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Gulf International Bank UK Ltd Decreases Position in QUALCOMM Incorporated (NASDAQ:QCOM)

QUALCOMM logo with Computer and Technology background

Key Points

  • Gulf International Bank UK Ltd reduced its stake in QUALCOMM by 26.6%, selling 23,042 shares during the first quarter, leaving it with 63,629 shares valued at approximately $9.77 million.
  • QUALCOMM reported a Q3 EPS of $2.77, surpassing analysts' expectations and marking a revenue increase of 10.4% compared to the previous year.
  • The company announced a quarterly dividend of $0.89 per share, with a yield of 2.3% and a dividend payout ratio of 34.33%.
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Gulf International Bank UK Ltd cut its position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 26.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,629 shares of the wireless technology company's stock after selling 23,042 shares during the quarter. Gulf International Bank UK Ltd's holdings in QUALCOMM were worth $9,774,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Banque Transatlantique SA bought a new stake in shares of QUALCOMM during the 4th quarter worth $26,000. Atlantic Edge Private Wealth Management LLC lifted its holdings in shares of QUALCOMM by 70.0% during the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock worth $26,000 after acquiring an additional 70 shares during the last quarter. WFA Asset Management Corp bought a new stake in shares of QUALCOMM during the 1st quarter worth $27,000. Sunbeam Capital Management LLC bought a new stake in shares of QUALCOMM during the 4th quarter worth $29,000. Finally, Mascagni Wealth Management Inc. bought a new stake in shares of QUALCOMM during the 4th quarter worth $30,000. Hedge funds and other institutional investors own 74.35% of the company's stock.

QUALCOMM Trading Up 1.9%

Shares of QCOM traded up $2.86 during trading hours on Wednesday, reaching $156.59. 7,098,897 shares of the company traded hands, compared to its average volume of 8,781,794. The company's fifty day moving average price is $155.35 and its two-hundred day moving average price is $153.91. The company has a market capitalization of $168.96 billion, a price-to-earnings ratio of 15.10, a price-to-earnings-growth ratio of 2.24 and a beta of 1.23. The company has a quick ratio of 2.38, a current ratio of 3.19 and a debt-to-equity ratio of 0.54. QUALCOMM Incorporated has a 12 month low of $120.80 and a 12 month high of $182.10.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share for the quarter, beating analysts' consensus estimates of $2.71 by $0.06. The firm had revenue of $10.37 billion for the quarter, compared to analyst estimates of $10.33 billion. QUALCOMM had a net margin of 26.77% and a return on equity of 40.35%. The company's revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.33 EPS. Equities research analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be paid a dividend of $0.89 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $3.56 annualized dividend and a yield of 2.3%. QUALCOMM's payout ratio is presently 34.33%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of QUALCOMM from a "buy" rating to a "hold" rating in a report on Sunday, August 3rd. Piper Sandler decreased their target price on shares of QUALCOMM from $190.00 to $175.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. Susquehanna decreased their target price on shares of QUALCOMM from $210.00 to $190.00 and set a "positive" rating on the stock in a research report on Thursday, May 1st. JPMorgan Chase & Co. lifted their target price on shares of QUALCOMM from $190.00 to $200.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Finally, Robert W. Baird decreased their target price on shares of QUALCOMM from $250.00 to $216.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $181.10.

View Our Latest Analysis on QCOM

Insider Buying and Selling

In related news, CFO Akash J. Palkhiwala sold 3,333 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $148.10, for a total transaction of $493,617.30. Following the sale, the chief financial officer owned 43,207 shares of the company's stock, valued at $6,398,956.70. The trade was a 7.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Heather S. Ace sold 1,600 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $146.40, for a total transaction of $234,240.00. Following the sale, the insider directly owned 21,193 shares in the company, valued at $3,102,655.20. The trade was a 7.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 424,099 shares of company stock valued at $8,352,355 over the last quarter. Corporate insiders own 0.08% of the company's stock.

About QUALCOMM

(Free Report)

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on 3G/4G/5G and other technologies for use in wireless voice and data communications, networking, computing, multimedia, and position location products.

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