QUALCOMM Incorporated $QCOM Shares Sold by Patten & Patten Inc. TN

Key Points

• Patten & Patten Inc. TN reduced its holdings in QUALCOMM by 3.7%, resulting in ownership of 67,312 shares valued at approximately $10.72 million at the end of Q2 2023.
• INSIDERS indicated mixed sentiments, with CFO Akash J. Palkhiwala selling 3,333 shares, while institutional ownership stands at 74.35%.
• QUALCOMM reported a quarterly earnings per share (EPS) of $2.77, exceeding estimates and reflecting a 10.4% revenue growth year-over-year.

Patten & Patten Inc. TN reduced its position in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 3.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 67,312 shares of the wireless technology company's stock after selling 2,612 shares during the period. Patten & Patten Inc. TN's holdings in QUALCOMM were worth $10,720,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Atlantic Edge Private Wealth Management LLC lifted its holdings in shares of QUALCOMM by 70.0% during the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 170 shares of the wireless technology company's stock worth $26,000 after acquiring an additional 70 shares during the period. Vermillion & White Wealth Management Group LLC lifted its holdings in shares of QUALCOMM by 122.4% during the 1st quarter. Vermillion & White Wealth Management Group LLC now owns 169 shares of the wireless technology company's stock worth $26,000 after acquiring an additional 93 shares during the period. Chung Wu Investment Group LLC purchased a new position in shares of QUALCOMM during the 2nd quarter worth about $32,000. Atticus Wealth Management LLC lifted its holdings in shares of QUALCOMM by 21,200.0% during the 2nd quarter. Atticus Wealth Management LLC now owns 213 shares of the wireless technology company's stock worth $34,000 after acquiring an additional 212 shares during the period. Finally, Abound Financial LLC purchased a new position in shares of QUALCOMM during the 1st quarter worth about $39,000. 74.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on QCOM shares. Weiss Ratings reiterated a "hold (c+)" rating on shares of QUALCOMM in a report on Wednesday, October 8th. UBS Group increased their price objective on shares of QUALCOMM from $145.00 to $165.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Arete Research set a $200.00 price objective on shares of QUALCOMM in a report on Tuesday, August 26th. JPMorgan Chase & Co. raised their price target on shares of QUALCOMM from $190.00 to $200.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $225.00 price target on shares of QUALCOMM in a report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $182.82.

Insider Activity at QUALCOMM

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of QUALCOMM stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $156.86, for a total transaction of $522,814.38. Following the sale, the chief financial officer owned 39,874 shares in the company, valued at $6,254,635.64. This trade represents a 7.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Neil Martin sold 791 shares of QUALCOMM stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $154.82, for a total transaction of $122,462.62. Following the sale, the chief accounting officer owned 1,106 shares in the company, valued at $171,230.92. This represents a 41.70% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 159,767 shares of company stock valued at $26,322,745. 0.08% of the stock is currently owned by corporate insiders.

QUALCOMM Trading Up 0.8%

NASDAQ QCOM opened at $162.97 on Thursday. QUALCOMM Incorporated has a one year low of $120.80 and a one year high of $182.10. The company's 50 day moving average price is $161.32 and its 200 day moving average price is $153.60. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.38 and a current ratio of 3.19. The firm has a market capitalization of $175.84 billion, a price-to-earnings ratio of 15.72, a PEG ratio of 2.36 and a beta of 1.23.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The wireless technology company reported $2.77 EPS for the quarter, beating the consensus estimate of $2.71 by $0.06. The firm had revenue of $10.37 billion for the quarter, compared to analyst estimates of $10.33 billion. QUALCOMM had a net margin of 26.77% and a return on equity of 40.35%. QUALCOMM's revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.33 earnings per share. QUALCOMM has set its Q4 2025 guidance at 2.750-2.950 EPS. On average, sell-side analysts predict that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Profile

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on 3G/4G/5G and other technologies for use in wireless voice and data communications, networking, computing, multimedia, and position location products.

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