Founders Financial Securities LLC Sells 9,720 Shares of Qualcomm Incorporated $QCOM

Key Points

• Founders Financial Securities reduced its Qualcomm stake by 71.8% in the third quarter, selling 9,720 shares and retaining 3,819 shares valued at approximately $703,000.
• Qualcomm shares were trading at $164.79, down 11.1%, while institutional investors owned 74.35% of the company. The latest quarterly results slightly missed earnings expectations, although revenue exceeded estimates and declined 4% year over year.
• Qualcomm declared a quarterly dividend of $0.92 per share, equivalent to an annualized $3.68 payout and a 2.2% yield. Analysts have a consensus “Hold” rating with an average price target of $205.83.

Founders Financial Securities LLC lessened its holdings in Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 71.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,819 shares of the wireless technology company's stock after selling 9,720 shares during the quarter. Founders Financial Securities LLC's holdings in Qualcomm were worth $703,000 at the end of the most recent reporting period.

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

Qualcomm Trading Down 11.1%

Shares of QCOM opened at $164.79 on Friday. The company has a current ratio of 2.02, a quick ratio of 1.28 and a debt-to-equity ratio of 0.46. The firm has a 50-day moving average price of $177.83 and a 200 day moving average price of $169.44. Qualcomm Incorporated has a 12-month low of $121.99 and a 12-month high of $259.92. The firm has a market capitalization of $175.97 billion, a P/E ratio of 19.07, a P/E/G ratio of 3.71 and a beta of 1.65.

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

Qualcomm Dividend Announcement

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

Insider Buying and Selling at Qualcomm

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 transaction of $470,528.00. Following the completion of the transaction, the executive vice president owned 36,535 shares of the company's stock, valued at $5,372,106.40. This trade represents a 8.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Patricia Y. Grech sold 625 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $162.85, for a total transaction of $101,781.25. Following the transaction, the chief accounting officer directly owned 208 shares of the company's stock, valued at $33,872.80. The trade was a 75.03% 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. In the last quarter, insiders sold 33,458 shares of company stock worth $6,198,144. Insiders own 0.05% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on QCOM shares. Cantor Fitzgerald lowered their price target on shares of Qualcomm from $200.00 to $165.00 and set a "neutral" rating on the stock in a report on Monday, July 27th. TD Cowen upped their price target on Qualcomm from $175.00 to $200.00 and gave the stock a "buy" rating in a report on Monday, October 19th. Susquehanna increased their price target on Qualcomm from $160.00 to $185.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 21st. Piper Sandler started coverage on Qualcomm in a research note on Wednesday, September 9th. They set a "neutral" rating and a $190.00 target price for the company. Finally, Zacks Research cut shares of Qualcomm from a "hold" rating to a "strong sell" rating in a research note on Tuesday, September 15th. Three research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, twenty-one have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Qualcomm presently has a consensus rating of "Hold" and a consensus price target of $205.83.

Qualcomm 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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