Matrix Asset Advisors Inc. NY Sells 43,347 Shares of Qualcomm Incorporated $QCOM

Key Points

• Matrix Asset Advisors cut its Qualcomm stake by 15.1% in the second quarter, selling 43,347 shares and retaining 243,892 shares valued at approximately $45.1 million. Institutional investors collectively own 74.35% of Qualcomm.
• Qualcomm’s latest quarter included $2.21 in EPS, slightly below estimates, while revenue of $9.95 billion exceeded forecasts but fell 4% year over year. The company declared a quarterly dividend of $0.92 per share, yielding about 2.2% annually.
• Analyst sentiment is mixed, with Qualcomm carrying an average “Hold” rating and a consensus price target of $203.63; insiders have sold 11,529 shares worth nearly $2.0 million over the past three months.

Matrix Asset Advisors Inc. NY trimmed its stake in shares of Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 15.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 243,892 shares of the wireless technology company's stock after selling 43,347 shares during the period. Qualcomm comprises about 3.7% of Matrix Asset Advisors Inc. NY's holdings, making the stock its 5th biggest holding. Matrix Asset Advisors Inc. NY's holdings in Qualcomm were worth $45,069,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of QCOM. Your Advocates Ltd. LLP purchased a new stake in Qualcomm during the first quarter valued at about $26,000. Torren Management LLC purchased a new position in shares of Qualcomm in the fourth quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd increased its position in shares of Qualcomm by 17,000.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 171 shares of the wireless technology company's stock worth $29,000 after acquiring an additional 170 shares in the last quarter. Birchwood Financial Partners Inc. acquired a new stake in shares of Qualcomm during the fourth quarter valued at approximately $31,000. Finally, Commonwealth Retirement Investments LLC purchased a new stake in shares of Qualcomm in the 4th quarter valued at approximately $32,000. Institutional investors and hedge funds own 74.35% of the company's stock.

Insider Buying and Selling

In related news, EVP Akash J. Palkhiwala sold 2,500 shares of the company's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $163.26, for a total value of $408,150.00. Following the completion of the sale, the executive vice president directly owned 20,684 shares in the company, valued at approximately $3,376,869.84. This represents a 10.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Patricia Y. Grech sold 829 shares of the firm's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $201.77, for a total value 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. Over the last three months, insiders sold 11,529 shares of company stock worth $1,991,345. Corporate insiders own 0.05% of the company's stock.

Qualcomm Stock Up 0.6%

Shares of Qualcomm stock opened at $165.79 on Friday. The firm has a market cap of $174.12 billion, a price-to-earnings ratio of 19.19, a P/E/G ratio of 15.25 and a beta of 1.65. The stock has a 50-day simple moving average of $182.72 and a 200-day simple moving average of $167.72. Qualcomm Incorporated has a 52-week low of $121.99 and a 52-week high of $259.92. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.02 and a quick ratio of 1.28.

Qualcomm (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The wireless technology company reported $2.21 EPS for the quarter, missing analysts' consensus estimates 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 return on equity of 38.36% and a net margin of 21.01%.The company's quarterly revenue was down 4.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.77 EPS. Qualcomm has set its Q4 2026 guidance at 2.050-2.250 EPS. On average, equities research analysts expect that Qualcomm Incorporated will post 7.76 earnings per share for the current fiscal year.

Qualcomm Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 3rd will be issued a dividend of $0.92 per share. The ex-dividend date is Thursday, September 3rd. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.2%. Qualcomm's dividend payout ratio (DPR) is currently 42.59%.

Wall Street Analysts Forecast Growth

QCOM has been the subject of a number of recent analyst reports. Royal Bank Of Canada decreased their price objective on shares of Qualcomm from $250.00 to $160.00 and set a "sector perform" rating for the company in a research note on Thursday, July 30th. Oppenheimer set a $200.00 target price on shares of Qualcomm in a research note on Monday, July 27th. Argus set a $220.00 target price on Qualcomm in a report on Friday, May 1st. Craig Hallum cut Qualcomm from a "buy" rating to a "hold" rating in a research report on Thursday, June 25th. Finally, Tigress Financial lifted their price target on Qualcomm from $270.00 to $280.00 and gave the company a "buy" rating in a report on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, twenty have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $203.63.

About Qualcomm

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.

Want to see what other hedge funds are holding QCOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Qualcomm Incorporated (NASDAQ:QCOM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source