Qualcomm Incorporated $QCOM Shares Sold by Red Cedar Investment Management LLC

Key Points

• Red Cedar Investment Management cut its Qualcomm stake by 65% in the third quarter, selling 14,933 shares and ending the period with 8,029 shares valued at about $1.48 million.
• Institutional ownership stands at 74.35%, with several major investors—including State Street, VanEck and Amundi—increasing their holdings.
• Qualcomm slightly beat quarterly earnings and revenue estimates, but revenue fell 8.4% year over year; analysts’ consensus rating is Hold, with an average price target of $197.13.

Red Cedar Investment Management LLC cut its stake in Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 65.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,029 shares of the wireless technology company's stock after selling 14,933 shares during the period. Red Cedar Investment Management LLC's holdings in Qualcomm were worth $1,478,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in Qualcomm during the second quarter worth $17,583,115,000. State Street Corp lifted its holdings in Qualcomm by 1.3% in 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 period. Van ECK Associates Corp boosted its position in 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 acquiring an additional 3,179,720 shares during the last quarter. Amundi boosted its position in Qualcomm by 94.1% during the second quarter. Amundi now owns 10,195,741 shares of the wireless technology company's stock valued at $1,884,071,000 after acquiring an additional 4,942,908 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Qualcomm during the second quarter valued at $1,523,930,000. 74.35% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Qualcomm news, CEO Cristiano R. Amon sold 10,000 shares of the firm'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 value of $2,000,000.00. Following the completion of the sale, the chief executive officer owned 177,568 shares of the company's stock, valued at approximately $35,513,600. This trade represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Heather S. Ace sold 3,200 shares of the firm's stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $165.42, for a total value of $529,344.00. Following the completion of the sale, the executive vice president directly owned 39,379 shares of the company's stock, valued at $6,514,074.18. This trade represents a 7.52% 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. Insiders sold a total of 35,020 shares of company stock worth $6,509,561 over the last three months. Insiders own 0.05% of the company's stock.

More Qualcomm News

Here are the key news stories impacting Qualcomm this week:

• Positive Sentiment: Automotive revenue grew 89% to a record $1.99 billion. Qualcomm also expects non-handset revenue to grow by more than 60% in fiscal 2027, supporting hopes that newer businesses can offset smartphone-market weakness. Article
• Positive Sentiment: ETFs made a net $28.3 million purchase of QCOM shares on Nov. 5, with more funds adding shares than reducing their holdings. Article
• Neutral Sentiment: EVP Heather Ace sold 3,200 shares under a pre-arranged Rule 10b5-1 plan, retaining 39,379 shares. The planned nature of the sale makes it a less clear signal about the company’s outlook. SEC filing
• Negative Sentiment: Handset revenue fell 26%, and earnings guidance came in below expectations, renewing concerns about pressure in Qualcomm’s core smartphone business. Article
• Negative Sentiment: Freedom Broker cut its rating from “buy” to “hold” and reduced its price target from $200 to $185, signaling less near-term upside in its view. Rating information

Qualcomm Trading Up 3.7%

NASDAQ:QCOM opened at $171.47 on Tuesday. The company has a current ratio of 2.02, a quick ratio of 1.28 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $183.10 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 3.90 and a beta of 1.70. The firm has a fifty day simple moving average of $178.25 and a two-hundred day simple moving average of $169.60. Qualcomm Incorporated has a 12 month low of $121.99 and a 12 month high of $259.92.

Qualcomm (NASDAQ:QCOM - Get Free Report) last announced its quarterly earnings data on Wednesday, November 4th. The wireless technology company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $2.16 by $0.01. Qualcomm had a net margin of 31.60% and a return on equity of 31.91%. The firm had revenue of $10.44 billion for the quarter, compared to analyst estimates of $10.12 billion. During the same quarter in the prior year, the business earned $3.00 earnings per share. The business's quarterly revenue was down 8.4% compared to the same quarter last year. Analysts expect that Qualcomm Incorporated will post 7.16 EPS for the current fiscal year.

Qualcomm Announces Dividend

The company also recently announced 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 is Thursday, December 3rd. This represents a $3.68 annualized dividend and a dividend yield of 2.1%. Qualcomm's dividend payout ratio (DPR) is currently 28.98%.

Analysts Set New Price Targets

QCOM has been the subject of a number of recent analyst reports. Rosenblatt Securities decreased their price target on Qualcomm from $235.00 to $205.00 and set a "buy" rating for the company in a report on Thursday, November 5th. Cantor Fitzgerald dropped their price objective on Qualcomm from $200.00 to $165.00 and set a "neutral" rating on the stock in a research note on Monday, July 27th. Oppenheimer set a $200.00 price objective on Qualcomm in a research note on Monday, July 27th. Freedom Broker lowered Qualcomm from a "buy" rating to a "hold" rating and cut their target price for the company from $200.00 to $185.00 in a research report on Monday. Finally, Barclays decreased their target price on Qualcomm from $180.00 to $150.00 and set an "underweight" rating for the company in a research note on Thursday. Three research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, twenty-two have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Qualcomm presently has a consensus rating of "Hold" and a consensus price target of $197.13.

Qualcomm Profile

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.

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.