Qualcomm Incorporated $QCOM Stock Position Reduced by WestEnd Advisors LLC

WestEnd Advisors LLC reduced its holdings in Qualcomm Incorporated (NASDAQ:QCOM) by 98.8% during the 3rd quarter, Holdings Channel reports. The fund owned 1,360 shares of the wireless technology company’s stock after selling 114,047 shares during the quarter. WestEnd Advisors LLC’s holdings in Qualcomm were worth $250,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in QCOM. Your Advocates Ltd. LLP acquired a new position in Qualcomm during the 1st quarter worth $26,000. ABS Investment Management LLC acquired a new position in shares of Qualcomm during the second quarter valued at $34,000. ABS Direct Equity Fund LLC acquired a new position in shares of Qualcomm during the second quarter valued at $34,000. Burk Holdings LLC raised its stake 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 valued at $39,000 after purchasing an additional 138 shares in the last quarter. Finally, Harborfront Financial Group LLC acquired a new stake in Qualcomm in the second quarter worth about $41,000. Institutional investors own 74.35% of the company’s stock.

Analyst Ratings Changes

QCOM has been the subject of a number of recent analyst reports. Piper Sandler began coverage on shares of Qualcomm in a research report on Wednesday, September 9th. They issued a “neutral” rating and a $190.00 target price for the company. Benchmark lowered their target price on shares of Qualcomm from $300.00 to $270.00 and set a “buy” rating on the stock in a research note on Monday, July 27th. UBS Group dropped their price target on shares of Qualcomm from $190.00 to $170.00 and set a “neutral” rating on the stock in a research report on Thursday, July 30th. Freedom Capital raised shares of Qualcomm from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 7th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Qualcomm in a research note on Wednesday, September 9th. 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 issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $205.83.

Trending Headlines about Qualcomm

Here are the key news stories impacting Qualcomm this week:

• Positive Sentiment: U.S. defense laptop partnership: Qualcomm and Anduril announced BlueChip, a line of secure, rugged laptops intended for government, military, public-safety and first-responder customers. The devices are planned to be assembled in the United States, with an emphasis on domestic sourcing to reduce supply-chain vulnerabilities. The initiative could open a new government-computing opportunity for Qualcomm and showcase its processors, AI capabilities and 5G technology. Anduril, Qualcomm partner on new line of US-made laptops
• Positive Sentiment: Investor-supportive capital returns and fund demand: Qualcomm reaffirmed its quarterly dividend at $0.92 per share, supporting the stock’s income appeal. Exchange-traded funds were also reported to be buying QCOM, potentially providing incremental demand. Is QUALCOMM Undervalued After Reaffirming Its Dividend?
• Neutral Sentiment: Analyst stance remains cautious: Bernstein maintained a Hold rating on Qualcomm, suggesting the new initiatives have not yet changed the firm’s risk-reward assessment. Bernstein Keeps Their Hold Rating on Qualcomm
• Negative Sentiment: Broader chip weakness: Qualcomm shares had fallen about 13% over the month through October 22 as semiconductor stocks sold off, indicating that macro and sector concerns remain an overhang despite the recent recovery. Qualcomm Just Dropped 13% in a Month
• Negative Sentiment: Competition and restructuring concerns: Reports that Samsung’s upcoming Exynos 2700 may outperform Qualcomm’s chip in internal benchmarks could raise concerns about lost smartphone design wins. Qualcomm is also planning worldwide job cuts, highlighting pressure to control costs as the company manages slower growth. Samsung Exynos 2700 Internal Benchmark Report

Qualcomm Trading Up 2.5%

Shares of Qualcomm stock opened at $184.17 on Wednesday. The company’s 50-day moving average price is $176.83 and its two-hundred day moving average price is $169.42. Qualcomm Incorporated has a 52 week low of $121.99 and a 52 week high of $259.92. The stock has a market cap of $196.66 billion, a PE ratio of 21.32 and a beta of 1.65.

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 analysts’ consensus estimates of $2.23 by ($0.02). The business had revenue of $9.95 billion for the quarter, compared to the consensus estimate of $9.69 billion. During the same period last year, the firm earned $2.77 earnings per share. The company’s revenue was down 4.0% compared to the same quarter last year. On average, equities analysts predict that Qualcomm Incorporated will post 7.71 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. The ex-dividend date of this dividend is Thursday, December 3rd. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. Qualcomm’s payout ratio is currently 42.59%.

Insiders Place Their Bets

In related news, EVP Ann C. Chaplin sold 1,827 shares of Qualcomm stock in a transaction dated Friday, October 16th. The stock was 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Patricia Y. Grech sold 208 shares of Qualcomm stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $170.00, for a total transaction of $35,360.00. 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 three months, insiders sold 33,458 shares of company stock worth $6,198,144. Company insiders own 0.05% of the company’s stock.

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.