Mirae Asset Global Investments Co. Ltd. Makes New Investment in Qualcomm Incorporated $QCOM

Key Points

• Mirae Asset Global Investments purchased 2.62 million Qualcomm shares worth approximately $482.5 million, making Qualcomm its 18th-largest portfolio holding and representing about 0.25% of the company.
• Qualcomm shares opened at $164.79, down 11.1%, after the company reported a slight quarterly EPS miss and a 4% year-over-year revenue decline. Analysts’ average rating is “Hold,” with an average price target of $205.83.
• Qualcomm declared a quarterly dividend of $0.92 per share, equivalent to $3.68 annually and a 2.2% yield; institutional investors and hedge funds own 74.35% of the stock.

Mirae Asset Global Investments Co. Ltd. bought a new stake in Qualcomm Incorporated (NASDAQ:QCOM - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,621,588 shares of the wireless technology company's stock, valued at approximately $482,477,000. Qualcomm makes up about 0.9% of Mirae Asset Global Investments Co. Ltd.'s investment portfolio, making the stock its 18th largest position. Mirae Asset Global Investments Co. Ltd. owned about 0.25% of Qualcomm at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of QCOM. Your Advocates Ltd. LLP acquired a new stake in shares of Qualcomm during the first quarter worth $26,000. ABS Investment Management LLC purchased a new position in Qualcomm during the second quarter worth about $34,000. ABS Direct Equity Fund LLC purchased a new position in Qualcomm during the second quarter worth about $34,000. Burk Holdings LLC boosted its stake in Qualcomm by 191.7% in the 2nd quarter. Burk Holdings LLC now owns 210 shares of the wireless technology company's stock worth $39,000 after buying an additional 138 shares during the last quarter. Finally, Harborfront Financial Group LLC acquired a new stake in Qualcomm in the 2nd quarter worth about $41,000. 74.35% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Qualcomm

In other Qualcomm news, EVP Akash Palkhiwala sold 2,500 shares of Qualcomm stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $175.06, for a total transaction of $437,650.00. Following the sale, the executive vice president owned 20,799 shares of the company's stock, valued at $3,641,072.94. The trade was a 10.73% decrease in their position. The sale was disclosed in a legal filing 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, EVP Heather 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 represents a 8.05% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 33,458 shares of company stock worth $6,198,144 over the last quarter. Insiders own 0.05% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on QCOM. Morgan Stanley decreased their price target on shares of Qualcomm from $231.00 to $220.00 and set an "equal weight" rating on the stock in a report on Thursday, July 30th. Benchmark dropped their price objective on Qualcomm from $300.00 to $270.00 and set a "buy" rating for the company in a report on Monday, July 27th. Freedom Capital upgraded Qualcomm from a "hold" rating to a "strong-buy" rating in a report on Friday, August 7th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Qualcomm in a research report on Monday, September 21st. Finally, Barclays reiterated an "underweight" rating on shares of Qualcomm in a report on Wednesday, September 9th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, twenty-one have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $205.83.

Qualcomm Stock Down 11.1%

Shares of Qualcomm stock opened at $164.79 on Friday. The company has a quick ratio of 1.28, a current ratio of 2.02 and a debt-to-equity ratio of 0.46. The firm has a market cap 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 Incorporated has a fifty-two week low of $121.99 and a fifty-two week high of $259.92. The business has a 50-day moving average price of $177.83 and a 200 day moving average price of $169.44.

Qualcomm (NASDAQ:QCOM - Get Free Report) last released its quarterly earnings data 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). Qualcomm had a return on equity of 38.36% and a net margin of 21.01%. The business had revenue of $9.95 billion for the quarter, compared to analyst estimates of $9.69 billion. During the same quarter last year, the company earned $2.77 EPS. Qualcomm's revenue was down 4.0% compared to the same quarter last year. On average, sell-side analysts forecast that Qualcomm Incorporated will post 7.71 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, December 17th. Investors of record on Thursday, December 3rd will be issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Thursday, December 3rd. Qualcomm's dividend payout ratio is 42.59%.

About Qualcomm

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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