Bank of Nova Scotia Buys 557,541 Shares of Qualcomm Incorporated $QCOM

Key Points

• Bank of Nova Scotia increased its Qualcomm stake by 169.8% in the second quarter, adding 557,541 shares to hold 885,934 shares valued at approximately $163.7 million. Institutional investors collectively own 74.35% of Qualcomm.
• Qualcomm’s analyst consensus remains “Hold,” with a $203.63 average price target, though several firms recently lowered their targets. The stock opened at $160.75, well below its 12-month high of $259.92.
• Qualcomm reported quarterly revenue of $9.95 billion, exceeding estimates, but earnings per share of $2.21 narrowly missed expectations and revenue declined 4% year over year. The company also declared a quarterly dividend of $0.92 per share, representing a 2.3% yield.

Bank of Nova Scotia lifted its stake in Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 169.8% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 885,934 shares of the wireless technology company's stock after purchasing an additional 557,541 shares during the quarter. Bank of Nova Scotia owned about 0.08% of Qualcomm worth $163,712,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Qualcomm in the 2nd quarter worth about $17,583,115,000. Norges Bank bought a new stake in shares of Qualcomm during the 4th quarter worth approximately $2,591,056,000. Bank of New York Mellon Corp purchased a new position in Qualcomm during the 2nd quarter valued at $1,523,930,000. Deutsche Bank AG purchased a new position in Qualcomm during the 2nd quarter valued at $1,178,349,000. Finally, Wellington Management Group LLP boosted its holdings in Qualcomm by 34.5% during the 4th 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 acquiring an additional 4,290,622 shares during the period. Institutional investors own 74.35% of the company's stock.

Insider Buying and Selling

In other news, EVP Heather S. Ace sold 3,200 shares of the company's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $147.04, for a total transaction of $470,528.00. Following the transaction, the executive vice president owned 36,535 shares in the company, valued at $5,372,106.40. This represents a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Patricia Y. Grech sold 625 shares of the company's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $162.85, for a total transaction of $101,781.25. Following the completion of the sale, the chief accounting officer directly owned 208 shares in the company, valued at $33,872.80. This trade represents a 75.03% 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. Insiders have sold a total of 11,325 shares of company stock worth $1,925,859 in the last ninety days. 0.05% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have weighed in on QCOM. HSBC reiterated a "hold" rating on shares of Qualcomm in a research note on Wednesday, July 15th. Sanford C. Bernstein set a $165.00 price target on shares of Qualcomm in a report on Thursday, July 30th. Cantor Fitzgerald reduced their price target on shares of Qualcomm from $200.00 to $165.00 and set a "neutral" rating on the stock in a research note on Monday, July 27th. UBS Group decreased their price objective on shares of Qualcomm from $190.00 to $170.00 and set a "neutral" rating for the company in a report on Thursday, July 30th. Finally, Argus set a $220.00 price objective on Qualcomm in a research note on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, twenty have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $203.63.

Qualcomm Price Performance

Shares of NASDAQ QCOM opened at $160.75 on Monday. Qualcomm Incorporated has a 12-month low of $121.99 and a 12-month high of $259.92. The stock's fifty day simple moving average is $178.26 and its two-hundred day simple moving average is $168.12. The stock has a market capitalization of $168.82 billion, a PE ratio of 18.61, a price-to-earnings-growth ratio of 14.84 and a beta of 1.65. The company has a current ratio of 2.02, a quick ratio of 1.28 and a debt-to-equity ratio of 0.46.

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 the consensus estimate of $2.23 by ($0.02). Qualcomm had a return on equity of 38.36% and a net margin of 21.01%.The company had revenue of $9.95 billion during the quarter, compared to the consensus estimate of $9.69 billion. During the same period in the previous year, the firm posted $2.77 earnings per share. The company's revenue was down 4.0% on a year-over-year basis. Qualcomm has set its Q4 2026 guidance at 2.050-2.250 EPS. As a group, analysts expect that Qualcomm Incorporated will post 7.74 EPS for the current fiscal year.

Qualcomm Dividend Announcement

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

Qualcomm Profile

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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