International Assets Investment Management LLC Acquires 3,229 Shares of Qualcomm Incorporated $QCOM

Key Points

• International Assets Investment Management increased its Qualcomm stake by 18.5% in the third quarter, buying 3,229 shares to own 20,685 shares valued at about $3.77 million.
• Qualcomm’s latest quarter modestly beat estimates, reporting $10.44 billion in revenue and $2.17 adjusted earnings per share, but revenue fell 8.4% year over year and earnings declined from the prior year.
• Analysts have a consensus Hold rating and an average price target of $197.55; Qualcomm also announced a quarterly dividend of $0.92 per share.

International Assets Investment Management LLC lifted its holdings in Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 18.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,685 shares of the wireless technology company's stock after purchasing an additional 3,229 shares during the period. International Assets Investment Management LLC's holdings in Qualcomm were worth $3,767,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in QCOM. ABS Investment Management LLC acquired a new stake in Qualcomm during the second quarter valued at approximately $34,000. ABS Direct Equity Fund LLC acquired a new position in Qualcomm in the second quarter worth approximately $34,000. Team Financial Group LLC bought a new position in shares of Qualcomm in the third quarter valued at $38,000. Burk Holdings LLC increased its holdings in shares of Qualcomm by 191.7% in the second quarter. Burk Holdings LLC now owns 210 shares of the wireless technology company's stock valued at $39,000 after buying an additional 138 shares in the last quarter. Finally, Harborfront Financial Group LLC acquired a new stake in shares of Qualcomm during the 2nd quarter valued at $41,000. Institutional investors and hedge funds own 74.35% of the company's stock.

Trending Headlines about Qualcomm

Here are the key news stories impacting Qualcomm this week:

• Positive Sentiment: Qualcomm’s fiscal Q4 revenue of $10.44 billion and non-GAAP EPS of $2.17 edged past estimates. Automotive growth and the company’s data-center ambitions offer potential sources of diversification. Article: Is Qualcomm Stock Worth Buying After Mixed Q4 Results?
• Positive Sentiment: A broader market recovery helped lift shares after Thursday’s sharp sell-off, as investors reassessed fears that election-related policy changes could slow data-center investment. Article: Tech executives react to post-midterm AI sell-off
• Positive Sentiment: Alphabet disclosed a $548 million Qualcomm stake, a potentially supportive signal of institutional investor interest. Article: Alphabet discloses Qualcomm stake
• Positive Sentiment: Qualcomm is also set to provide chips and software for SpaceX’s planned terrestrial mobile network, adding a potential opportunity beyond its traditional handset market. Article: SpaceX Qualcomm 5G deal
• Neutral Sentiment: EVP Ann Chaplin sold 1,501 shares under a pre-arranged Rule 10b5-1 plan and retained 27,271 shares; the planned sale may carry limited signaling weight. SEC filing
• Negative Sentiment: Despite the beat, year-over-year revenue and earnings declined, and weak profit guidance, handset softness and rising component costs are weighing on expectations. Analysts have also cut price targets, while concerns about data-center investment and margins remain. Article: Qualcomm beat earnings, but its fastest-growing businesses have a catch

Insider Transactions at Qualcomm

In other news, EVP Akash Palkhiwala sold 2,500 shares of the firm's stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $182.85, for a total transaction of $457,125.00. Following the completion of the sale, the executive vice president directly owned 18,184 shares of the company's stock, valued at $3,324,944.40. This trade represents a 12.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cristiano Amon sold 10,000 shares of Qualcomm stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $200.00, for a total value of $2,000,000.00. Following the sale, the chief executive officer owned 177,568 shares of the company's stock, valued at approximately $35,513,600. This represents a 5.33% decrease in their ownership of the stock. 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 quarter, insiders sold 31,820 shares of company stock valued at $5,980,217. 0.05% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on QCOM shares. Robert W. Baird set a $320.00 price objective on Qualcomm in a research note on Thursday. Evercore set a $159.00 target price on Qualcomm in a research report on Thursday, July 30th. Benchmark cut their price target on shares of Qualcomm from $300.00 to $270.00 and set a "buy" rating on the stock in a report on Monday, July 27th. Rosenblatt Securities reduced their price target on shares of Qualcomm from $235.00 to $205.00 and set a "buy" rating for the company in a research report on Thursday. Finally, Citigroup lowered their target price on Qualcomm from $198.00 to $175.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 29th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, twenty-one have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $197.55.

Qualcomm Trading Up 5.5%

Qualcomm stock opened at $165.41 on Friday. The company's fifty day simple moving average is $178.11 and its 200-day simple moving average is $169.52. The company has a quick ratio of 1.28, a current ratio of 1.86 and a debt-to-equity ratio of 0.42. Qualcomm Incorporated has a 12 month low of $121.99 and a 12 month high of $259.92. The stock has a market cap of $176.99 billion, a P/E ratio of 13.02, a P/E/G ratio of 3.73 and a beta of 1.70.

Qualcomm (NASDAQ:QCOM - Get Free Report) last posted its quarterly earnings results on Wednesday, November 4th. The wireless technology company reported $2.17 earnings per share for the quarter, topping analysts' consensus estimates of $2.16 by $0.01. Qualcomm had a net margin of 31.60% and a return on equity of 30.62%. The business had revenue of $10.44 billion for the quarter, compared to the consensus estimate of $10.12 billion. During the same period in the prior year, the business posted $3.00 earnings per share. Qualcomm's revenue for the quarter was down 8.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Qualcomm Incorporated will post 7.16 EPS for the current fiscal year.

Qualcomm Announces Dividend

The company 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. This represents a $3.68 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Thursday, December 3rd. Qualcomm's dividend payout ratio is presently 28.98%.

About Qualcomm

Qualcomm Incorporated is a technology company that develops wireless communications technologies and semiconductor products. Its chips and related systems are used in smartphones and other connected devices, with products spanning mobile processors, modem-radio frequency systems, and connectivity solutions. The Snapdragon brand includes platforms for mobile devices as well as computing, automotive, and extended-reality applications.

Qualcomm also develops technology for automotive systems and the Internet of Things, including connectivity and processing solutions for vehicles, industrial equipment, and consumer devices.

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