Covenant Asset Management LLC Has $6.87 Million Holdings in QUALCOMM Incorporated (NASDAQ:QCOM)

Covenant Asset Management LLC decreased its holdings in shares of QUALCOMM Incorporated (NASDAQ:QCOM) by 1.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,404 shares of the wireless technology company’s stock after selling 762 shares during the quarter. QUALCOMM comprises approximately 1.1% of Covenant Asset Management LLC’s investment portfolio, making the stock its 14th biggest holding. Covenant Asset Management LLC’s holdings in QUALCOMM were worth $6,871,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. HWG Holdings LP bought a new position in QUALCOMM in the second quarter valued at approximately $30,000. Reston Wealth Management LLC acquired a new position in QUALCOMM during the third quarter worth $26,000. Financial Connections Group Inc. acquired a new position in QUALCOMM during the second quarter worth $32,000. Aspect Partners LLC increased its holdings 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 buying an additional 74 shares during the last quarter. Finally, Planning Capital Management Corp increased its holdings in 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 last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

QUALCOMM Stock Up 0.7 %

QCOM stock opened at $155.42 on Friday. QUALCOMM Incorporated has a fifty-two week low of $125.67 and a fifty-two week high of $230.63. The business’s 50-day moving average is $168.04 and its two-hundred day moving average is $181.75. 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 cap of $172.67 billion, a price-to-earnings ratio of 17.29, a P/E/G ratio of 2.77 and a beta of 1.28.

QUALCOMM Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Thursday, December 5th. QUALCOMM’s dividend payout ratio is 37.82%.

Insider Buying and Selling at QUALCOMM

In other QUALCOMM news, insider Alexander H. Rogers sold 3,245 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $166.15, for a total value of $539,156.75. Following the completion of the sale, the insider now owns 32,231 shares in the company, valued at $5,355,180.65. This represents a 9.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO James H. Thompson sold 8,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief technology officer now owns 213,364 shares of the company’s stock, valued at approximately $36,229,207.20. The trade was a 3.61 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,450 shares of company stock valued at $2,911,306. 0.08% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Rosenblatt Securities boosted their target price on shares of QUALCOMM from $240.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Westpark Capital reissued a “hold” rating on shares of QUALCOMM in a report on Tuesday, July 30th. Wolfe Research cut shares of QUALCOMM from an “outperform” rating to a “peer perform” rating in a report on Monday, August 12th. Sanford C. Bernstein upped their price objective on QUALCOMM from $200.00 to $215.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Finally, Susquehanna lowered their price objective on QUALCOMM from $230.00 to $210.00 and set a “positive” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, QUALCOMM currently has a consensus rating of “Moderate Buy” and an average price target of $210.15.

QUALCOMM Company 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, computing, multimedia, and position location products.