3,793 Qualcomm Incorporated $QCOM Shares Sold by Bourne Lent Asset Management Inc.

Key Points

• Bourne Lent Asset Management reduced its Qualcomm stake by 11.8%, selling 3,793 shares and ending the quarter with 28,360 shares worth about $5.22 million.
• Qualcomm slightly beat quarterly earnings and revenue estimates, reporting EPS of $2.17 and revenue of $10.44 billion; however, revenue fell 8.4% year over year.
• Analyst sentiment was mixed: the consensus rating was Hold, with an average price target of $197.13. Qualcomm also declared a quarterly dividend of $0.92 per share.

Bourne Lent Asset Management Inc. cut its holdings in shares of Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 11.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,360 shares of the wireless technology company's stock after selling 3,793 shares during the period. Qualcomm comprises about 1.7% of Bourne Lent Asset Management Inc.'s portfolio, making the stock its 13th biggest position. Bourne Lent Asset Management Inc.'s holdings in Qualcomm were worth $5,219,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Maryland State Retirement & Pension System increased its holdings in Qualcomm by 13.7% during the 3rd quarter. Maryland State Retirement & Pension System now owns 64,768 shares of the wireless technology company's stock worth $11,920,000 after purchasing an additional 7,785 shares during the period. Ritholtz Wealth Management raised its position in Qualcomm by 3.6% in the 3rd quarter. Ritholtz Wealth Management now owns 24,586 shares of the wireless technology company's stock valued at $4,525,000 after purchasing an additional 860 shares in the last quarter. UNIVEST FINANCIAL Corp boosted its stake in shares of Qualcomm by 18.1% in the 3rd quarter. UNIVEST FINANCIAL Corp now owns 2,214 shares of the wireless technology company's stock valued at $407,000 after buying an additional 340 shares during the period. Joel Isaacson & Co. LLC boosted its stake in shares of Qualcomm by 1.4% in the 3rd quarter. Joel Isaacson & Co. LLC now owns 7,380 shares of the wireless technology company's stock valued at $1,358,000 after buying an additional 100 shares during the period. Finally, Jefferies Financial Group Inc. boosted its stake in shares of Qualcomm by 1,650.5% in the 3rd quarter. Jefferies Financial Group Inc. now owns 319,824 shares of the wireless technology company's stock valued at $58,860,000 after buying an additional 301,554 shares during the period. Institutional investors and hedge funds own 74.35% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Freedom Capital raised shares of Qualcomm from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 7th. Robert W. Baird set a $320.00 price objective on Qualcomm in a report on Thursday, November 5th. Citigroup cut their target price on Qualcomm from $198.00 to $175.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 29th. Wells Fargo & Company decreased their target price on Qualcomm from $265.00 to $170.00 and set an "equal weight" rating for the company in a research note on Thursday, July 30th. Finally, TD Cowen decreased their target price on Qualcomm from $200.00 to $185.00 and set a "buy" rating for the company in a research note on Thursday, November 5th. Three analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, twenty-one have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $197.13.

Key Qualcomm News

These are some of the QCOM news items that stood out recently:

• 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: Qualcomm’s handset business remains a concern as it shrinks, leaving investors to assess whether automotive and other newer businesses can offset pressure in the company’s core market. Article

Qualcomm Price Performance

Shares of NASDAQ QCOM opened at $176.57 on Thursday. 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 Incorporated has a twelve month low of $121.99 and a twelve month high of $259.92. The stock has a 50 day moving average of $178.51 and a two-hundred day moving average of $169.78. The stock has a market cap of $188.93 billion, a P/E ratio of 22.45, a P/E/G ratio of 1.92 and a beta of 1.70.

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

Qualcomm Dividend Announcement

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

Insider Activity

In related news, EVP Ann Chaplin sold 1,827 shares of the business's stock in a transaction dated Friday, October 16th. The stock was sold at an average price of $174.75, for a total value of $319,268.25. Following the transaction, the executive vice president owned 25,770 shares in the company, valued at $4,503,307.50. The trade was a 6.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Heather Ace sold 3,200 shares of the company's stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $165.42, for a total value of $529,344.00. Following 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 32,520 shares of company stock valued at $6,101,411. Insiders own 0.05% of the company's stock.

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.

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