WestEnd Advisors LLC Sells 114,047 Shares of Qualcomm Incorporated $QCOM

Key Points

• WestEnd Advisors sharply reduced its Qualcomm stake by selling 114,047 shares, cutting its position by 98.8% to 1,360 shares. Institutional investors and hedge funds still own 74.35% of QCOM.
• Analyst sentiment remains cautious: Qualcomm has an average “Hold” rating and a consensus price target of $205.83, despite several Buy and Strong Buy recommendations.
• Qualcomm reported quarterly revenue of $9.95 billion but narrowly missed EPS expectations, while reaffirming its $0.92 quarterly dividend, equivalent to a 2.0% yield. Shares opened at $184.17, up 2.5% in the reported session.

WestEnd Advisors LLC cut its stake in Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 98.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,360 shares of the wireless technology company's stock after selling 114,047 shares during the period. WestEnd Advisors LLC's holdings in Qualcomm were worth $250,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in QCOM. Your Advocates Ltd. LLP bought a new stake in shares of Qualcomm in the 1st quarter worth about $26,000. ABS Investment Management LLC bought a new position in shares of Qualcomm during the second quarter worth about $34,000. ABS Direct Equity Fund LLC bought a new position in shares of Qualcomm during the second quarter worth about $34,000. Burk Holdings LLC lifted its position in shares of Qualcomm by 191.7% during the second quarter. Burk Holdings LLC now owns 210 shares of the wireless technology company's stock worth $39,000 after purchasing an additional 138 shares during the last quarter. Finally, Harborfront Financial Group LLC acquired a new position in Qualcomm in the second quarter worth about $41,000. 74.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. HSBC reissued a "hold" rating on shares of Qualcomm in a report on Wednesday, July 15th. Evercore set a $159.00 target price on Qualcomm in a report on Thursday, July 30th. Piper Sandler assumed coverage on Qualcomm in a research report on Wednesday, September 9th. They issued a "neutral" rating and a $190.00 target price for the company. Royal Bank Of Canada boosted their price target on Qualcomm from $160.00 to $180.00 and gave the company a "sector perform" rating in a report on Wednesday, September 9th. Finally, Morgan Stanley lowered their price target on Qualcomm from $231.00 to $220.00 and set an "equal weight" rating for the company in a report on Thursday, July 30th. Three research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, twenty-one have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $205.83.

Qualcomm News Summary

Here are the key news stories impacting Qualcomm this week:

• Positive Sentiment: U.S. defense laptop partnership: Qualcomm and Anduril announced BlueChip, a line of secure, rugged laptops intended for government, military, public-safety and first-responder customers. The devices are planned to be assembled in the United States, with an emphasis on domestic sourcing to reduce supply-chain vulnerabilities. The initiative could open a new government-computing opportunity for Qualcomm and showcase its processors, AI capabilities and 5G technology. Anduril, Qualcomm partner on new line of US-made laptops
• Positive Sentiment: Investor-supportive capital returns and fund demand: Qualcomm reaffirmed its quarterly dividend at $0.92 per share, supporting the stock’s income appeal. Exchange-traded funds were also reported to be buying QCOM, potentially providing incremental demand. Is QUALCOMM Undervalued After Reaffirming Its Dividend?
• Neutral Sentiment: Analyst stance remains cautious: Bernstein maintained a Hold rating on Qualcomm, suggesting the new initiatives have not yet changed the firm’s risk-reward assessment. Bernstein Keeps Their Hold Rating on Qualcomm
• Negative Sentiment: Broader chip weakness: Qualcomm shares had fallen about 13% over the month through October 22 as semiconductor stocks sold off, indicating that macro and sector concerns remain an overhang despite the recent recovery. Qualcomm Just Dropped 13% in a Month
• Negative Sentiment: Competition and restructuring concerns: Reports that Samsung’s upcoming Exynos 2700 may outperform Qualcomm’s chip in internal benchmarks could raise concerns about lost smartphone design wins. Qualcomm is also planning worldwide job cuts, highlighting pressure to control costs as the company manages slower growth. Samsung Exynos 2700 Internal Benchmark Report

Insider Buying and Selling at Qualcomm

In other news, CEO Cristiano R. Amon sold 10,000 shares of the business's stock in a transaction on Friday, September 25th. The shares were sold at an average price of $200.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the chief executive officer owned 177,568 shares of the company's stock, valued at approximately $35,513,600. The trade was a 5.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Patricia Y. Grech sold 625 shares of the business's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $162.85, for a total transaction of $101,781.25. Following the transaction, the chief accounting officer directly owned 208 shares of the company's stock, valued at approximately $33,872.80. This trade represents a 75.03% 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 ninety days, insiders have sold 33,458 shares of company stock worth $6,198,144. 0.05% of the stock is owned by company insiders.

Qualcomm Stock Up 2.5%

Shares of NASDAQ QCOM opened at $184.17 on Wednesday. The firm's 50-day moving average price is $176.83 and its two-hundred day moving average price is $169.42. Qualcomm Incorporated has a 52-week low of $121.99 and a 52-week high of $259.92. The stock has a market capitalization of $196.66 billion, a P/E ratio of 21.32 and a beta of 1.65.

Qualcomm (NASDAQ:QCOM - Get Free Report) last posted its earnings results on Wednesday, July 29th. The wireless technology company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.23 by ($0.02). The firm had revenue of $9.95 billion during the quarter, compared to the consensus estimate of $9.69 billion. The company's revenue was down 4.0% on a year-over-year basis. During the same period in the previous year, the business earned $2.77 earnings per share. As a group, equities research analysts expect that Qualcomm Incorporated will post 7.71 earnings per share for the current year.

Qualcomm Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, December 3rd will be given a dividend of $0.92 per share. The ex-dividend date is Thursday, December 3rd. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. Qualcomm's payout ratio is currently 42.59%.

About Qualcomm

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.