Qualcomm Incorporated $QCOM Stock Sold by Welch & Forbes LLC

Key Points

• Welch & Forbes reduced its Qualcomm stake by 2.1%, selling 2,925 shares and retaining 135,594 shares valued at about $25.0 million.
• Institutional investors made mixed moves: Beutel Goodman increased its holdings by 88.5% and M&G by 32.2%, while hedge funds and other institutions collectively owned 74.35% of Qualcomm.
• Qualcomm slightly beat quarterly earnings and revenue estimates, but revenue fell 8.4% year over year. Analysts’ consensus rating was “Hold,” with an average price target of $197.13.

Welch & Forbes LLC lowered its stake in shares of Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 2.1% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 135,594 shares of the wireless technology company's stock after selling 2,925 shares during the period. Welch & Forbes LLC's holdings in Qualcomm were worth $24,955,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in QCOM. Nemes Rush Group LLC grew its stake in shares of Qualcomm by 0.4% in the third quarter. Nemes Rush Group LLC now owns 137,715 shares of the wireless technology company's stock worth $25,345,000 after acquiring an additional 570 shares during the period. United Capital Management of KS Inc. lifted its position in Qualcomm by 5.6% during the third quarter. United Capital Management of KS Inc. now owns 12,171 shares of the wireless technology company's stock valued at $2,240,000 after purchasing an additional 646 shares during the period. Beutel Goodman & Co Ltd. lifted its position in Qualcomm by 88.5% during the third quarter. Beutel Goodman & Co Ltd. now owns 1,953,123 shares of the wireless technology company's stock valued at $359,452,000 after purchasing an additional 916,849 shares during the period. Gryphon Financial Partners LLC lifted its position in Qualcomm by 9.5% during the third quarter. Gryphon Financial Partners LLC now owns 2,585 shares of the wireless technology company's stock valued at $476,000 after purchasing an additional 224 shares during the period. Finally, M&G PLC boosted its holdings in Qualcomm by 32.2% in the third quarter. M&G PLC now owns 1,162,615 shares of the wireless technology company's stock worth $213,921,000 after purchasing an additional 283,055 shares during the last quarter. Hedge funds and other institutional investors own 74.35% of the company's stock.

Qualcomm Trading Up 3.7%

Shares of QCOM stock opened at $171.47 on Tuesday. Qualcomm Incorporated has a 1 year low of $121.99 and a 1 year high of $259.92. The firm has a fifty day moving average price of $178.25 and a 200-day moving average price of $169.60. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.02 and a quick ratio of 1.28. The company has a market cap of $183.10 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 3.90 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 EPS for the quarter, topping the consensus estimate of $2.16 by $0.01. Qualcomm had a return on equity of 31.91% and a net margin of 31.60%. The firm had revenue of $10.44 billion during the quarter, compared to analyst estimates of $10.12 billion. During the same period in the prior year, the business posted $3.00 EPS. Qualcomm's revenue was down 8.4% on a year-over-year basis. As a group, equities analysts predict that Qualcomm Incorporated will post 7.16 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. Shareholders 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 2.1%. The ex-dividend date of this dividend is Thursday, December 3rd. Qualcomm's payout ratio is currently 28.98%.

Insiders Place Their Bets

In other news, EVP Ann Chaplin sold 1,501 shares of the firm's stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $161.54, for a total value of $242,471.54. Following the transaction, the executive vice president owned 27,271 shares of the company's stock, valued at $4,405,357.34. This trade represents a 5.22% decrease in their ownership of the stock. The transaction 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 Akash Palkhiwala sold 2,500 shares of the firm's stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $175.06, for a total value of $437,650.00. Following the completion of the transaction, the executive vice president directly owned 20,799 shares in the company, valued at $3,641,072.94. This trade represents a 10.73% decrease in their position. 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 35,020 shares of company stock valued at $6,509,561. 0.05% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on QCOM. Susquehanna lowered their price target on Qualcomm from $185.00 to $165.00 and set a "neutral" rating on the stock in a report on Thursday, November 5th. TD Cowen cut their price objective on Qualcomm from $200.00 to $185.00 and set a "buy" rating for the company in a report on Thursday, November 5th. Arete Research upgraded Qualcomm to a "strong-buy" rating in a research report on Friday, October 16th. Royal Bank Of Canada increased their target price on Qualcomm from $160.00 to $180.00 and gave the company a "sector perform" rating in a report on Wednesday, September 9th. Finally, Wells Fargo & Company lowered their target price on Qualcomm from $265.00 to $170.00 and set an "equal weight" rating on the stock in a report on Thursday, July 30th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, twenty-two have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Qualcomm has an average rating of "Hold" and an average price target of $197.13.

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 Company 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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