Purus Wealth Management LLC Reduces Stock Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Purus Wealth Management LLC cut its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 9.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,356 shares of the wireless technology company’s stock after selling 250 shares during the quarter. Purus Wealth Management LLC’s holdings in QUALCOMM were worth $362,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. HWG Holdings LP purchased a new position in shares of QUALCOMM in the 2nd quarter valued at approximately $30,000. Reston Wealth Management LLC purchased a new position in shares of QUALCOMM in the third quarter worth $26,000. Planning Capital Management Corp lifted its stake in shares of QUALCOMM by 137.3% during the third quarter. Planning Capital Management Corp now owns 197 shares of the wireless technology company’s stock worth $34,000 after buying an additional 114 shares during the period. Hershey Financial Advisers LLC purchased a new stake in shares of QUALCOMM during the second quarter valued at $42,000. Finally, Accordant Advisory Group Inc acquired a new position in shares of QUALCOMM in the 3rd quarter valued at $36,000. Institutional investors and hedge funds own 74.35% of the company’s stock.

Insider Buying and Selling

In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $161.54, for a total transaction of $484,620.00. Following the completion of the transaction, the chief financial officer now directly owns 48,778 shares of the company’s stock, valued at $7,879,598.12. This represents a 5.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Neil Martin sold 1,304 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $155.00, for a total transaction of $202,120.00. Following the completion of the sale, the chief accounting officer now owns 94 shares of the company’s stock, valued at approximately $14,570. The trade was a 93.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,882 shares of company stock valued at $4,314,649 over the last three months. 0.08% of the stock is currently owned by company insiders.

QUALCOMM Trading Up 1.9 %

Shares of QUALCOMM stock opened at $164.56 on Monday. The company’s fifty day moving average is $158.85 and its two-hundred day moving average is $168.82. QUALCOMM Incorporated has a 1 year low of $139.26 and a 1 year high of $230.63. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.79 and a current ratio of 2.40. The company has a market capitalization of $182.83 billion, a P/E ratio of 18.30, a PEG ratio of 2.63 and a beta of 1.25.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, November 6th. The wireless technology company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.25. The firm had revenue of $10.24 billion for the quarter, compared to analyst estimates of $9.90 billion. QUALCOMM had a return on equity of 38.81% and a net margin of 26.03%. Analysts forecast that QUALCOMM Incorporated will post 9.09 earnings per share for the current year.

QUALCOMM Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 6th will be paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 2.07%. QUALCOMM’s dividend payout ratio (DPR) is presently 37.82%.

Analyst Upgrades and Downgrades

QCOM has been the subject of a number of research reports. Wells Fargo & Company lifted their target price on QUALCOMM from $170.00 to $175.00 and gave the stock an “underweight” rating in a report on Thursday, November 7th. KeyCorp downgraded shares of QUALCOMM from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, October 8th. Benchmark restated a “buy” rating and set a $240.00 target price on shares of QUALCOMM in a report on Thursday, November 7th. Barclays cut their target price on QUALCOMM from $200.00 to $185.00 and set an “overweight” rating for the company in a research note on Friday. Finally, Sanford C. Bernstein increased their target price on QUALCOMM from $200.00 to $215.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, QUALCOMM presently has a consensus rating of “Moderate Buy” and a consensus target price of $206.57.

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.