5,250 Shares of Qualcomm Incorporated $QCOM Purchased by Partners Wealth Management LLC

Key Points

• Partners Wealth Management initiated a 5,250-share Qualcomm position valued at approximately $966,000 in the third quarter. Institutional investors and hedge funds collectively own 74.35% of QCOM.
• Qualcomm reported quarterly revenue of $9.95 billion, exceeding estimates, but adjusted EPS of $2.21 fell short of expectations and revenue declined 4% year over year. The company declared a quarterly dividend of $0.92, representing a 2.2% annualized yield.
• Analyst sentiment remains mixed, with a consensus rating of Hold and an average price target of $205.83; insiders have sold 33,458 shares worth approximately $6.2 million over the past three months.

Partners Wealth Management LLC bought a new stake in shares of Qualcomm Incorporated (NASDAQ:QCOM - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 5,250 shares of the wireless technology company's stock, valued at approximately $966,000.

Other institutional investors have also recently modified their holdings of the company. Baxter Bros Inc. acquired a new stake in shares of Qualcomm in the second quarter valued at about $17,844,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Qualcomm in the second quarter valued at approximately $28,068,000. Tensor Edge Capital LLC acquired a new position in Qualcomm during the second quarter worth $147,315,000. Sawyer & Company Inc purchased a new stake in Qualcomm in the 3rd quarter valued at $2,403,000. Finally, Robinson Value Management Ltd. grew its holdings in Qualcomm by 40.5% in the 3rd quarter. Robinson Value Management Ltd. now owns 34,184 shares of the wireless technology company's stock valued at $6,291,000 after buying an additional 9,858 shares in the last quarter. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Qualcomm Stock Down 11.1%

Qualcomm stock opened at $164.79 on Friday. The company has a market capitalization of $175.97 billion, a PE ratio of 19.07, a price-to-earnings-growth ratio of 4.17 and a beta of 1.65. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.28 and a current ratio of 2.02. Qualcomm Incorporated has a fifty-two week low of $121.99 and a fifty-two week high of $259.92. The firm has a 50 day moving average price of $177.83 and a 200 day moving average price of $169.44.

Qualcomm (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The wireless technology company reported $2.21 EPS for the quarter, missing analysts' consensus estimates of $2.23 by ($0.02). Qualcomm had a return on equity of 38.36% and a net margin of 21.01%. The firm had revenue of $9.95 billion for the quarter, compared to analyst estimates of $9.69 billion. During the same quarter last year, the company earned $2.77 earnings per share. The firm's revenue for the quarter was down 4.0% on a year-over-year basis. Research analysts expect that Qualcomm Incorporated will post 7.71 earnings per share for the current year.

Qualcomm Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, December 3rd will be issued a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Thursday, December 3rd. Qualcomm's payout ratio is currently 42.59%.

Insider Transactions at Qualcomm

In related news, CAO Patricia Grech sold 208 shares of the stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $170.00, for a total transaction of $35,360.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ann Chaplin sold 1,827 shares of the firm's stock in a transaction dated Friday, October 16th. The shares were 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 of the company's stock, valued at $4,503,307.50. This trade represents a 6.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 33,458 shares of company stock worth $6,198,144. 0.05% of the stock is owned by corporate insiders.

Analyst Ratings Changes

QCOM has been the subject of several analyst reports. Freedom Capital upgraded Qualcomm from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 7th. Evercore set a $159.00 target price on Qualcomm in a research report on Thursday, July 30th. Susquehanna upped their price target on Qualcomm from $160.00 to $185.00 and gave the company a "neutral" rating in a research note on Wednesday, October 21st. Wells Fargo & Company lowered their price target on Qualcomm from $265.00 to $170.00 and set an "equal weight" rating for the company in a report on Thursday, July 30th. Finally, Barclays reissued an "underweight" rating on shares of Qualcomm in a research report on Wednesday, September 9th. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, twenty-one have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $205.83.

Qualcomm Company Profile

Qualcomm Incorporated is a technology company that develops and commercializes wireless communications and semiconductor technologies. Through Qualcomm Technologies, Inc, the company designs integrated circuits, system software and related platforms used in smartphones, personal computers, automobiles, industrial equipment, consumer devices and other connected products. Its Snapdragon platforms support mobile computing, connectivity, artificial intelligence and multimedia applications, while its broader portfolio includes radio-frequency systems, networking and edge-computing technologies.

Qualcomm also operates a significant technology-licensing business through its Qualcomm Technology Licensing segment.

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