Allstate Corp Sells 9,075 Shares of Qualcomm Incorporated $QCOM

Key Points

• Allstate Corp. reduced its Qualcomm stake by 8.5% in the second quarter, selling 9,075 shares and retaining 97,549 shares worth approximately $18.0 million. Institutional investors collectively own 74.35% of Qualcomm.
• Analysts maintain a consensus “Hold” rating with an average price target of $203.63, although Susquehanna recently cut its target from $190 to $160. Qualcomm shares opened at $158.53, well below their 12-month high of $259.92.
• Qualcomm reported quarterly revenue of $9.95 billion, exceeding estimates, but EPS of $2.21 narrowly missed expectations and revenue declined 4% year over year. The company declared a quarterly dividend of $0.92 per share, implying a 2.3% annualized yield.

Allstate Corp lowered its position in shares of Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 8.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 97,549 shares of the wireless technology company's stock after selling 9,075 shares during the quarter. Allstate Corp's holdings in Qualcomm were worth $18,026,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Qualcomm during the 2nd quarter worth about $17,583,115,000. Norges Bank acquired a new stake in shares of Qualcomm in the fourth quarter valued at about $2,591,056,000. Bank of New York Mellon Corp bought a new stake in Qualcomm during the second quarter worth about $1,523,930,000. Deutsche Bank AG bought a new stake in Qualcomm during the second quarter worth about $1,178,349,000. Finally, Wellington Management Group LLP boosted its position in Qualcomm by 34.5% during the fourth quarter. Wellington Management Group LLP now owns 16,727,862 shares of the wireless technology company's stock valued at $2,861,301,000 after purchasing an additional 4,290,622 shares during the last quarter. 74.35% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

QCOM has been the subject of a number of analyst reports. Guggenheim set a $200.00 price target on Qualcomm in a research note on Monday, June 22nd. HSBC reiterated a "hold" rating on shares of Qualcomm in a research note on Wednesday, July 15th. Weiss Ratings reissued a "hold (c)" rating on shares of Qualcomm in a report on Wednesday, June 24th. Evercore set a $159.00 target price on shares of Qualcomm in a research note on Thursday, July 30th. Finally, Susquehanna lowered their target price on shares of Qualcomm from $190.00 to $160.00 and set a "neutral" rating on the stock in a report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, twenty have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $203.63.

Qualcomm Price Performance

Shares of NASDAQ QCOM opened at $158.53 on Tuesday. The company has a quick ratio of 1.28, a current ratio of 2.02 and a debt-to-equity ratio of 0.46. The business's 50 day moving average price is $177.01 and its two-hundred day moving average price is $168.20. The company has a market cap of $166.49 billion, a PE ratio of 18.35, a price-to-earnings-growth ratio of 14.84 and a beta of 1.65. Qualcomm Incorporated has a twelve month low of $121.99 and a twelve month high of $259.92.

Qualcomm (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The wireless technology company reported $2.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.23 by ($0.02). Qualcomm had a net margin of 21.01% and a return on equity of 38.36%. The business had revenue of $9.95 billion during the quarter, compared to analyst estimates of $9.69 billion. During the same period in the previous year, the business earned $2.77 earnings per share. The business's quarterly revenue was down 4.0% on a year-over-year basis. Qualcomm has set its Q4 2026 guidance at 2.050-2.250 EPS. On average, analysts predict that Qualcomm Incorporated will post 7.74 EPS for the current year.

Qualcomm Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 3rd will be paid a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Thursday, September 3rd. Qualcomm's dividend payout ratio (DPR) is currently 42.59%.

Insider Buying and Selling

In other Qualcomm news, EVP Heather S. Ace sold 3,200 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $147.04, for a total value of $470,528.00. Following the transaction, the executive vice president directly owned 36,535 shares of the company's stock, valued at $5,372,106.40. This represents a 8.05% decrease in their position. The transaction was disclosed in a legal 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 Akash J. Palkhiwala sold 2,500 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $163.26, for a total value of $408,150.00. Following the sale, the executive vice president owned 20,684 shares of the company's stock, valued at approximately $3,376,869.84. This represents a 10.78% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 11,325 shares of company stock valued at $1,925,859. Company insiders own 0.05% of the company's stock.

About Qualcomm

Qualcomm Incorporated is a global semiconductor and telecommunications equipment company headquartered in San Diego, California. Founded in 1985, the company is known for its development of wireless technologies and for playing a central role in the evolution of digital cellular standards, including CDMA and subsequent generations of mobile standards. Qualcomm’s business combines the design and sale of semiconductor products with a patent licensing program for wireless technologies and related intellectual property.

The company’s product portfolio includes system-on-chip (SoC) platforms marketed under the Snapdragon brand, cellular modem and RF front-end components, connectivity solutions for Wi‑Fi and Bluetooth, and processors and platforms aimed at automotive, IoT, networking and edge-computing applications.

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