State of New Jersey Common Pension Fund D Cuts Holdings in Qualcomm Incorporated $QCOM

Key Points

• State of New Jersey Common Pension Fund D trimmed its Qualcomm stake by 2.5% in Q4, selling 9,388 shares and leaving 366,695 shares valued at about $62.7 million.
• Qualcomm beat Q2 estimates (non‑GAAP EPS $2.65 on ~$10.6B revenue) but issued softer Q3 guidance (revenue $9.2B–$10.0B; adj. EPS $2.10–$2.30), sparking volatility, while management said it will begin shipping custom data‑center chips to a “large hyperscaler” this year.
• The board authorized a $20 billion share buyback (up to ~14.5% of shares) and raised the quarterly dividend to $0.92 (annualized $3.68, ~2.2% yield).

State of New Jersey Common Pension Fund D trimmed its position in Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 2.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 366,695 shares of the wireless technology company's stock after selling 9,388 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Qualcomm were worth $62,723,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in shares of Qualcomm by 141.8% in the 3rd quarter. Wellington Management Group LLP now owns 12,437,240 shares of the wireless technology company's stock valued at $2,069,059,000 after acquiring an additional 7,292,783 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Qualcomm by 36.8% during the third quarter. Dimensional Fund Advisors LP now owns 6,552,427 shares of the wireless technology company's stock worth $1,090,025,000 after acquiring an additional 1,764,252 shares during the last quarter. Viking Global Investors LP increased its stake in Qualcomm by 120.1% during the second quarter. Viking Global Investors LP now owns 3,152,866 shares of the wireless technology company's stock worth $502,125,000 after acquiring an additional 1,720,529 shares during the last quarter. Rafferty Asset Management LLC raised its position in Qualcomm by 59.1% during the second quarter. Rafferty Asset Management LLC now owns 4,418,406 shares of the wireless technology company's stock valued at $703,675,000 after purchasing an additional 1,641,068 shares during the period. Finally, Van ECK Associates Corp lifted its stake in shares of Qualcomm by 18.3% in the 3rd quarter. Van ECK Associates Corp now owns 9,050,717 shares of the wireless technology company's stock valued at $1,505,677,000 after purchasing an additional 1,397,466 shares during the last quarter. 74.35% of the stock is owned by institutional investors.

Insider Activity at Qualcomm

In other news, EVP Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $137.65, for a total transaction of $458,787.45. Following the completion of the sale, the executive vice president owned 35,599 shares in the company, valued at approximately $4,900,202.35. This represents a 8.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Heather S. Ace sold 3,200 shares of the firm's stock in a transaction on Monday, February 9th. The stock was sold at an average price of $137.00, for a total value of $438,400.00. Following the completion of the sale, the executive vice president directly owned 16,393 shares of the company's stock, valued at $2,245,841. The trade was a 16.33% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 9,118 shares of company stock valued at $1,233,705. 0.05% of the stock is currently owned by company insiders.

Qualcomm Stock Up 6.1%

Shares of NASDAQ QCOM opened at $165.58 on Thursday. Qualcomm Incorporated has a 12-month low of $121.99 and a 12-month high of $205.95. The stock's fifty day simple moving average is $134.93 and its two-hundred day simple moving average is $155.16. The stock has a market capitalization of $176.67 billion, a PE ratio of 34.04 and a beta of 1.28. The company has a current ratio of 2.51, a quick ratio of 1.83 and a debt-to-equity ratio of 0.64.

Qualcomm (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The wireless technology company reported $2.65 earnings per share for the quarter, topping analysts' consensus estimates of $2.56 by $0.09. Qualcomm had a return on equity of 44.09% and a net margin of 11.96%.The firm had revenue of $10.60 billion during the quarter, compared to analysts' expectations of $10.59 billion. During the same period in the prior year, the business posted $2.85 EPS. The firm's quarterly revenue was down 3.5% on a year-over-year basis. Qualcomm has set its Q3 2026 guidance at 2.100-2.300 EPS. As a group, analysts expect that Qualcomm Incorporated will post 8.21 EPS for the current fiscal year.

Qualcomm announced that its Board of Directors has authorized a share buyback program on Tuesday, March 17th that allows the company to buyback $20.00 billion in outstanding shares. This buyback authorization allows the wireless technology company to reacquire up to 14.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Qualcomm Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Thursday, June 4th 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, June 4th. This is an increase from Qualcomm's previous quarterly dividend of $0.89. Qualcomm's payout ratio is presently 73.55%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. downgraded Qualcomm from an "overweight" rating to a "neutral" rating and cut their target price for the company from $185.00 to $140.00 in a research report on Thursday, April 16th. Weiss Ratings reiterated a "hold (c)" rating on shares of Qualcomm in a research report on Friday, March 27th. BNP Paribas Exane downgraded shares of Qualcomm to a "neutral" rating in a research note on Wednesday. Daiwa Securities Group lowered Qualcomm from an "outperform" rating to a "neutral" rating and set a $140.00 price target on the stock. in a research note on Wednesday, February 11th. Finally, Argus decreased their price objective on Qualcomm from $205.00 to $180.00 and set a "buy" rating for the company in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, fourteen have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, Qualcomm has an average rating of "Hold" and a consensus price target of $158.04.

Qualcomm News Summary

Here are the key news stories impacting Qualcomm this week:

• Positive Sentiment: CEO said Qualcomm will begin shipping custom data‑center chips to a “large hyperscaler” this calendar year, reviving hopes for a material new revenue stream and helping offset concern about near‑term weakness. Read More.
• Positive Sentiment: Quarterly results: non‑GAAP EPS of $2.65 beat consensus and came at the high end of guidance; revenue was essentially in line (~$10.6B). The beat helped spark the rebound after an early selloff. Read More.
• Positive Sentiment: Short‑term upgrade: Summit Insights moved the stock from “hold” to “buy,” supporting demand from some traders. (Upgrade reported in market feeds.)
• Neutral Sentiment: Company filed its earnings release and slide deck on the IR site and held the conference call/transcript that managers used to highlight strategy and product timing. Investors are parsing the slides for cadence of data‑center and handset recoveries. Read More.
• Negative Sentiment: Q3 guidance disappointed: Qualcomm guided to $9.2B–$10.0B revenue and $2.10–$2.30 adj. EPS, below Street revenue/consensus EPS — this drove the initial selloff and signals near‑term headwinds. Read More.
• Negative Sentiment: Memory supply shortages and weaker handset demand pressured revenue (handset revenue declines noted y/y), limiting near‑term visibility for semiconductor customers. Management called the memory crunch the main drag. Read More.
• Negative Sentiment: Analyst estimate moves: some shops trimmed FY estimates (Erste Group among them) and several price targets remain below current levels, highlighting differing views on the timing of the recovery. Read More.
• Negative Sentiment: Volatility: shares initially dropped on the weak guide before rallying on the hyperscaler/data‑center comments — expect continued headline‑driven swings as the market evaluates execution and timing. Read More.

About Qualcomm

Qualcomm Incorporated is a global semiconductor and telecommunications equipment company headquartered in San Diego, California. Founded in 1985, the company is known for its development of wireless technologies and for playing a central role in the evolution of digital cellular standards, including CDMA and subsequent generations of mobile standards. Qualcomm’s business combines the design and sale of semiconductor products with a patent licensing program for wireless technologies and related intellectual property.

The company’s product portfolio includes system-on-chip (SoC) platforms marketed under the Snapdragon brand, cellular modem and RF front-end components, connectivity solutions for Wi‑Fi and Bluetooth, and processors and platforms aimed at automotive, IoT, networking and edge-computing applications.

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