Qualcomm Incorporated $QCOM Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group reduced its Qualcomm stake by 3.7%, selling 117,637 shares and retaining 3.02 million shares valued at approximately $556.1 million. Institutional investors collectively own 74.35% of Qualcomm.
• Analyst sentiment remains mixed, with Qualcomm carrying an average rating of “Hold” and an average price target of $205.83; recent targets ranged from $175 to $270.
• Qualcomm reported quarterly revenue of $9.95 billion, exceeding estimates, but earnings per share missed expectations and revenue declined 4% year over year. The company also declared a quarterly dividend of $0.92 per share, representing a 2.2% yield.

Sumitomo Mitsui Trust Group Inc. lowered its holdings in shares of Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 3.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,021,386 shares of the wireless technology company's stock after selling 117,637 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.28% of Qualcomm worth $556,056,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. JFS Wealth Advisors LLC increased its stake in Qualcomm by 3.4% during 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 in the last quarter. Canopy Partners LLC raised its holdings in Qualcomm by 1.4% during the 3rd quarter. Canopy Partners LLC now owns 4,148 shares of the wireless technology company's stock worth $763,000 after buying an additional 56 shares during the period. Wall Street Financial Group Inc. raised its holdings in Qualcomm by 1.9% during the 2nd quarter. Wall Street Financial Group Inc. now owns 3,050 shares of the wireless technology company's stock worth $564,000 after buying an additional 57 shares during the period. Sunbeam Capital Management LLC raised its holdings in Qualcomm by 3.7% during the 2nd quarter. Sunbeam Capital Management LLC now owns 1,637 shares of the wireless technology company's stock worth $303,000 after buying an additional 58 shares during the period. Finally, LaFleur & Godfrey LLC lifted its stake in Qualcomm by 3.6% in 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 in the last quarter. Institutional investors own 74.35% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on QCOM shares. Oppenheimer set a $200.00 price target on shares of Qualcomm in a report on Monday, July 27th. Benchmark dropped their price objective on shares of Qualcomm from $300.00 to $270.00 and set a "buy" rating on the stock in a report on Monday, July 27th. Morgan Stanley dropped their price objective on shares of Qualcomm from $231.00 to $220.00 and set an "equal weight" rating on the stock in a report on Thursday, July 30th. Citigroup reduced their target price on shares of Qualcomm from $198.00 to $175.00 and set a "neutral" rating for the company in a research note on Wednesday, July 29th. Finally, TD Cowen increased their target price on Qualcomm from $175.00 to $200.00 and gave the stock a "buy" rating in a report on Monday, October 19th. 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 given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $205.83.

Qualcomm Trading Down 11.1%

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 company has a debt-to-equity ratio of 0.46, a quick ratio of 1.28 and a current ratio of 2.02. The stock's 50 day moving average price is $177.83 and its two-hundred day moving average price is $169.44. The stock has a market capitalization of $175.97 billion, a price-to-earnings ratio of 19.07, a PEG ratio of 3.71 and a beta of 1.65.

Qualcomm (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The wireless technology company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.23 by ($0.02). Qualcomm had a return on equity of 38.36% and a net margin of 21.01%. The business had revenue of $9.95 billion for the quarter, compared to the consensus estimate of $9.69 billion. During the same period in the prior year, the business earned $2.77 earnings per share. Qualcomm's revenue was down 4.0% compared to the same quarter last year. As a group, analysts anticipate that Qualcomm Incorporated will post 7.71 earnings per share for the current fiscal year.

Qualcomm Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Thursday, December 3rd will be given a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Thursday, December 3rd. Qualcomm's payout ratio is currently 42.59%.

Insider Buying and Selling at Qualcomm

In other Qualcomm news, EVP Ann C. Chaplin sold 1,827 shares of Qualcomm stock in a transaction 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 sale, the executive vice president directly owned 25,770 shares in the company, valued at approximately $4,503,307.50. The trade was a 6.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cristiano R. Amon sold 10,000 shares of the business's stock in a transaction dated 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 $35,513,600. This trade represents a 5.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 33,458 shares of company stock valued at $6,198,144 in the last three months. 0.05% of the stock is currently owned by insiders.

Qualcomm 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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