Covenant Asset Management LLC Raises Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Covenant Asset Management LLC boosted its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 1.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,642 shares of the wireless technology company’s stock after acquiring an additional 508 shares during the quarter. QUALCOMM accounts for approximately 1.4% of Covenant Asset Management LLC’s holdings, 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 quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. BSW Wealth Partners raised its stake in QUALCOMM by 4.6% during the 1st quarter. BSW Wealth Partners now owns 7,609 shares of the wireless technology company’s stock valued at $971,000 after buying an additional 335 shares during the last quarter. Naviter Wealth LLC boosted its holdings in QUALCOMM by 41.2% in the 1st quarter. Naviter Wealth LLC now owns 5,765 shares of the wireless technology company’s stock worth $735,000 after buying an additional 1,682 shares during the period. Richard W. Paul & Associates LLC boosted its holdings in QUALCOMM by 15.9% in the 1st quarter. Richard W. Paul & Associates LLC now owns 3,136 shares of the wireless technology company’s stock worth $400,000 after buying an additional 430 shares during the period. First Affirmative Financial Network boosted its holdings in shares of QUALCOMM by 16.5% during the 2nd 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 last quarter. Finally, Alight Capital Management LP bought a new position in shares of QUALCOMM during the 4th quarter valued at about $880,000. 71.10% of the stock is owned by institutional investors.

QUALCOMM Price Performance

QCOM stock traded down $2.00 during mid-day trading on Tuesday, reaching $110.75. The company’s stock had a trading volume of 1,396,421 shares, compared to its average volume of 8,108,800. The stock has a market cap of $121.83 billion, a PE ratio of 14.76, a P/E/G ratio of 1.10 and a beta of 1.23. The company has a current ratio of 2.42, a quick ratio of 1.64 and a debt-to-equity ratio of 0.70. QUALCOMM Incorporated has a fifty-two week low of $101.47 and a fifty-two week high of $139.94. The company’s 50 day moving average is $117.12 and its two-hundred day moving average is $116.90.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data 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. The company 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%. Equities research analysts expect that QUALCOMM Incorporated will post 6.41 EPS for the current year.

QUALCOMM Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, August 31st will be paid a $0.80 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $3.20 annualized dividend and a dividend yield of 2.89%. QUALCOMM’s dividend payout ratio (DPR) is 41.88%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on QCOM shares. Wells Fargo & Company increased their price target on shares of QUALCOMM from $95.00 to $100.00 and gave the company an “underweight” rating in a report on Tuesday, September 12th. UBS Group increased their price target on shares of QUALCOMM from $120.00 to $130.00 and gave the company a “neutral” rating in a report on Monday, July 24th. KeyCorp reissued an “overweight” rating and issued a $145.00 price objective on shares of QUALCOMM in a research report on Thursday, September 14th. Bank of America increased their price objective on shares of QUALCOMM from $130.00 to $145.00 in a research report on Friday, June 16th. Finally, Morgan Stanley increased their price objective on shares of QUALCOMM from $125.00 to $129.00 and gave the stock an “overweight” rating in a research report on Thursday, August 3rd. One investment 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. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $141.96.

Insider Activity

In other news, insider James J. Cathey sold 1,000 shares of the stock in a transaction that occurred 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 filing with the SEC, which is accessible through this link. In related news, CTO James H. Thompson sold 27,962 shares of the stock in a transaction that occurred on Wednesday, September 13th. The shares were 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $111,270.00. Following the transaction, the insider now directly owns 5,745 shares of the company’s stock, valued at approximately $639,246.15. The disclosure for this sale can be found here. Insiders sold a total of 29,962 shares of company stock valued at $3,391,567 in the last 90 days. Company insiders own 0.07% of the company’s stock.

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.