Qualcomm Incorporated $QCOM Shares Sold by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp reduced its Qualcomm stake by 1.6% in the third quarter, selling 8,293 shares and retaining 494,491 shares valued at about $91 million.
• Qualcomm reported quarterly EPS of $2.17 and revenue of $10.44 billion, both slightly above analyst estimates, although revenue declined 8.4% year over year.
• Analysts’ consensus rating is Hold, with an average price target of $197.13. Qualcomm also announced a quarterly dividend of $0.92 per share.

Fifth Third Bancorp trimmed its holdings in shares of Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 1.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 494,491 shares of the wireless technology company's stock after selling 8,293 shares during the period. Fifth Third Bancorp's holdings in Qualcomm were worth $91,006,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the business. JFS Wealth Advisors LLC lifted 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 purchasing an additional 53 shares during the period. Canopy Partners LLC boosted its stake 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 purchasing an additional 56 shares in the last quarter. Wall Street Financial Group Inc. boosted its stake 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 purchasing an additional 57 shares in the last quarter. Sunbeam Capital Management LLC boosted its stake 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 purchasing an additional 58 shares in the last quarter. Finally, LaFleur & Godfrey LLC increased its holdings in Qualcomm by 3.6% during the third quarter. LaFleur & Godfrey LLC now owns 1,656 shares of the wireless technology company's stock valued at $305,000 after buying an additional 58 shares during the period. Hedge funds and other institutional investors own 74.35% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on QCOM. Freedom Capital raised shares of Qualcomm from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 7th. Evercore set a $159.00 target price on Qualcomm in a research report on Thursday, July 30th. Freedom Broker cut Qualcomm from a "buy" rating to a "hold" rating and dropped their target price for the company from $200.00 to $185.00 in a research report on Monday. Zacks Research downgraded Qualcomm from a "hold" rating to a "strong sell" rating in a report on Tuesday, September 15th. Finally, Oppenheimer set a $200.00 price target on Qualcomm in a report on Monday, July 27th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, twenty-one have issued a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $197.13.

Qualcomm Trading Up 0.3%

Shares of NASDAQ:QCOM opened at $177.14 on Friday. The business's 50-day moving average is $178.65 and its 200 day moving average is $169.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.86 and a quick ratio of 1.14. Qualcomm Incorporated has a 1 year low of $121.99 and a 1 year high of $259.92. The firm has a market capitalization of $189.54 billion, a P/E ratio of 13.95, a P/E/G ratio of 2.07 and a beta of 1.70.

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 for the quarter, topping the consensus estimate of $2.16 by $0.01. Qualcomm had a return on equity of 30.62% and a net margin of 31.60%. 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 company earned $3.00 earnings per share. The company's quarterly revenue was down 8.4% on a year-over-year basis. On average, research analysts predict that Qualcomm Incorporated will post 6.75 earnings per share for the current fiscal 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 $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Thursday, December 3rd. Qualcomm's dividend payout ratio (DPR) is presently 28.98%.

Insider Buying and Selling

In related news, EVP Akash Palkhiwala sold 2,500 shares of Qualcomm stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $175.06, for a total value of $437,650.00. Following the completion of the sale, the executive vice president directly owned 20,799 shares in the company, valued at $3,641,072.94. This trade represents a 10.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cristiano Amon sold 10,000 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 177,568 shares in the company, valued at approximately $35,513,600. This represents a 5.33% 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 32,520 shares of company stock worth $6,101,411 over the last ninety days. Company insiders own 0.05% of the company's stock.

Qualcomm News Summary

These are some of the QCOM news items that stood out recently:

• Positive Sentiment: CEO Cristiano Amon defended Qualcomm’s data-center opportunity, expressing confidence in targets of $5 billion in fiscal 2027 sales and $15 billion by fiscal 2029. If achieved, the business could diversify revenue beyond smartphones. Qualcomm CEO on data-center goal
• Positive Sentiment: An AI-focused Linux desktop operating system being developed for Snapdragon PCs could support Qualcomm’s push to expand beyond smartphones and into AI-capable computers. Qualcomm AI PC partnership
• Neutral Sentiment: The SpaceX opportunity faces execution and competitive hurdles: one analysis warns that building a challenger to major mobile carriers could be difficult, and a possible Boost Mobile acquisition remains speculative. SpaceX deal and carrier challenges

About Qualcomm

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.