Canal Capital Management LLC Boosts Stock Holdings in Qualcomm Incorporated $QCOM

Key Points

• Canal Capital Management LLC increased its Qualcomm stake by 24.9% in the first quarter, buying 13,003 additional shares and bringing its total to 65,302 shares worth about $8.41 million.
• Qualcomm recently reported quarterly EPS of $2.65, slightly ahead of estimates, while revenue came in at $10.60 billion, essentially in line with expectations but down 3.5% year over year.
• The company also authorized a $20 billion share repurchase program, and analysts currently have a consensus Hold rating with an average price target of $220.45.

Canal Capital Management LLC boosted its position in Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 24.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 65,302 shares of the wireless technology company's stock after buying an additional 13,003 shares during the quarter. Qualcomm makes up about 1.1% of Canal Capital Management LLC's holdings, making the stock its 25th largest position. Canal Capital Management LLC's holdings in Qualcomm were worth $8,410,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Certified Advisory Corp lifted its holdings in Qualcomm by 0.6% in the 3rd quarter. Certified Advisory Corp now owns 10,085 shares of the wireless technology company's stock worth $1,678,000 after purchasing an additional 62 shares in the last quarter. ProVise Management Group LLC lifted its holdings in shares of Qualcomm by 2.6% in the third quarter. ProVise Management Group LLC now owns 2,560 shares of the wireless technology company's stock worth $426,000 after buying an additional 64 shares in the last quarter. Baker Tilly Wealth Management LLC boosted its position in shares of Qualcomm by 1.0% during the fourth quarter. Baker Tilly Wealth Management LLC now owns 6,401 shares of the wireless technology company's stock worth $1,095,000 after acquiring an additional 64 shares during the last quarter. Dakota Community Bank & Trust NA increased its holdings in Qualcomm by 3.6% in the 4th quarter. Dakota Community Bank & Trust NA now owns 1,847 shares of the wireless technology company's stock valued at $316,000 after acquiring an additional 65 shares during the last quarter. Finally, Burns J W & Co. Inc. NY increased its holdings in Qualcomm by 2.1% in the 4th quarter. Burns J W & Co. Inc. NY now owns 3,253 shares of the wireless technology company's stock valued at $556,000 after acquiring an additional 66 shares during the last quarter. 74.35% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Qualcomm

In related news, EVP Akash J. Palkhiwala sold 2,500 shares of the firm's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $197.35, for a total transaction of $493,375.00. Following the completion of the transaction, the executive vice president owned 25,684 shares of the company's stock, valued at $5,068,737.40. This trade represents a 8.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Patricia Y. Grech sold 829 shares of the business's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $201.77, for a total transaction of $167,267.33. 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 have sold 21,721 shares of company stock valued at $3,918,290. 0.05% of the stock is currently owned by insiders.

Qualcomm Stock Performance

Shares of NASDAQ:QCOM opened at $176.25 on Friday. The company has a market capitalization of $185.77 billion, a price-to-earnings ratio of 19.16, a price-to-earnings-growth ratio of 5.24 and a beta of 1.63. Qualcomm Incorporated has a 52 week low of $121.99 and a 52 week high of $259.92. The company has a quick ratio of 1.61, a current ratio of 2.37 and a debt-to-equity ratio of 0.54. The firm has a 50 day moving average of $205.65 and a 200 day moving average of $167.95.

Qualcomm (NASDAQ:QCOM - Get Free Report) last announced its earnings results on Wednesday, April 29th. The wireless technology company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.09. The company had revenue of $10.60 billion for the quarter, compared to analyst estimates of $10.59 billion. Qualcomm had a return on equity of 42.11% and a net margin of 22.31%.The firm's quarterly revenue was down 3.5% compared to the same quarter last year. During the same period in the prior year, the company posted $2.85 EPS. Qualcomm has set its Q3 2026 guidance at 2.100-2.300 EPS. On average, sell-side analysts predict that Qualcomm Incorporated will post 7.96 earnings per share for the current fiscal year.

Qualcomm announced that its Board of Directors has approved a share repurchase program on Tuesday, March 17th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the wireless technology company to buy up to 14.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Cantor Fitzgerald set a $220.00 price objective on shares of Qualcomm and gave the company a "neutral" rating in a report on Thursday, June 25th. Wells Fargo & Company lifted their target price on Qualcomm from $230.00 to $265.00 and gave the stock an "equal weight" rating in a report on Thursday, June 25th. Benchmark boosted their target price on Qualcomm from $225.00 to $300.00 and gave the stock a "buy" rating in a research report on Thursday, June 25th. JPMorgan Chase & Co. increased their price target on Qualcomm from $160.00 to $265.00 and gave the company a "neutral" rating in a research note on Friday, June 5th. Finally, Royal Bank Of Canada lifted their price objective on Qualcomm from $175.00 to $250.00 and gave the stock a "sector perform" rating in a research note on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Qualcomm presently has a consensus rating of "Hold" and an average price target of $220.45.

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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