Kornitzer Capital Management Inc. KS reduced its holdings in shares of Qualcomm Incorporated (NASDAQ:QCOM – Free Report) by 1.2% in the third quarter, according to its most recent filing with the SEC. The fund owned 330,167 shares of the wireless technology company’s stock after selling 4,105 shares during the period. Qualcomm comprises 1.1% of Kornitzer Capital Management Inc. KS’s portfolio, making the stock its 19th biggest position. Kornitzer Capital Management Inc. KS’s holdings in Qualcomm were worth $60,764,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of the business. BlackRock Inc. bought a new position in Qualcomm in the 2nd quarter valued at $17,583,115,000. State Street Corp lifted its position in shares of Qualcomm by 1.3% during the second quarter. State Street Corp now owns 52,763,263 shares of the wireless technology company’s stock worth $9,750,123,000 after purchasing an additional 671,537 shares during the last quarter. Van ECK Associates Corp lifted its position 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 purchasing an additional 3,179,720 shares during the last quarter. Amundi boosted its stake 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 valued at $1,884,071,000 after purchasing an additional 4,942,908 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Qualcomm during the second quarter valued at $1,523,930,000. Hedge funds and other institutional investors own 74.35% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on the stock. Freedom Capital upgraded shares of Qualcomm from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. KeyCorp reaffirmed a “sector weight” rating on shares of Qualcomm in a research note on Wednesday, September 9th. TD Cowen decreased their price objective on shares of Qualcomm from $200.00 to $185.00 and set a “buy” rating for the company in a report on Thursday. Susquehanna lowered their price objective on shares of Qualcomm from $185.00 to $165.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Cantor Fitzgerald lowered their price objective on shares of Qualcomm from $200.00 to $165.00 and set a “neutral” rating for the company in a research report on Monday, July 27th. Three analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, twenty-one have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $197.55.
Get Our Latest Stock Report on Qualcomm
Key Headlines Impacting Qualcomm
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
Qualcomm Trading Up 5.5%
QCOM opened at $165.41 on Friday. The company has a quick ratio of 1.28, a current ratio of 1.86 and a debt-to-equity ratio of 0.42. The stock’s fifty day moving average is $178.11 and its two-hundred day moving average is $169.52. The company has a market capitalization of $176.99 billion, a P/E ratio of 13.02, a PEG ratio of 3.73 and a beta of 1.70. Qualcomm Incorporated has a 52 week low of $121.99 and a 52 week high of $259.92.
Qualcomm (NASDAQ:QCOM – Get Free Report) last issued its earnings results on Wednesday, November 4th. The wireless technology company reported $2.17 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.01. Qualcomm had a return on equity of 30.62% and a net margin of 31.60%. The business 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 business earned $3.00 EPS. The business’s revenue for the quarter was down 8.4% compared to the same quarter last year. Analysts forecast that Qualcomm Incorporated will post 7.16 earnings per share for the current year.
Qualcomm Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Investors 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 2.2%. The ex-dividend date is Thursday, December 3rd. Qualcomm’s payout ratio is presently 28.98%.
Insider Transactions at Qualcomm
In other Qualcomm news, CEO Cristiano R. Amon sold 10,000 shares of the stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $200.00, for a total transaction of $2,000,000.00. Following the transaction, the chief executive officer directly owned 177,568 shares in the company, valued at $35,513,600. This represents a 5.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Akash J. Palkhiwala sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $175.06, for a total transaction of $437,650.00. Following the transaction, the executive vice president directly owned 20,799 shares in the company, valued at $3,641,072.94. This trade represents a 10.73% 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 three months, insiders have sold 31,820 shares of company stock valued at $5,980,217. Insiders own 0.05% of the company’s stock.
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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