Allspring Global Investments Holdings LLC Sells 9,236 Shares of Qualcomm Incorporated $QCOM

Key Points

• Allspring Global Investments Holdings cut its Qualcomm stake by 5.7%, selling 9,236 shares in the third quarter; it held 152,411 shares worth about $27.8 million at quarter-end.
• Qualcomm’s latest quarter beat analyst estimates for earnings and revenue, but revenue fell 8.4% year over year. The stock has a consensus “Hold” rating and an average price target of $197.13.
• Qualcomm is pursuing growth beyond smartphones, with its CEO expressing confidence in data-center sales targets of $5 billion in fiscal 2027 and $15 billion in fiscal 2029; the company also declared a quarterly dividend of $0.92 per share.

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 5.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 152,411 shares of the wireless technology company's stock after selling 9,236 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Qualcomm were worth $27,752,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Qualcomm in the second quarter valued at $17,583,115,000. State Street Corp boosted its stake in shares of Qualcomm by 1.3% during the 2nd quarter. State Street Corp now owns 52,763,263 shares of the wireless technology company's stock worth $9,750,123,000 after purchasing an additional 671,537 shares during the period. Van ECK Associates Corp boosted its stake in shares of Qualcomm by 22.7% during the 2nd quarter. Van ECK Associates Corp now owns 17,202,619 shares of the wireless technology company's stock worth $3,178,872,000 after purchasing an additional 3,179,720 shares during the period. Amundi grew its holdings in Qualcomm by 94.1% during the 2nd quarter. Amundi now owns 10,195,741 shares of the wireless technology company's stock valued at $1,884,071,000 after purchasing an additional 4,942,908 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Qualcomm during the 2nd quarter valued at about $1,523,930,000. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Latest Qualcomm News

Investors following QCOM have been watching these news items:

• Positive Sentiment: CEO Cristiano Amon defended Qualcomm’s data-center opportunity, expressing confidence in targets of $5 billion in fiscal 2027 sales and $15 billion by fiscal 2029. If achieved, the business could diversify revenue beyond smartphones. Qualcomm CEO on data-center goal
• Positive Sentiment: An AI-focused Linux desktop operating system being developed for Snapdragon PCs could support Qualcomm’s push to expand beyond smartphones and into AI-capable computers. Qualcomm AI PC partnership
• Negative Sentiment: Analyst coverage remains cautious: Bank of America maintained an underperform rating, while other reports point to falling earnings estimates and margin risks. A comparison also favored Silicon Motion on performance, estimates and valuation. Bank of America remains cautious

Insider Activity at Qualcomm

In other news, EVP Ann Chaplin sold 1,827 shares of the stock in a transaction on Friday, October 16th. The stock was sold at an average price of $174.75, for a total transaction of $319,268.25. Following the transaction, the executive vice president owned 25,770 shares of the company's stock, valued at approximately $4,503,307.50. This represents a 6.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Akash Palkhiwala sold 2,500 shares of the stock in a transaction on Friday, September 11th. The stock was sold at an average price of $182.85, for a total value of $457,125.00. Following the transaction, the executive vice president directly owned 18,184 shares in the company, valued at $3,324,944.40. The trade was a 12.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 32,520 shares of company stock worth $6,101,411 over the last three months. Corporate insiders own 0.05% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on QCOM. Susquehanna reduced their price objective on shares of Qualcomm from $185.00 to $165.00 and set a "neutral" rating on the stock in a research report on Thursday, November 5th. The Goldman Sachs Group reissued a "neutral" rating on shares of Qualcomm in a research note on Thursday, November 5th. Zacks Research lowered Qualcomm from a "hold" rating to a "strong sell" rating in a research report on Tuesday, September 15th. Barclays cut their target price on Qualcomm from $180.00 to $150.00 and set an "underweight" rating on the stock in a research note on Thursday, November 5th. Finally, Piper Sandler reiterated a "neutral" rating on shares of Qualcomm in a report on Thursday, November 5th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, twenty-one have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $197.13.

Qualcomm Trading Up 0.3%

Shares of QCOM opened at $177.14 on Friday. Qualcomm Incorporated has a 1-year low of $121.99 and a 1-year high of $259.92. The company has a 50-day moving average of $178.65 and a 200 day moving average of $169.90. 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. 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 (NASDAQ:QCOM - Get Free Report) last issued its earnings results on Wednesday, November 4th. The wireless technology company reported $2.17 EPS for the quarter, topping analysts' consensus estimates of $2.16 by $0.01. Qualcomm had a net margin of 31.60% and a return on equity of 30.62%. The business had revenue of $10.44 billion for the quarter, compared to the consensus estimate of $10.12 billion. During the same period in the prior year, the firm earned $3.00 EPS. The company's revenue for the quarter was down 8.4% compared to the same quarter last year. On average, research analysts expect that Qualcomm Incorporated will post 6.75 EPS for the current year.

Qualcomm Announces Dividend

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 paid a $0.92 dividend. The ex-dividend date of this dividend is Thursday, December 3rd. This represents a $3.68 annualized dividend and a yield of 2.1%. Qualcomm's dividend payout ratio is 28.98%.

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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