Qualcomm Incorporated $QCOM Stock Sold by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management trimmed its Qualcomm stake 1.2% in the third quarter, selling 4,105 shares; it still held 330,167 shares valued at about $60.8 million.
• Qualcomm reported quarterly EPS of $2.17 and revenue of $10.44 billion, slightly beating estimates, but revenue fell 8.4% year over year. Analysts’ average rating was “Hold,” with an average price target of $197.55.
• The company declared a quarterly dividend of $0.92 per share, equivalent to an annualized $3.68 and a 2.2% yield. Insiders also sold shares, including sales by the CEO and an EVP under pre-arranged trading plans.

Kornitzer Capital Management Inc. KS reduced its stake in Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 1.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 330,167 shares of the wireless technology company's stock after selling 4,105 shares during the period. Qualcomm makes up 1.1% of Kornitzer Capital Management Inc. KS's portfolio, making the stock its 19th largest holding. Kornitzer Capital Management Inc. KS's holdings in Qualcomm were worth $60,764,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Parallel Advisors LLC increased its holdings in shares of Qualcomm by 2.2% in the third quarter. Parallel Advisors LLC now owns 20,099 shares of the wireless technology company's stock worth $3,699,000 after purchasing an additional 436 shares during the last quarter. Guidance Capital Inc. boosted its stake in Qualcomm by 0.9% during the third quarter. Guidance Capital Inc. now owns 8,180 shares of the wireless technology company's stock valued at $1,505,000 after buying an additional 72 shares during the last quarter. Tamar Securities LLC boosted its stake in Qualcomm by 3.3% during the third quarter. Tamar Securities LLC now owns 153,879 shares of the wireless technology company's stock valued at $28,320,000 after buying an additional 4,953 shares during the last quarter. Asset Dedication LLC grew its holdings in Qualcomm by 109.1% during the 3rd quarter. Asset Dedication LLC now owns 8,341 shares of the wireless technology company's stock valued at $1,535,000 after buying an additional 4,352 shares in the last quarter. Finally, Plancorp LLC grew its holdings in Qualcomm by 12.4% during the 3rd quarter. Plancorp LLC now owns 10,805 shares of the wireless technology company's stock valued at $1,989,000 after buying an additional 1,188 shares in the last quarter. Hedge funds and other institutional investors own 74.35% of the company's stock.

Insider Buying and Selling

In related news, CEO Cristiano Amon sold 10,000 shares of the firm's stock in a transaction 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ann Chaplin sold 1,501 shares of Qualcomm stock in a transaction on Friday, November 6th. The stock was sold at an average price of $161.54, for a total transaction of $242,471.54. Following the transaction, the executive vice president directly owned 27,271 shares of the company's stock, valued at $4,405,357.34. The trade was a 5.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 31,820 shares of company stock worth $5,980,217. 0.05% of the stock is currently owned by corporate insiders.

Qualcomm Trading Up 5.5%

Shares of NASDAQ QCOM opened at $165.41 on Friday. The business's 50 day moving average is $178.11 and its two-hundred day moving average is $169.52. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.86 and a quick ratio of 1.28. Qualcomm Incorporated has a 1-year low of $121.99 and a 1-year high of $259.92. The stock has a market capitalization of $176.99 billion, a P/E ratio of 13.02, a PEG ratio of 3.73 and a beta of 1.70.

Qualcomm (NASDAQ:QCOM - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The wireless technology company reported $2.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.01. The business had revenue of $10.44 billion during the quarter, compared to analyst estimates of $10.12 billion. Qualcomm had a return on equity of 30.62% and a net margin of 31.60%. The company's revenue for the quarter was down 8.4% on a year-over-year basis. During the same period last year, the company earned $3.00 EPS. As a group, research analysts expect that Qualcomm Incorporated will post 7.16 EPS for the current year.

Qualcomm Announces Dividend

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. This represents a $3.68 annualized dividend and a yield of 2.2%. The ex-dividend date is Thursday, December 3rd. Qualcomm's dividend payout ratio is presently 28.98%.

Key Stories Impacting Qualcomm

Here are the key news stories impacting Qualcomm this week:

• Positive Sentiment: Qualcomm’s fiscal Q4 revenue of $10.44 billion and non-GAAP EPS of $2.17 edged past estimates. Automotive growth and the company’s data-center ambitions offer potential sources of diversification. Article: Is Qualcomm Stock Worth Buying After Mixed Q4 Results?
• Positive Sentiment: A broader market recovery helped lift shares after Thursday’s sharp sell-off, as investors reassessed fears that election-related policy changes could slow data-center investment. Article: Tech executives react to post-midterm AI sell-off
• Positive Sentiment: Alphabet disclosed a $548 million Qualcomm stake, a potentially supportive signal of institutional investor interest. Article: Alphabet discloses Qualcomm stake
• Positive Sentiment: Qualcomm is also set to provide chips and software for SpaceX’s planned terrestrial mobile network, adding a potential opportunity beyond its traditional handset market. Article: SpaceX Qualcomm 5G deal
• Neutral Sentiment: EVP Ann Chaplin sold 1,501 shares under a pre-arranged Rule 10b5-1 plan and retained 27,271 shares; the planned sale may carry limited signaling weight. SEC filing
• Negative Sentiment: Despite the beat, year-over-year revenue and earnings declined, and weak profit guidance, handset softness and rising component costs are weighing on expectations. Analysts have also cut price targets, while concerns about data-center investment and margins remain. Article: Qualcomm beat earnings, but its fastest-growing businesses have a catch

Analysts Set New Price Targets

A number of analysts have issued reports on QCOM shares. Freedom Capital raised Qualcomm from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 7th. Oppenheimer set a $200.00 target price on Qualcomm in a research report on Monday, July 27th. UBS Group cut their target price on shares of Qualcomm from $185.00 to $180.00 and set a "neutral" rating for the company in a report on Thursday. Sanford C. Bernstein reduced their price target on shares of Qualcomm from $165.00 to $155.00 and set a "market perform" rating on the stock in a research report on Monday, November 2nd. Finally, Cantor Fitzgerald reduced their price target on shares of Qualcomm from $200.00 to $165.00 and set a "neutral" rating on the stock in a research report on Monday, July 27th. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, twenty-one have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Qualcomm presently has an average rating of "Hold" and an average target price of $197.55.

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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