XTX Topco Ltd Cuts Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Key Points

• XTX Topco Ltd reduced its stake in QUALCOMM by 88.5% in the first quarter, holding only 1,911 shares worth approximately $294,000 after selling 14,659 shares.
• Other institutional investors, like OVERSEA CHINESE BANKING, significantly increased their stakes in QUALCOMM, with one boosting its position by 565% during the same period.
• QUALCOMM reported earnings of $2.77 per share for the last quarter, exceeding analyst expectations, and announced a quarterly dividend of $0.89 per share to be paid on September 25th.

XTX Topco Ltd lowered its position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 88.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,911 shares of the wireless technology company's stock after selling 14,659 shares during the quarter. XTX Topco Ltd's holdings in QUALCOMM were worth $294,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in QUALCOMM by 565.0% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 124,327 shares of the wireless technology company's stock worth $19,098,000 after buying an additional 105,631 shares in the last quarter. PFG Advisors boosted its stake in shares of QUALCOMM by 8.0% during the first quarter. PFG Advisors now owns 4,314 shares of the wireless technology company's stock valued at $663,000 after purchasing an additional 321 shares during the period. Teza Capital Management LLC purchased a new stake in shares of QUALCOMM during the fourth quarter valued at approximately $1,541,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of QUALCOMM by 3.3% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 188,654 shares of the wireless technology company's stock valued at $28,979,000 after purchasing an additional 6,017 shares during the period. Finally, Kanawha Capital Management LLC boosted its stake in shares of QUALCOMM by 1.9% during the first quarter. Kanawha Capital Management LLC now owns 85,414 shares of the wireless technology company's stock valued at $13,120,000 after purchasing an additional 1,573 shares during the period. Hedge funds and other institutional investors own 74.35% of the company's stock.

Insider Activity at QUALCOMM

In related news, major shareholder Inc/De Qualcomm sold 412,500 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $16.00, for a total transaction of $6,600,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $148.10, for a total transaction of $493,617.30. Following the sale, the chief financial officer directly owned 43,207 shares in the company, valued at $6,398,956.70. This trade represents a 7.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 424,099 shares of company stock valued at $8,352,355. 0.08% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Cantor Fitzgerald reissued a "neutral" rating and set a $150.00 price objective on shares of QUALCOMM in a research note on Thursday, May 1st. Wall Street Zen lowered QUALCOMM from a "buy" rating to a "hold" rating in a research note on Sunday, August 3rd. Evercore ISI dropped their price objective on QUALCOMM from $179.00 to $157.00 and set an "in-line" rating for the company in a research note on Friday, May 2nd. Sanford C. Bernstein set a $185.00 price objective on QUALCOMM and gave the company an "outperform" rating in a research note on Monday, July 28th. Finally, Wells Fargo & Company dropped their price objective on QUALCOMM from $175.00 to $140.00 and set an "underweight" rating for the company in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $181.10.

QUALCOMM Price Performance

QCOM opened at $147.56 on Monday. The stock has a fifty day simple moving average of $155.07 and a two-hundred day simple moving average of $154.06. The company has a current ratio of 3.19, a quick ratio of 2.38 and a debt-to-equity ratio of 0.54. The company has a market cap of $159.22 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.23. QUALCOMM Incorporated has a 12-month low of $120.80 and a 12-month high of $182.10.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The wireless technology company reported $2.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.71 by $0.06. The business had revenue of $10.37 billion during the quarter, compared to the consensus estimate of $10.33 billion. QUALCOMM had a return on equity of 40.35% and a net margin of 26.77%. The firm's quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.33 earnings per share. Research analysts predict that QUALCOMM Incorporated will post 9.39 earnings per share for the current fiscal year.

QUALCOMM Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be given a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Thursday, September 4th. QUALCOMM's dividend payout ratio is 34.33%.

About QUALCOMM

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on 3G/4G/5G and other technologies for use in wireless voice and data communications, networking, computing, multimedia, and position location products.

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