Qualcomm Incorporated $QCOM Shares Bought by Welch Group LLC

Key Points

• Welch Group increased its Qualcomm stake by 1.5% in the third quarter, purchasing 6,200 additional shares. Its 419,312-share position was valued at approximately $77.17 million and represented 2.6% of its portfolio.
• Institutional investors own 74.35% of Qualcomm’s shares, with major holders including BlackRock, State Street, VanEck, Amundi and Bank of New York Mellon.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $205.83. Qualcomm recently declared a quarterly dividend of $0.92 per share, representing a 2.2% yield.

Welch Group LLC increased its stake in shares of Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 1.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 419,312 shares of the wireless technology company's stock after purchasing an additional 6,200 shares during the period. Qualcomm accounts for approximately 2.6% of Welch Group LLC's investment portfolio, making the stock its 10th biggest position. Welch Group LLC's holdings in Qualcomm were worth $77,170,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Qualcomm in the second quarter worth about $17,583,115,000. State Street Corp lifted its stake in Qualcomm by 1.3% in the 2nd quarter. State Street Corp now owns 52,763,263 shares of the wireless technology company's stock worth $9,750,123,000 after purchasing an additional 671,537 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Qualcomm by 22.7% during the 2nd quarter. Van ECK Associates Corp now owns 17,202,619 shares of the wireless technology company's stock worth $3,178,872,000 after purchasing an additional 3,179,720 shares during the last quarter. Amundi grew its position in shares of Qualcomm by 94.1% in the second quarter. Amundi now owns 10,195,741 shares of the wireless technology company's stock valued at $1,884,071,000 after purchasing an additional 4,942,908 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Qualcomm during the second quarter worth approximately $1,523,930,000. 74.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on QCOM. Zacks Research cut shares of Qualcomm from a "hold" rating to a "strong sell" rating in a research report on Tuesday, September 15th. Rosenblatt Securities reaffirmed a "buy" rating and set a $235.00 price target on shares of Qualcomm in a research report on Wednesday, September 9th. Piper Sandler began coverage on Qualcomm in a report on Wednesday, September 9th. They set a "neutral" rating and a $190.00 price target for the company. Wells Fargo & Company cut their price objective on Qualcomm from $265.00 to $170.00 and set an "equal weight" rating for the company in a research report on Thursday, July 30th. Finally, Arete Research raised shares of Qualcomm to a "strong-buy" rating in a research report on Friday, October 16th. Three analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, twenty-one have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $205.83.

Qualcomm Stock Performance

Shares of QCOM stock opened at $164.79 on Monday. The company has a quick ratio of 1.28, a current ratio of 2.02 and a debt-to-equity ratio of 0.46. Qualcomm Incorporated has a 52 week low of $121.99 and a 52 week high of $259.92. The stock has a market capitalization of $175.97 billion, a PE ratio of 19.07, a P/E/G ratio of 3.71 and a beta of 1.70. The firm has a 50 day moving average of $177.83 and a two-hundred day moving average of $169.44.

Qualcomm Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Shareholders of record on Thursday, December 3rd will be paid a $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 2.2%. The ex-dividend date is Thursday, December 3rd. Qualcomm's dividend payout ratio is currently 42.59%.

Insider Activity at Qualcomm

In other news, EVP Akash J. Palkhiwala sold 2,500 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 18,184 shares of the company's stock, valued at approximately $3,324,944.40. This represents a 12.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Patricia Y. Grech sold 625 shares of the firm's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $162.85, for a total transaction of $101,781.25. Following the completion of the sale, the chief accounting officer owned 208 shares of the company's stock, valued at $33,872.80. This trade represents a 75.03% 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. Over the last 90 days, insiders sold 30,258 shares of company stock valued at $5,727,616. Corporate insiders own 0.05% of the company's stock.

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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