Danske Bank A S lowered its holdings in shares of Qualcomm Incorporated (NASDAQ:QCOM – Free Report) by 3.5% in the third quarter, Holdings Channel reports. The firm owned 596,173 shares of the wireless technology company’s stock after selling 21,925 shares during the quarter. Danske Bank A S’s holdings in Qualcomm were worth $109,720,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. ABS Investment Management LLC purchased a new stake in shares of Qualcomm in the second quarter valued at about $34,000. ABS Direct Equity Fund LLC acquired a new stake in shares of Qualcomm during the second quarter worth about $34,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Qualcomm during the third quarter worth about $35,000. Team Financial Group LLC purchased a new position in shares of Qualcomm during the third quarter worth about $38,000. Finally, Burk Holdings LLC grew its holdings 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 buying an additional 138 shares during the last quarter. 74.35% of the stock is owned by hedge funds and other institutional investors.
More Qualcomm News
Here’s some of the latest news about QCOM:
- Positive Sentiment: Qualcomm’s new 5G partnership with SpaceX may open opportunities in network equipment and support innovation, though the commercial impact is not yet clear. Article: Qualcomm CEO on SpaceX deal
- Neutral Sentiment: Qualcomm completed a $4 billion senior-notes offering. The financing provides capital but also represents debt that the company will need to service. Article: Qualcomm Completes $4 Billion Senior Notes Offering
- Negative Sentiment: Handset weakness and uncertainty around data-center growth have been cited as reasons for pressure on Qualcomm, despite its recent quarterly earnings beat. The SpaceX partnership also faces questions about the difficulty of competing with established mobile carriers. Article: Semiconductor ETFs to Buy as Qualcomm Plunges Despite Q4 Earnings Beat
Qualcomm Stock Performance
Shares of NASDAQ:QCOM traded down $4.67 during midday trading on Friday, hitting $172.47. The stock had a trading volume of 10,418,764 shares, compared to its average volume of 13,859,666. The company has a market capitalization of $184.54 billion, a PE ratio of 13.58, a P/E/G ratio of 2.07 and a beta of 1.70. The stock has a 50 day moving average price of $178.73 and a two-hundred day moving average price of $169.99. The company has a current ratio of 1.86, a quick ratio of 1.14 and a debt-to-equity ratio of 0.42. Qualcomm Incorporated has a 1 year low of $121.99 and a 1 year high of $259.92.
Qualcomm (NASDAQ:QCOM – Get Free Report) last posted its quarterly earnings results on Wednesday, November 4th. The wireless technology company reported $2.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.01. Qualcomm had a net margin of 31.60% and a return on equity of 30.62%. The firm had revenue of $10.44 billion during the quarter, compared to analysts’ expectations of $10.12 billion. During the same period in the prior year, the company posted $3.00 earnings per share. The firm’s revenue for the quarter was down 8.4% on a year-over-year basis. As a group, equities analysts predict that Qualcomm Incorporated will post 6.75 earnings per share for the current fiscal year.
Qualcomm Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Thursday, December 3rd will be issued a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Thursday, December 3rd. Qualcomm’s dividend payout ratio (DPR) is currently 28.98%.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on the company. Susquehanna dropped their price target on Qualcomm from $185.00 to $165.00 and set a “neutral” rating on the stock in a research report on Thursday, November 5th. Wells Fargo & Company decreased their price objective on Qualcomm from $265.00 to $170.00 and set an “equal weight” rating for the company in a research report on Thursday, July 30th. Morgan Stanley decreased their price objective 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. KeyCorp reiterated a “sector weight” rating on shares of Qualcomm in a research note on Wednesday, September 9th. Finally, Barclays dropped their target price on Qualcomm from $180.00 to $150.00 and set an “underweight” rating on the stock in a report on Thursday, November 5th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twenty-two have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Qualcomm currently has an average rating of “Hold” and an average price target of $197.13.
Read Our Latest Research Report on QCOM
Insider Transactions at Qualcomm
In other Qualcomm news, CEO Cristiano R. Amon sold 10,000 shares of the stock in a transaction on Friday, September 25th. The stock was sold at an average price of $200.00, for a total value of $2,000,000.00. Following the completion of the transaction, the chief executive officer owned 177,568 shares in the company, valued at approximately $35,513,600. This represents a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ann C. Chaplin sold 1,501 shares of the firm’s stock in a transaction on Friday, November 6th. The shares were sold at an average price of $161.54, for a total value of $242,471.54. Following the completion of the sale, the executive vice president directly owned 27,271 shares of the company’s stock, valued at approximately $4,405,357.34. This trade represents a 5.22% 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 sold 32,520 shares of company stock valued at $6,101,411. 0.05% of the stock is owned by company insiders.
About Qualcomm
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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