Alta Wealth Advisors LLC, a financial advisory firm, recently announced that it has acquired a new position in Qualcomm Incorporated, a leading wireless technology company. According to the firm’s most recent filing with the Securities and Exchange Commission (SEC), Alta Wealth Advisors LLC has acquired 2,054 shares of QUALCOMM’s stock, which is valued at approximately $244,000.
The acquisition of QUALCOMM’s shares by Alta Wealth Advisors LLC reflects the growing interest in the company within the financial market. In recent months, QUALCOMM has been the subject of several research reports by reputable institutions. JPMorgan Chase & Co., for instance, lowered their price target on QUALCOMM from $159.00 to $148.00 in a research note released on August 3rd.
Another research note from Wolfe Research initiated coverage on QUALCOMM and assigned an “outperform” rating along with a price objective of $145.00. However, StockNews.com downgraded QUALCOMM from a “buy” rating to a “hold” rating in their report published on September 18th.
On the other hand, KeyCorp reiterated an “overweight” rating on QUALCOMM’s shares and set a price target of $145.00 in their report issued on September 14th. Deutsche Bank Aktiengesellschaft took a different stance and downgraded their rating from “buy” to “hold”, lowering the price target from $130.00 to $121.00 on August 3rd.
These varying assessments highlight the differing opinions within the financial community regarding QUALCOMM’s stock performance and potential future growth opportunities. Presently, according to data from Bloomberg, the average rating for QUALCOMM is labeled as “Moderate Buy”. The average price target for QUALCOMM stands at $141.96.
As of September 24th, QUALCOMM’s stock traded slightly lower at $107.68 during mid-day trading compared to its average volume of 8,027,588 shares. The company currently has a market capitalization of $118.45 billion with a price-to-earnings (P/E) ratio of 14.09 and a price-to-earnings growth (P/E/G) ratio of 1.05.
Investors interested in QUALCOMM should note that the company’s stock has experienced some volatility over the past year, reaching a low of $101.47 and a high of $139.94 during that period.
Furthermore, QUALCOMM’s financial health seems stable as reflected in its quick ratio of 1.64 and current ratio of 2.42. The company also maintains a debt-to-equity ratio of 0.70, indicating a balanced capital structure.
In terms of technical analysis, QUALCOMM’s stock demonstrates a fifty-day moving average of $116.12 and a two hundred-day moving average of $116.49.
In conclusion, Alta Wealth Advisors LLC’s recent acquisition of shares in QUALCOMM indicates growing investor interest in the wireless technology company’s prospects. However, amidst fluctuating research reports and varying ratings from experts, investors are advised to conduct thorough due diligence and consider their investment strategies carefully before making any decisions regarding QUALCOMM’s stock.
Institutional Investors Show Interest in QUALCOMM as Research Reports and Insider Sales Shape Sentiment
September 24, 2023 – Institutional investors continue to show interest in QUALCOMM (NASDAQ:QCOM), as evidenced by recent buying and selling of shares. State Street Corp, one of the largest institutional investors, increased its position in QUALCOMM by 2.5% during the first quarter. Moneta Group Investment Advisors LLC also significantly raised its position by 117,461.0% in the fourth quarter. Morgan Stanley and Geode Capital Management LLC followed suit with respective increases of 22.2% and 2.1% in the fourth quarter and first quarter respectively. Additionally, Alliancebernstein L.P showed a marginal increase of 0.7% in the fourth quarter.
When it comes to recent company news, CTO James H. Thompson sold a total of 27,962 shares on September 13th at an average price of $113.23, resulting in a transaction value of $3,166,137.26. Another insider sale occurred on September 11th when James J. Cathey sold 1,000 shares at an average price of $111.27 for a total value of $111,270.00.
Research reports have also played a role in shaping investor sentiment towards QUALCOMM recently. JPMorgan Chase & Co lowered their price target from $159 to $148 on August 3rd.The company was given an “outperform” rating by Wolfe Research with a price target set at $145 on July 19th.
However, StockNews.com downgraded QUALCOMM from a “buy” rating to a “hold” rating on September 18th.In addition to these conflicting opinions are KeyCorp’s reiteration of an “overweight” rating with a price target prediction set at $145 and Deutsche Bank Aktiengesellschaft’s downgrading from “buy” to “hold” with a revised price target cut from $130 to $121 on August 3rd.
As for the financial performance of QUALCOMM, the company reported earnings per share (EPS) of $1.40 for the quarter ended August 2nd, surpassing estimates by $0.05. The company’s revenue during the same period was $8.45 billion, slightly lower than analyst predictions of $8.51 billion. QUALCOMM achieved a net margin of 22.33% and a return on equity of 45.94%.
Investors who held shares as of August 31st received a quarterly dividend of $0.80 per share on September 21st.The ex-dividend date for this dividend was on August 30th.Making it an annualized dividend payout ratio of 41.88% with a yield of 2.97%.
With institutional investors continuing to show interest and varying research reports available, the future prospects for QUALCOMM remain uncertain at this point in time. However, the company’s positive financial performance in recent quarters may instill confidence in some investors as they await further developments and announcements from QUALCOMM Incorporated.
The post Growing Investor Interest in QUALCOMM Inc. Reflected by Alta Wealth Advisors LLC’s Recent Acquisition of Shares appeared first on Best Stocks.
