM during the 4th quarter worth about $29,000. Institutional investors own 74.35% of the company’s stock.

Analyst Ratings Changes

QCOM has been the topic of a number of research analyst reports. Benchmark decreased their price objective on shares of QUALCOMM from $240.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Evercore ISI decreased their price objective on shares of QUALCOMM from $179.00 to $157.00 and set an “in-line” rating on the stock in a report on Friday, May 2nd. Citigroup decreased their price objective on shares of QUALCOMM from $185.00 to $145.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Loop Capital reduced their target price on shares of QUALCOMM from $180.00 to $155.00 and set a “hold” rating on the stock in a research note on Thursday, May 1st. Finally, Wells Fargo & Company reduced their target price on shares of QUALCOMM from $175.00 to $140.00 and set an “underweight” rating on the stock in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, QUALCOMM currently has an average rating of “Hold” and an average price target of $189.88.

Insider Buying and Selling

In related news, CFO Akash J. Palkhiwala sold 269 shares of the firm’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $131.10, for a total transaction of $35,265.90. Following the sale, the chief financial officer now directly owns 57,728 shares in the company, valued at $7,568,140.80. This trade represents a 0.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Inc/De Qualcomm sold 412,500 shares of the firm’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $16.00, for a total transaction of $6,600,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 423,464 shares of company stock worth $8,135,164 over the last ninety days. Company insiders own 0.08% of the company’s stock.

QUALCOMM Stock Down 2.5%

QUALCOMM stock opened at $154.72 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99. The firm has a market capitalization of $169.88 billion, a price-to-earnings ratio of 16.53, a PEG ratio of 2.01 and a beta of 1.26. The company’s 50 day simple moving average is $145.85 and its 200 day simple moving average is $155.15. QUALCOMM Incorporated has a fifty-two week low of $120.80 and a fifty-two week high of $230.63.

QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.03. QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. The company had revenue of $10.98 billion during the quarter, compared to the consensus estimate of $10.58 billion. During the same quarter in the prior year, the firm earned $2.44 earnings per share. The firm’s revenue was up 17.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be issued a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 2.30%. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Thursday, June 5th. QUALCOMM’s dividend payout ratio (DPR) is presently 36.25%.

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.