Qualcomm Incorporated $QCOM Stock Holdings Lifted by Allworth Financial LP

Key Points

• Allworth Financial increased its Qualcomm stake by 44.2% in the third quarter, adding 50,382 shares to hold 164,374 shares valued at about $30.4 million. Other institutional investors also raised holdings; institutions and hedge funds own 74.35% of the stock.
• Analyst sentiment is mixed, with a consensus rating of Hold and an average price target of $197.13. Recent target changes included cuts from Rosenblatt Securities, Wells Fargo and Benchmark.
• Qualcomm slightly beat quarterly earnings and revenue expectations, reporting $2.17 per share and $10.44 billion in revenue, but revenue fell 8.4% year over year. The company declared a quarterly dividend of $0.92 per share.

Allworth Financial LP raised its holdings in Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 44.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 164,374 shares of the wireless technology company's stock after purchasing an additional 50,382 shares during the quarter. Allworth Financial LP's holdings in Qualcomm were worth $30,375,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of QCOM. SVB Wealth LLC increased its stake in shares of Qualcomm by 63.9% during the third quarter. SVB Wealth LLC now owns 13,396 shares of the wireless technology company's stock worth $2,465,000 after buying an additional 5,221 shares during the period. Legacy Trust raised its holdings in Qualcomm by 1.8% in the third quarter. Legacy Trust now owns 41,700 shares of the wireless technology company's stock valued at $7,674,000 after acquiring an additional 724 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Qualcomm by 9.5% in the third quarter. Russell Investments Group Ltd. now owns 1,084,366 shares of the wireless technology company's stock valued at $199,580,000 after acquiring an additional 93,879 shares in the last quarter. Ariadne Wealth Management LP lifted its stake in Qualcomm by 6.1% in the third quarter. Ariadne Wealth Management LP now owns 2,712 shares of the wireless technology company's stock worth $499,000 after acquiring an additional 155 shares during the last quarter. Finally, Point Windward Advisors Inc. purchased a new position in Qualcomm in the third quarter worth approximately $1,193,000. Institutional investors and hedge funds own 74.35% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Piper Sandler reaffirmed a "neutral" rating on shares of Qualcomm in a research report on Thursday, November 5th. Rosenblatt Securities dropped their target price on Qualcomm from $235.00 to $205.00 and set a "buy" rating on the stock in a report on Thursday, November 5th. Wells Fargo & Company cut their price target on Qualcomm from $265.00 to $170.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 30th. Evercore set a $159.00 price target on Qualcomm in a report on Thursday, July 30th. Finally, Benchmark decreased their price target on Qualcomm from $300.00 to $270.00 and set a "buy" rating for the company in a report on Monday, July 27th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, twenty-one have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $197.13.

Top Qualcomm Stories

Investors following QCOM have been watching these stories:

• Positive Sentiment: Qualcomm’s 5G partnership with SpaceX could create a new opportunity in network equipment. Amon called it a partnership that could drive innovation, though its commercial impact is not yet clear. Qualcomm CEO on SpaceX deal
• 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
• Negative Sentiment: Despite a quarterly earnings beat, reports cited handset weakness and uncertainty around data-center growth in explaining a sharp recent selloff. Investors are also weighing customer concentration, investment needs and potential margin pressure as Qualcomm ramps its data-center business. Qualcomm selloff and uncertainty

Insider Activity

In other news, EVP Heather S. Ace sold 3,200 shares of the business's stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $165.42, for a total value of $529,344.00. Following the transaction, the executive vice president owned 39,379 shares of the company's stock, valued at approximately $6,514,074.18. The trade was a 7.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ann C. Chaplin sold 1,827 shares of the company's stock in a transaction that occurred on Friday, October 16th. The stock was sold at an average price of $174.75, for a total value of $319,268.25. Following the sale, the executive vice president owned 25,770 shares of the company's stock, valued at $4,503,307.50. This trade 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. Over the last 90 days, insiders have sold 32,520 shares of company stock valued at $6,101,411. Insiders own 0.05% of the company's stock.

Qualcomm Stock Performance

NASDAQ QCOM opened at $177.14 on Friday. The company has a fifty day moving average of $178.65 and a two-hundred day moving average of $169.90. The company has a market capitalization of $189.54 billion, a PE ratio of 22.84, a P/E/G ratio of 2.07 and a beta of 1.70. Qualcomm Incorporated has a 1 year low of $121.99 and a 1 year high of $259.92. 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 (NASDAQ:QCOM - Get Free Report) last posted its earnings results on Wednesday, November 4th. The wireless technology company reported $2.17 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $10.12 billion. During the same quarter in the previous year, the firm earned $3.00 earnings per share. The business's revenue was down 8.4% compared to the same quarter last year. As a group, analysts expect that Qualcomm Incorporated will post 6.75 earnings per share for the current year.

Qualcomm Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, December 3rd will be issued a dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, December 3rd. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.1%. Qualcomm's dividend payout ratio (DPR) is currently 28.98%.

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.

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