Qualcomm Incorporated $QCOM Shares Sold by BOCHK Asset Management Ltd

Key Points

• BOCHK Asset Management reduced its Qualcomm position by 36.1% in the third quarter, selling 4,150 shares and retaining 7,350 shares valued at approximately $1.35 million.
• Institutional investors own 74.35% of Qualcomm, while insiders sold 30,258 shares worth $5.73 million over the past 90 days.
• Qualcomm declared a quarterly dividend of $0.92 per share, equivalent to an annualized $3.68 dividend and a 2.3% yield. Analysts maintain a consensus “Hold” rating with an average price target of $205.48.

BOCHK Asset Management Ltd trimmed its position in shares of Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 36.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 7,350 shares of the wireless technology company's stock after selling 4,150 shares during the quarter. BOCHK Asset Management Ltd's holdings in Qualcomm were worth $1,353,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In related news, CAO Patricia Grech sold 625 shares of the business's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $162.85, for a total transaction of $101,781.25. Following the completion of the transaction, the chief accounting officer directly owned 208 shares in the company, valued at approximately $33,872.80. The trade was a 75.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ann Chaplin sold 1,827 shares of Qualcomm stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $174.75, for a total transaction of $319,268.25. Following the transaction, the executive vice president directly owned 25,770 shares in the company, valued at $4,503,307.50. This represents a 6.62% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 30,258 shares of company stock worth $5,727,616 over the last ninety days. 0.05% of the stock is owned by corporate insiders.

Qualcomm Price Performance

NASDAQ QCOM opened at $162.08 on Tuesday. The company has a market capitalization of $173.08 billion, a PE ratio of 18.76, a price-to-earnings-growth ratio of 4.12 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. The business's fifty day moving average is $177.86 and its 200 day moving average is $169.42. Qualcomm Incorporated has a fifty-two week low of $121.99 and a fifty-two week high of $259.92.

Qualcomm Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders 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 2.3%. Qualcomm's dividend payout ratio (DPR) is 42.59%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on QCOM shares. Piper Sandler started coverage on Qualcomm in a report on Wednesday, September 9th. They set a "neutral" rating and a $190.00 price target on the stock. HSBC reiterated a "hold" rating on shares of Qualcomm in a research report on Wednesday, July 15th. KeyCorp reissued a "sector weight" rating on shares of Qualcomm in a research report on Wednesday, September 9th. Weiss Ratings reissued a "hold (c)" rating on shares of Qualcomm in a research report on Monday, September 21st. Finally, Morgan Stanley cut their price target on Qualcomm from $231.00 to $220.00 and set an "equal weight" rating for the company in a research note on Thursday, July 30th. Three analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, twenty-one have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $205.48.

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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