Qualcomm Incorporated $QCOM Shares Purchased by ProShare Advisors LLC

Key Points

• ProShare Advisors increased its Qualcomm stake by 5.1% in the third quarter, adding 66,930 shares to own 1.37 million shares valued at approximately $252.6 million. Institutional investors collectively hold 74.35% of Qualcomm.
• Qualcomm reported quarterly revenue of $9.95 billion, exceeding estimates, but earnings per share of $2.21 slightly missed expectations and revenue declined 4% year over year. Analysts have a consensus “Hold” rating and an average price target of $205.83.
• The company declared a quarterly dividend of $0.92 per share, representing an annualized payout of $3.68 and a 2.2% yield. Insiders, meanwhile, sold 33,458 shares worth $6.2 million over the last three months.

ProShare Advisors LLC raised its stake in Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 5.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,372,719 shares of the wireless technology company's stock after purchasing an additional 66,930 shares during the quarter. ProShare Advisors LLC owned approximately 0.13% of Qualcomm worth $252,635,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Baxter Bros Inc. bought a new position in Qualcomm in the second quarter worth about $17,844,000. Y Intercept Hong Kong Ltd acquired a new stake in Qualcomm during the 2nd quarter worth about $28,068,000. Tensor Edge Capital LLC acquired a new stake in shares of Qualcomm in the second quarter valued at about $147,315,000. Sawyer & Company Inc purchased a new stake in shares of Qualcomm during the 3rd quarter valued at approximately $2,403,000. Finally, Robinson Value Management Ltd. lifted its position in shares of Qualcomm by 40.5% during the third quarter. Robinson Value Management Ltd. now owns 34,184 shares of the wireless technology company's stock worth $6,291,000 after purchasing an additional 9,858 shares in the last quarter. 74.35% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CAO Patricia Grech sold 208 shares of the stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $170.00, for a total value of $35,360.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ann Chaplin sold 1,827 shares of the company's stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $174.75, for a total value of $319,268.25. Following the completion of the transaction, the executive vice president owned 25,770 shares in the company, valued at approximately $4,503,307.50. The trade was a 6.62% decrease in their position. 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. In the last three months, insiders sold 33,458 shares of company stock valued at $6,198,144. 0.05% of the stock is currently owned by corporate insiders.

Qualcomm Stock Performance

NASDAQ:QCOM opened at $164.79 on Friday. Qualcomm Incorporated has a 52-week low of $121.99 and a 52-week high of $259.92. The firm's 50-day moving average is $177.83 and its 200-day moving average is $169.44. The company has a market cap of $175.97 billion, a price-to-earnings ratio of 19.07, a PEG ratio of 3.71 and a beta of 1.65. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.28 and a current ratio of 2.02.

Qualcomm (NASDAQ:QCOM - Get Free Report) last announced its earnings results on Wednesday, July 29th. The wireless technology company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.23 by ($0.02). The company had revenue of $9.95 billion for 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 business's quarterly revenue was down 4.0% on a year-over-year basis. During the same quarter last year, the business posted $2.77 earnings per share. Equities research analysts anticipate that Qualcomm Incorporated will post 7.71 earnings per share for the current 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 paid a $0.92 dividend. The ex-dividend date of this dividend is Thursday, December 3rd. This represents a $3.68 annualized dividend and a dividend yield of 2.2%. Qualcomm's payout ratio is currently 42.59%.

Wall Street Analysts Forecast Growth

QCOM has been the subject of several research reports. Zacks Research downgraded Qualcomm from a "hold" rating to a "strong sell" rating in a research note on Tuesday, September 15th. Benchmark decreased their price objective on Qualcomm from $300.00 to $270.00 and set a "buy" rating for the company in a research report on Monday, July 27th. Barclays reaffirmed an "underweight" rating on shares of Qualcomm in a report on Wednesday, September 9th. Sanford C. Bernstein reissued a "market perform" rating on shares of Qualcomm in a research note on Wednesday, September 9th. Finally, KeyCorp reaffirmed a "sector weight" rating on shares of Qualcomm in a report on Wednesday, September 9th. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, twenty-one have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $205.83.

Qualcomm Company Profile

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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