Money Concepts Capital Corp grew its position in Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 109.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,828 shares of the wireless technology company's stock after buying an additional 3,040 shares during the period. Money Concepts Capital Corp's holdings in Qualcomm were worth $1,073,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in QCOM. Allworth Financial LP raised its position in shares of Qualcomm by 44.2% during the 3rd quarter. Allworth Financial LP now owns 164,374 shares of the wireless technology company's stock valued at $30,375,000 after buying an additional 50,382 shares during the period. SVB Wealth LLC lifted its holdings in Qualcomm by 63.9% in the third quarter. SVB Wealth LLC now owns 13,396 shares of the wireless technology company's stock valued at $2,465,000 after acquiring an additional 5,221 shares during the last quarter. Legacy Trust grew its position in Qualcomm by 1.8% in the third quarter. Legacy Trust now owns 41,700 shares of the wireless technology company's stock worth $7,674,000 after acquiring an additional 724 shares during the period. Russell Investments Group Ltd. grew its position in Qualcomm by 9.5% in the third quarter. Russell Investments Group Ltd. now owns 1,084,366 shares of the wireless technology company's stock worth $199,580,000 after acquiring an additional 93,879 shares during the period. Finally, Ariadne Wealth Management LP increased its stake in Qualcomm by 6.1% during the third quarter. Ariadne Wealth Management LP now owns 2,712 shares of the wireless technology company's stock worth $499,000 after acquiring an additional 155 shares during the last quarter. Institutional investors and hedge funds own 74.35% of the company's stock.
Analysts Set New Price Targets
A number of research analysts have commented on the stock. Morgan Stanley decreased their target price on shares of Qualcomm from $231.00 to $220.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 30th. UBS Group dropped their price target on shares of Qualcomm from $185.00 to $180.00 and set a "neutral" rating for the company in a research report on Thursday, November 5th. Benchmark reduced their price target on shares of Qualcomm from $300.00 to $270.00 and set a "buy" rating on the stock in a research note on Monday, July 27th. Wells Fargo & Company decreased their price objective on shares of Qualcomm from $265.00 to $170.00 and set an "equal weight" rating on the stock in a report on Thursday, July 30th. Finally, Zacks Research upgraded shares of Qualcomm from a "strong sell" rating to a "hold" rating in a report on Wednesday. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twenty-two have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $197.13.
Check Out Our Latest Research Report on Qualcomm
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Insider Activity
In other Qualcomm news, CAO Patricia Y. Grech sold 208 shares of the firm's stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $170.00, for a total value of $35,360.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Heather S. Ace sold 3,200 shares of the business's stock in a transaction on Monday, November 9th. The stock was sold at an average price of $165.42, for a total transaction of $529,344.00. Following the completion of the transaction, the executive vice president owned 39,379 shares of the company's stock, valued at approximately $6,514,074.18. This trade represents a 7.52% 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 32,520 shares of company stock worth $6,101,411 over the last 90 days. Company insiders own 0.05% of the company's stock.
Qualcomm Trading Down 2.6%
Qualcomm stock traded down $4.67 during midday trading on Friday, reaching $172.47. 10,418,764 shares of the stock traded hands, compared to its average volume of 13,859,666. The firm has a market cap of $184.54 billion, a PE ratio of 13.58, a price-to-earnings-growth ratio of 2.07 and a beta of 1.70. The company has a current ratio of 1.86, a quick ratio of 1.14 and a debt-to-equity ratio of 0.42. The company has a 50-day simple moving average of $178.73 and a two-hundred day simple moving average of $169.99. Qualcomm Incorporated has a 12-month low of $121.99 and a 12-month high of $259.92.
Qualcomm (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The wireless technology company reported $2.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.16 by $0.01. The company had revenue of $10.44 billion for the quarter, compared to analyst estimates of $10.12 billion. Qualcomm had a net margin of 31.60% and a return on equity of 30.62%. The business's revenue for the quarter was down 8.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.00 earnings per share. Research analysts expect that Qualcomm Incorporated will post 6.75 earnings per share for the current fiscal year.
Qualcomm Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, December 3rd will be paid a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Thursday, December 3rd. Qualcomm's dividend payout ratio is presently 28.98%.
Qualcomm Profile
(
Free Report)
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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