Qualcomm Incorporated $QCOM Position Decreased by Payden & Rygel

Payden & Rygel reduced its stake in Qualcomm Incorporated (NASDAQ:QCOM) by 62.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,400 shares of the wireless technology company’s stock after selling 9,020 shares during the quarter. Payden & Rygel’s holdings in Qualcomm were worth $994,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in QCOM. Lebenthal Global Advisors LLC increased its holdings in shares of Qualcomm by 21.8% during the 3rd quarter. Lebenthal Global Advisors LLC now owns 4,636 shares of the wireless technology company’s stock worth $853,000 after buying an additional 831 shares during the last quarter. Canopy Partners LLC lifted its holdings in Qualcomm by 1.4% in the third quarter. Canopy Partners LLC now owns 4,148 shares of the wireless technology company’s stock valued at $763,000 after acquiring an additional 56 shares during the last quarter. CHICAGO TRUST Co NA grew its position in Qualcomm by 57.7% in the third quarter. CHICAGO TRUST Co NA now owns 7,231 shares of the wireless technology company’s stock worth $1,331,000 after acquiring an additional 2,647 shares during the period. Glenview Trust Co grew its position in Qualcomm by 4.2% in the third quarter. Glenview Trust Co now owns 36,866 shares of the wireless technology company’s stock worth $6,785,000 after acquiring an additional 1,490 shares during the period. Finally, Parcion Private Wealth LLC grew its position in Qualcomm by 9.8% in the third quarter. Parcion Private Wealth LLC now owns 2,352 shares of the wireless technology company’s stock worth $433,000 after acquiring an additional 210 shares during the period. 74.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Qualcomm

In related news, CEO Cristiano R. Amon sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 25th. The shares were sold at an average price of $200.00, for a total value of $2,000,000.00. Following the sale, the chief executive officer owned 177,568 shares of the company’s stock, valued at $35,513,600. This trade represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a legal 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, CAO Patricia Y. Grech sold 625 shares of Qualcomm stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $162.85, for a total transaction of $101,781.25. Following the completion of the transaction, the chief accounting officer owned 208 shares of the company’s stock, valued at $33,872.80. This 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. In the last 90 days, insiders sold 33,458 shares of company stock valued at $6,198,144. 0.05% of the stock is currently owned by company insiders.

Qualcomm Trading Down 11.1%

NASDAQ:QCOM opened at $164.79 on Friday. The firm has a market cap of $175.97 billion, a PE ratio of 19.07, a price-to-earnings-growth ratio of 4.17 and a beta of 1.65. The stock has a fifty day moving average price of $177.83 and a 200 day moving average price of $169.44. Qualcomm Incorporated has a 12-month low of $121.99 and a 12-month high of $259.92. The company has a current ratio of 2.02, a quick ratio of 1.28 and a debt-to-equity ratio of 0.46.

Qualcomm (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, July 29th. The wireless technology company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.23 by ($0.02). The company had revenue of $9.95 billion for the quarter, compared to analysts’ expectations of $9.69 billion. Qualcomm had a return on equity of 38.36% and a net margin of 21.01%. Qualcomm’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.77 EPS. Sell-side analysts anticipate that Qualcomm Incorporated will post 7.71 earnings per share for the current fiscal year.

Qualcomm Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Thursday, December 3rd will be paid a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Thursday, December 3rd. Qualcomm’s dividend payout ratio (DPR) is presently 42.59%.

Analysts Set New Price Targets

QCOM has been the subject of several recent analyst reports. Wells Fargo & Company cut their target price on Qualcomm from $265.00 to $170.00 and set an “equal weight” rating for the company in a research note on Thursday, July 30th. Rosenblatt Securities reissued a “buy” rating and issued a $235.00 target price on shares of Qualcomm in a research report on Wednesday, September 9th. Robert W. Baird set a $400.00 price target on Qualcomm in a research note on Thursday, July 30th. Cantor Fitzgerald lowered their price target on Qualcomm from $200.00 to $165.00 and set a “neutral” rating for the company in a research report on Monday, July 27th. 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 research report on Thursday, July 30th. 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 issued a Sell rating to the company. According to data from MarketBeat, Qualcomm currently has a consensus rating of “Hold” and a consensus price target of $205.83.

Qualcomm Company Profile

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.