Providence First Trust Co Buys New Holdings in Qualcomm Incorporated $QCOM

Providence First Trust Co purchased a new stake in shares of Qualcomm Incorporated (NASDAQ:QCOM) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 4,071 shares of the wireless technology company’s stock, valued at approximately $749,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in Qualcomm in the 2nd quarter worth approximately $17,583,115,000. State Street Corp boosted its stake in Qualcomm by 1.3% during the 2nd quarter. State Street Corp now owns 52,763,263 shares of the wireless technology company’s stock valued at $9,750,123,000 after purchasing an additional 671,537 shares during the last quarter. Van ECK Associates Corp boosted its stake in Qualcomm by 22.7% during the 2nd quarter. Van ECK Associates Corp now owns 17,202,619 shares of the wireless technology company’s stock valued at $3,178,872,000 after purchasing an additional 3,179,720 shares during the last quarter. Amundi increased its holdings in shares of Qualcomm by 94.1% in the 2nd quarter. Amundi now owns 10,195,741 shares of the wireless technology company’s stock worth $1,884,071,000 after purchasing an additional 4,942,908 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Qualcomm in the 2nd quarter worth $1,523,930,000. Institutional investors own 74.35% of the company’s stock.

Qualcomm News Roundup

Here are the key news stories impacting Qualcomm this week:

• Positive Sentiment: Qualcomm’s fiscal Q4 revenue of $10.44 billion and non-GAAP EPS of $2.17 edged past estimates. Automotive growth and the company’s data-center ambitions offer potential sources of diversification. Article: Is Qualcomm Stock Worth Buying After Mixed Q4 Results?
• Positive Sentiment: A broader market recovery helped lift shares after Thursday’s sharp sell-off, as investors reassessed fears that election-related policy changes could slow data-center investment. Article: Tech executives react to post-midterm AI sell-off
• Positive Sentiment: Alphabet disclosed a $548 million Qualcomm stake, a potentially supportive signal of institutional investor interest. Article: Alphabet discloses Qualcomm stake
• Positive Sentiment: Qualcomm is also set to provide chips and software for SpaceX’s planned terrestrial mobile network, adding a potential opportunity beyond its traditional handset market. Article: SpaceX Qualcomm 5G deal
• Neutral Sentiment: EVP Ann Chaplin sold 1,501 shares under a pre-arranged Rule 10b5-1 plan and retained 27,271 shares; the planned sale may carry limited signaling weight. SEC filing
• Negative Sentiment: Despite the beat, year-over-year revenue and earnings declined, and weak profit guidance, handset softness and rising component costs are weighing on expectations. Analysts have also cut price targets, while concerns about data-center investment and margins remain. Article: Qualcomm beat earnings, but its fastest-growing businesses have a catch

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on QCOM. Citigroup lowered their price target on Qualcomm from $198.00 to $175.00 and set a “neutral” rating on the stock in a report on Wednesday, July 29th. Piper Sandler restated a “neutral” rating on shares of Qualcomm in a research note on Thursday. Evercore set a $159.00 price target on shares of Qualcomm in a report on Thursday, July 30th. UBS Group dropped their price target on shares of Qualcomm from $185.00 to $180.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, TD Cowen reduced their price target on shares of Qualcomm from $200.00 to $185.00 and set a “buy” rating for the company in a research note on Thursday. 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $197.55.

Insider Buying and Selling at Qualcomm

In related news, EVP Ann Chaplin sold 1,827 shares of the firm’s stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $174.75, for a total value of $319,268.25. Following the transaction, the executive vice president owned 25,770 shares of the company’s stock, valued at approximately $4,503,307.50. This trade represents a 6.62% decrease in their ownership of the stock. The transaction was disclosed in a 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, CEO Cristiano Amon sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 25th. The stock was 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 directly owned 177,568 shares in the company, valued at approximately $35,513,600. The trade was a 5.33% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 31,820 shares of company stock worth $5,980,217 over the last quarter. Company insiders own 0.05% of the company’s stock.

Qualcomm Stock Performance

Qualcomm stock traded up $8.66 during mid-day trading on Friday, reaching $165.41. 19,678,727 shares of the stock traded hands, compared to its average volume of 10,479,039. Qualcomm Incorporated has a 12-month low of $121.99 and a 12-month high of $259.92. The business’s 50-day moving average is $178.11 and its 200-day moving average is $169.52. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.02 and a quick ratio of 1.28. The stock has a market capitalization of $176.63 billion, a PE ratio of 13.02, a price-to-earnings-growth ratio of 3.65 and a beta of 1.70.

Qualcomm (NASDAQ:QCOM) last announced its 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. The business had revenue of $10.44 billion for the quarter, compared to analysts’ expectations of $10.12 billion. Qualcomm had a return on equity of 38.36% and a net margin of 21.01%. The business’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same period last year, the firm posted $3.00 earnings per share. As a group, sell-side analysts predict that Qualcomm Incorporated will post 7.16 EPS for the current fiscal year.

Qualcomm Dividend Announcement

The firm 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 is 28.98%.

Qualcomm Company Profile

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.