Insider Selling: Qualcomm (NASDAQ:QCOM) EVP Sells $529,344.00 in Stock

Qualcomm Incorporated (NASDAQ:QCOM) EVP Heather Ace sold 3,200 shares of the business’s stock in a transaction on Monday, November 9th. The stock was sold at an average price of $165.42, for a total transaction of $529,344.00. Following the completion of the sale, the executive vice president directly owned 39,379 shares of the company’s stock, valued at $6,514,074.18. This represents a 7.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Qualcomm Price Performance

Shares of Qualcomm stock opened at $176.57 on Thursday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.86 and a quick ratio of 1.14. Qualcomm Incorporated has a one year low of $121.99 and a one year high of $259.92. The business’s 50 day simple moving average is $178.51 and its two-hundred day simple moving average is $169.78. The stock has a market capitalization of $188.93 billion, a P/E ratio of 13.90, a price-to-earnings-growth ratio of 1.92 and a beta of 1.70.

Qualcomm (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, November 4th. The wireless technology company reported $2.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.16 by $0.01. Qualcomm had a return on equity of 30.62% and a net margin of 31.60%. The firm had revenue of $10.44 billion during the quarter, compared to analyst estimates of $10.12 billion. During the same quarter in the prior year, the firm posted $3.00 earnings per share. The business’s quarterly revenue was down 8.4% compared to the same quarter last year. Analysts forecast that Qualcomm Incorporated will post 7.15 EPS for the current year.

Qualcomm Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, December 3rd will be paid a $0.92 dividend. The ex-dividend date of this dividend is Thursday, December 3rd. This represents a $3.68 dividend on an annualized basis and a yield of 2.1%. Qualcomm’s dividend payout ratio (DPR) is presently 28.98%.

Analysts Set New Price Targets

Several brokerages have commented on QCOM. Sanford C. Bernstein decreased their price objective on shares of Qualcomm from $165.00 to $155.00 and set a “market perform” rating for the company in a report on Monday, November 2nd. KeyCorp reiterated a “sector weight” rating on shares of Qualcomm in a research report on Wednesday, September 9th. Freedom Broker downgraded shares of Qualcomm from a “buy” rating to a “hold” rating and decreased their price target for the stock from $200.00 to $185.00 in a research note on Monday. Royal Bank Of Canada raised their price objective on shares of Qualcomm from $160.00 to $180.00 and gave the stock a “sector perform” rating in a report on Wednesday, September 9th. Finally, Arete Research raised Qualcomm to a “strong-buy” rating in a research report on Friday, October 16th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twenty-one have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $197.13.

Qualcomm News Summary

Investors following QCOM have been watching these news items:

• Neutral Sentiment: Qualcomm is pursuing AI data-center opportunities that could represent as much as $50 billion in market potential. Bank of America acknowledged the ambitions but maintained an “underperform” rating, reflecting uncertainty about the company’s ability to turn the opportunity into results. Article
• Negative Sentiment: Freedom Broker downgraded QCOM from Buy to Hold and cut its price target to $185 from $200, citing expectations that investment in new growth businesses will pressure margins for longer than expected. Article
• Negative Sentiment: Barclays’ Tom O’Malley maintained a Sell rating, adding to analyst concerns about Qualcomm’s outlook. A separate report cited Barclays’ reduced price target of $150 from $180. Article

Hedge Funds Weigh In On Qualcomm

Institutional investors and hedge funds have recently made changes to their positions in the business. Patron Partners LLC raised its holdings in Qualcomm by 5.3% in the third quarter. Patron Partners LLC now owns 7,077 shares of the wireless technology company’s stock worth $1,302,000 after buying an additional 359 shares during the last quarter. Mayflower Financial Advisors LLC grew its holdings in shares of Qualcomm by 6.6% during the third quarter. Mayflower Financial Advisors LLC now owns 2,089 shares of the wireless technology company’s stock valued at $384,000 after buying an additional 129 shares during the last quarter. Advisors Asset Management Inc. purchased a new stake in shares of Qualcomm during the third quarter valued at approximately $30,545,000. Private Wealth Asset Management LLC grew its holdings in shares of Qualcomm by 444.0% during the third quarter. Private Wealth Asset Management LLC now owns 31,178 shares of the wireless technology company’s stock valued at $5,738,000 after buying an additional 25,447 shares during the last quarter. Finally, Birchcreek Wealth Management LLC increased its position in shares of Qualcomm by 19.0% during the third quarter. Birchcreek Wealth Management LLC now owns 6,015 shares of the wireless technology company’s stock valued at $1,107,000 after acquiring an additional 962 shares in the last quarter. Institutional investors own 74.35% of the company’s stock.

Qualcomm Company Profile

Qualcomm Incorporated is a technology company that develops wireless communications technologies and semiconductor products. Its chips and related systems are used in smartphones and other connected devices, with products spanning mobile processors, modem-radio frequency systems, and connectivity solutions. The Snapdragon brand includes platforms for mobile devices as well as computing, automotive, and extended-reality applications. Qualcomm also develops technology for automotive systems and the Internet of Things, including connectivity and processing solutions for vehicles, industrial equipment, and consumer devices.