Providence First Trust Co Makes New Investment in Qualcomm Incorporated $QCOM

Key Points

• Providence First Trust bought 4,071 Qualcomm shares in the third quarter, worth about $749,000; institutional investors own 74.35% of the stock.
• Qualcomm’s latest quarterly revenue of $10.44 billion and adjusted EPS of $2.17 slightly beat estimates, but revenue fell 8.4% year over year and EPS declined from $3.00.
• Analyst sentiment is mixed: MarketBeat’s consensus rating is “Hold,” with an average price target of $197.55. Qualcomm also announced a quarterly dividend of $0.92 per share.

Providence First Trust Co bought a new position in shares of Qualcomm Incorporated (NASDAQ:QCOM - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 4,071 shares of the wireless technology company's stock, valued at approximately $749,000.

Several other large investors also recently modified their holdings of the business. JFS Wealth Advisors LLC grew its position in shares of Qualcomm by 3.4% in the 2nd quarter. JFS Wealth Advisors LLC now owns 1,595 shares of the wireless technology company's stock worth $295,000 after buying an additional 53 shares during the last quarter. Canopy Partners LLC raised its holdings in shares of Qualcomm by 1.4% during the third quarter. Canopy Partners LLC now owns 4,148 shares of the wireless technology company's stock valued at $763,000 after acquiring an additional 56 shares in the last quarter. Wall Street Financial Group Inc. raised its holdings in shares of Qualcomm by 1.9% during the second quarter. Wall Street Financial Group Inc. now owns 3,050 shares of the wireless technology company's stock valued at $564,000 after acquiring an additional 57 shares in the last quarter. Sunbeam Capital Management LLC raised its holdings in shares of Qualcomm by 3.7% during the second quarter. Sunbeam Capital Management LLC now owns 1,637 shares of the wireless technology company's stock valued at $303,000 after acquiring an additional 58 shares in the last quarter. Finally, LaFleur & Godfrey LLC lifted its stake in Qualcomm by 3.6% in the third quarter. LaFleur & Godfrey LLC now owns 1,656 shares of the wireless technology company's stock worth $305,000 after acquiring an additional 58 shares during the period. 74.35% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Rosenblatt Securities decreased their price objective on shares of Qualcomm from $235.00 to $205.00 and set a "buy" rating for the company in a report on Thursday. Robert W. Baird set a $320.00 target price on shares of Qualcomm in a research note on Thursday. TD Cowen cut their target price on shares of Qualcomm from $200.00 to $185.00 and set a "buy" rating on the stock in a research note on Thursday. Royal Bank Of Canada boosted their price target on shares of Qualcomm from $160.00 to $180.00 and gave the company a "sector perform" rating in a research report on Wednesday, September 9th. Finally, Oppenheimer set a $200.00 price target on shares of Qualcomm in a research note on Monday, July 27th. Three investment 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 company's stock. Based on data from MarketBeat, Qualcomm presently has an average rating of "Hold" and an average target price of $197.55.

Key Stories Impacting 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 Buying and Selling

In other Qualcomm news, CEO Cristiano Amon sold 10,000 shares of Qualcomm stock in a transaction on Friday, September 25th. The stock was sold at an average price of $200.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the chief executive officer owned 177,568 shares in the company, valued at approximately $35,513,600. The trade was a 5.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Patricia Grech sold 625 shares of the business's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $162.85, for a total value of $101,781.25. Following the completion of the sale, the chief accounting officer directly owned 208 shares in the company, valued at $33,872.80. This trade represents a 75.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 31,820 shares of company stock worth $5,980,217 in the last 90 days. Corporate insiders own 0.05% of the company's stock.

Qualcomm Stock Up 5.5%

NASDAQ:QCOM traded up $8.66 during mid-day trading on Friday, hitting $165.41. 19,678,727 shares of the company's stock were exchanged, compared to its average volume of 10,479,039. The company has a market cap of $176.63 billion, a PE ratio of 13.02, a P/E/G ratio of 3.65 and a beta of 1.70. 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 Incorporated has a one year low of $121.99 and a one year high of $259.92. The business has a fifty day moving average price of $178.11 and a 200 day moving average price of $169.52.

Qualcomm (NASDAQ:QCOM - Get Free Report) last announced its earnings results on Wednesday, November 4th. The wireless technology company reported $2.17 earnings per share for the quarter, beating analysts' consensus estimates of $2.16 by $0.01. Qualcomm had a net margin of 21.01% and a return on equity of 38.36%. The business had revenue of $10.44 billion during the quarter, compared to the consensus estimate of $10.12 billion. During the same quarter last year, the firm earned $3.00 earnings per share. The business's revenue for the quarter was down 8.4% on a year-over-year basis. Equities analysts predict that Qualcomm Incorporated will post 7.16 EPS for the current year.

Qualcomm Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, December 3rd will be given a dividend of $0.92 per share. 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 (DPR) is 28.98%.

Qualcomm Profile

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.

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.