Qualcomm Incorporated $QCOM Shares Purchased by SVB Wealth LLC

SVB Wealth LLC raised its position in shares of Qualcomm Incorporated (NASDAQ:QCOM) by 63.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,396 shares of the wireless technology company’s stock after acquiring an additional 5,221 shares during the period. SVB Wealth LLC’s holdings in Qualcomm were worth $2,465,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Baxter Bros Inc. acquired a new stake in shares of Qualcomm in the second quarter worth $17,844,000. Y Intercept Hong Kong Ltd acquired a new position in Qualcomm during the 2nd quarter valued at $28,068,000. Cullinan Associates Inc. raised its stake in Qualcomm by 11.3% during the 3rd quarter. Cullinan Associates Inc. now owns 55,373 shares of the wireless technology company’s stock valued at $10,191,000 after purchasing an additional 5,629 shares during the last quarter. Tensor Edge Capital LLC bought a new stake in Qualcomm in the 2nd quarter valued at $147,315,000. Finally, Sawyer & Company Inc bought a new stake in Qualcomm in the 3rd quarter valued at $2,403,000. 74.35% of the stock is owned by institutional investors and hedge funds.

Qualcomm Stock Performance

Shares of NASDAQ QCOM opened at $177.14 on Friday. The firm has a market capitalization of $189.54 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 2.07 and a beta of 1.70. Qualcomm Incorporated has a one year low of $121.99 and a one year high of $259.92. The business has a fifty day simple moving average of $178.65 and a 200 day simple moving average of $169.90. The company has a current ratio of 1.86, a quick ratio of 1.14 and a debt-to-equity ratio of 0.42.

Qualcomm (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, November 4th. The wireless technology company reported $2.17 earnings per share for the quarter, topping analysts’ consensus estimates of $2.16 by $0.01. The firm had revenue of $10.44 billion for the quarter, compared to the consensus estimate of $10.12 billion. Qualcomm had a net margin of 31.60% and a return on equity of 30.62%. The business’s revenue was down 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.00 earnings per share. Sell-side analysts expect that Qualcomm Incorporated will post 6.75 EPS for the current year.

Qualcomm Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Thursday, December 3rd will be given 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 is Thursday, December 3rd. Qualcomm’s payout ratio is 28.98%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on QCOM shares. Morgan Stanley decreased their price target on shares of Qualcomm from $231.00 to $220.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 30th. Benchmark cut their price objective on shares of Qualcomm from $300.00 to $270.00 and set a “buy” rating for the company in a research report on Monday, July 27th. Citigroup reduced their target price on shares of Qualcomm from $198.00 to $175.00 and set a “neutral” rating for the company in a research note on Wednesday, July 29th. Freedom Capital raised Qualcomm from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 7th. Finally, Royal Bank Of Canada lifted their target price on Qualcomm from $160.00 to $180.00 and gave the stock a “sector perform” rating in a research report on Wednesday, September 9th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twenty-one have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $197.13.

Insiders Place Their Bets

In other Qualcomm news, CEO Cristiano R. Amon sold 10,000 shares of the firm’s stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $200.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the chief executive officer owned 177,568 shares in the company, valued at $35,513,600. This trade represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Patricia Y. Grech sold 208 shares of Qualcomm stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $170.00, for a total value of $35,360.00. 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 32,520 shares of company stock valued at $6,101,411 over the last 90 days. Company insiders own 0.05% of the company’s stock.

Key Stories Impacting Qualcomm

Investors following QCOM have been watching these stories:

• Positive Sentiment: Qualcomm’s 5G partnership with SpaceX could create a new opportunity in network equipment. Amon called it a partnership that could drive innovation, though its commercial impact is not yet clear. Qualcomm CEO on SpaceX deal
• Neutral Sentiment: The SpaceX opportunity faces execution and competitive hurdles: one analysis warns that building a challenger to major mobile carriers could be difficult, and a possible Boost Mobile acquisition remains speculative. SpaceX deal and carrier challenges
• Negative Sentiment: Despite a quarterly earnings beat, reports cited handset weakness and uncertainty around data-center growth in explaining a sharp recent selloff. Investors are also weighing customer concentration, investment needs and potential margin pressure as Qualcomm ramps its data-center business. Qualcomm selloff and uncertainty

About Qualcomm

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.