Qualcomm Incorporated $QCOM Position Lowered by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its stake in shares of Qualcomm Incorporated (NASDAQ:QCOM) by 1.1% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 488,482 shares of the wireless technology company’s stock after selling 5,466 shares during the period. Pictet Asset Management Holding SA’s holdings in Qualcomm were worth $89,900,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of Qualcomm during the 2nd quarter valued at $17,583,115,000. Bank of New York Mellon Corp acquired a new position in shares of Qualcomm in the second quarter worth $1,523,930,000. Deutsche Bank AG acquired a new position in shares of Qualcomm in the second quarter worth $1,178,349,000. Amundi raised its holdings in shares of Qualcomm by 94.1% during the second quarter. Amundi now owns 10,195,741 shares of the wireless technology company’s stock worth $1,884,071,000 after acquiring an additional 4,942,908 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Qualcomm by 22.7% during the second quarter. Van ECK Associates Corp now owns 17,202,619 shares of the wireless technology company’s stock worth $3,178,872,000 after acquiring an additional 3,179,720 shares in the last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Freedom Broker cut Qualcomm from a “buy” rating to a “hold” rating and reduced their price objective for the company from $200.00 to $185.00 in a research report on Monday. Rosenblatt Securities cut their price target on Qualcomm from $235.00 to $205.00 and set a “buy” rating for the company in a research note on Thursday, November 5th. Oppenheimer set a $200.00 price target on Qualcomm in a research note on Monday, July 27th. JPMorgan Chase & Co. reduced their price target on Qualcomm from $215.00 to $200.00 and set a “neutral” rating for the company in a report on Thursday, November 5th. Finally, 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 note on Monday, July 27th. Three research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, twenty-two have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Qualcomm currently has a consensus rating of “Hold” and a consensus price target of $197.13.

Qualcomm Stock Up 3.7%

Qualcomm stock opened at $171.47 on Tuesday. The company has a market capitalization of $183.10 billion, a P/E ratio of 13.50, a P/E/G ratio of 3.90 and a beta of 1.70. The firm’s fifty day simple moving average is $178.25 and its 200-day simple moving average is $169.60. 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 Incorporated has a 1-year low of $121.99 and a 1-year high of $259.92.

Qualcomm (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, November 4th. The wireless technology company reported $2.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.01. The business had revenue of $10.44 billion during the quarter, compared to analyst estimates of $10.12 billion. Qualcomm had a net margin of 31.60% and a return on equity of 31.91%. Qualcomm’s quarterly revenue was down 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.00 EPS. Sell-side analysts forecast that Qualcomm Incorporated will post 7.16 earnings per share for the current fiscal year.

Qualcomm Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Shareholders of record on Thursday, December 3rd will be issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 2.1%. The ex-dividend date is Thursday, December 3rd. Qualcomm’s dividend payout ratio (DPR) is 28.98%.

Key Stories Impacting Qualcomm

Here are the key news stories impacting Qualcomm this week:

• Positive Sentiment: Automotive revenue grew 89% to a record $1.99 billion. Qualcomm also expects non-handset revenue to grow by more than 60% in fiscal 2027, supporting hopes that newer businesses can offset smartphone-market weakness. Article
• Positive Sentiment: ETFs made a net $28.3 million purchase of QCOM shares on Nov. 5, with more funds adding shares than reducing their holdings. Article
• Neutral Sentiment: EVP Heather Ace sold 3,200 shares under a pre-arranged Rule 10b5-1 plan, retaining 39,379 shares. The planned nature of the sale makes it a less clear signal about the company’s outlook. SEC filing
• Negative Sentiment: Handset revenue fell 26%, and earnings guidance came in below expectations, renewing concerns about pressure in Qualcomm’s core smartphone business. Article
• Negative Sentiment: Freedom Broker cut its rating from “buy” to “hold” and reduced its price target from $200 to $185, signaling less near-term upside in its view. Rating information

Insider Activity at Qualcomm

In other Qualcomm news, CEO Cristiano Amon sold 10,000 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer owned 177,568 shares of the company’s stock, valued at $35,513,600. The trade was a 5.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Akash Palkhiwala sold 2,500 shares of the company’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $182.85, for a total value of $457,125.00. Following the sale, the executive vice president owned 18,184 shares of the company’s stock, valued at approximately $3,324,944.40. This trade represents a 12.09% 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. Over the last quarter, insiders sold 35,020 shares of company stock valued at $6,509,561. Insiders own 0.05% of the company’s stock.

Qualcomm 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.