Qualcomm Incorporated $QCOM Stock Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA trimmed its holdings in shares of Qualcomm Incorporated (NASDAQ:QCOM) by 1.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 488,482 shares of the wireless technology company’s stock after selling 5,466 shares during the period. Pictet Asset Management Holding SA’s holdings in Qualcomm were worth $89,900,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of QCOM. ABS Investment Management LLC acquired a new position in Qualcomm during the 2nd quarter valued at about $34,000. ABS Direct Equity Fund LLC acquired a new stake in Qualcomm in the second quarter worth approximately $34,000. Team Financial Group LLC bought a new position in Qualcomm during the 3rd quarter valued at $38,000. Burk Holdings LLC boosted its stake in Qualcomm by 191.7% during the 2nd quarter. Burk Holdings LLC now owns 210 shares of the wireless technology company’s stock valued at $39,000 after purchasing an additional 138 shares in the last quarter. Finally, Harborfront Financial Group LLC bought a new position in Qualcomm during the 2nd quarter valued at $41,000. 74.35% of the stock is currently owned by institutional investors.

Qualcomm Trading Up 3.7%

Shares of NASDAQ:QCOM opened at $171.47 on Tuesday. The stock has a market capitalization of $183.10 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 3.90 and a beta of 1.70. Qualcomm Incorporated has a 1-year low of $121.99 and a 1-year high of $259.92. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.28 and a current ratio of 2.02. The company has a 50 day moving average price of $178.25 and a 200 day moving average price of $169.60.

Qualcomm (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, November 4th. The wireless technology company reported $2.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.01. Qualcomm had a return on equity of 31.91% and a net margin of 31.60%. The company had revenue of $10.44 billion for the quarter, compared to analysts’ expectations of $10.12 billion. During the same quarter in the prior year, the company earned $3.00 earnings per share. The firm’s revenue was down 8.4% on a year-over-year basis. On average, research analysts anticipate that Qualcomm Incorporated will post 7.16 EPS for the current fiscal year.

Qualcomm Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Thursday, December 3rd will be issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Thursday, December 3rd. Qualcomm’s dividend payout ratio is currently 28.98%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on QCOM. Royal Bank Of Canada lifted their price target on Qualcomm from $160.00 to $180.00 and gave the company a “sector perform” rating in a research report on Wednesday, September 9th. Barclays cut their price objective on Qualcomm from $180.00 to $150.00 and set an “underweight” rating for the company in a report on Thursday. Zacks Research cut Qualcomm from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Qualcomm in a report on Monday, September 21st. Finally, Citigroup dropped their price target on shares of Qualcomm from $198.00 to $175.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 29th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, twenty-two have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $197.13.

Insiders Place Their Bets

In other Qualcomm news, EVP Heather S. Ace sold 3,200 shares of the company’s stock in a transaction dated Monday, November 9th. The shares were 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 approximately $6,514,074.18. This represents a 7.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ann C. Chaplin sold 1,827 shares of the company’s stock in a transaction dated Friday, October 16th. The shares were sold at an average price of $174.75, for a total transaction of $319,268.25. Following the sale, the executive vice president directly owned 25,770 shares of the company’s stock, valued at $4,503,307.50. This represents a 6.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 35,020 shares of company stock worth $6,509,561 over the last three months. Company insiders own 0.05% of the company’s stock.

Key Headlines Impacting Qualcomm

Here are the key news stories impacting Qualcomm this week:

• Positive Sentiment: Automotive revenue grew 89% to a record $1.99 billion. Qualcomm also expects non-handset revenue to grow by more than 60% in fiscal 2027, supporting hopes that newer businesses can offset smartphone-market weakness. Article
• Positive Sentiment: ETFs made a net $28.3 million purchase of QCOM shares on Nov. 5, with more funds adding shares than reducing their holdings. Article
• Neutral Sentiment: EVP Heather Ace sold 3,200 shares under a pre-arranged Rule 10b5-1 plan, retaining 39,379 shares. The planned nature of the sale makes it a less clear signal about the company’s outlook. SEC filing
• Negative Sentiment: Handset revenue fell 26%, and earnings guidance came in below expectations, renewing concerns about pressure in Qualcomm’s core smartphone business. Article
• Negative Sentiment: Freedom Broker cut its rating from “buy” to “hold” and reduced its price target from $200 to $185, signaling less near-term upside in its view. Rating information

Qualcomm 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.