Qualcomm Incorporated $QCOM Stock: Sumitomo Mitsui Trust Group Inc. Decreases Stake

Sumitomo Mitsui Trust Group Inc. trimmed its stake in Qualcomm Incorporated (NASDAQ:QCOM) by 3.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,021,386 shares of the wireless technology company’s stock after selling 117,637 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Qualcomm were worth $556,056,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. JFS Wealth Advisors LLC raised its stake in shares of Qualcomm by 3.4% during the 2nd quarter. JFS Wealth Advisors LLC now owns 1,595 shares of the wireless technology company’s stock worth $295,000 after purchasing an additional 53 shares in the last quarter. Canopy Partners LLC grew its stake in shares of Qualcomm by 1.4% in the third quarter. Canopy Partners LLC now owns 4,148 shares of the wireless technology company’s stock valued at $763,000 after buying an additional 56 shares in the last quarter. Wall Street Financial Group Inc. grew its stake in shares of Qualcomm by 1.9% in the second quarter. Wall Street Financial Group Inc. now owns 3,050 shares of the wireless technology company’s stock valued at $564,000 after buying an additional 57 shares in the last quarter. Sunbeam Capital Management LLC grew its stake in shares of Qualcomm by 3.7% in the second quarter. Sunbeam Capital Management LLC now owns 1,637 shares of the wireless technology company’s stock valued at $303,000 after buying an additional 58 shares in the last quarter. Finally, LaFleur & Godfrey LLC increased its holdings in Qualcomm by 3.6% during the third quarter. LaFleur & Godfrey LLC now owns 1,656 shares of the wireless technology company’s stock worth $305,000 after buying an additional 58 shares during the last quarter. Institutional investors and hedge funds own 74.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. KeyCorp reaffirmed a “sector weight” rating on shares of Qualcomm in a research report on Wednesday, September 9th. Evercore set a $159.00 price target on shares of Qualcomm in a research note on Thursday, July 30th. Citigroup decreased their price objective on shares of Qualcomm from $198.00 to $175.00 and set a “neutral” rating for the company in a research report on Wednesday, July 29th. Royal Bank Of Canada boosted their price objective on shares of Qualcomm from $160.00 to $180.00 and gave the stock a “sector perform” rating in a research note on Wednesday, September 9th. Finally, Susquehanna boosted their price objective on shares of Qualcomm from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 21st. Three research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, twenty-one have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $205.83.

Qualcomm Stock Performance

Shares of NASDAQ QCOM opened at $164.79 on Friday. 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 12 month low of $121.99 and a 12 month high of $259.92. The stock has a 50 day moving average of $177.83 and a 200-day moving average of $169.44. The company has a market capitalization of $175.97 billion, a P/E ratio of 19.07, a P/E/G ratio of 3.71 and a beta of 1.65.

Qualcomm (NASDAQ:QCOM) last posted its 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). Qualcomm had a return on equity of 38.36% and a net margin of 21.01%. The business had revenue of $9.95 billion for the quarter, compared to analyst estimates of $9.69 billion. During the same period in the previous year, the firm posted $2.77 earnings per share. The firm’s revenue was down 4.0% compared to the same quarter last year. As a group, equities research analysts predict that Qualcomm Incorporated will post 7.71 EPS for the current year.

Qualcomm Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Shareholders of record on Thursday, December 3rd will be given a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Thursday, December 3rd. Qualcomm’s payout ratio is 42.59%.

Insider Activity

In other Qualcomm news, EVP Heather Ace sold 3,200 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $147.04, for a total value of $470,528.00. Following the transaction, the executive vice president directly owned 36,535 shares in the company, valued at $5,372,106.40. The trade was a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 Ann Chaplin sold 1,827 shares of the company’s stock in a transaction on Friday, October 16th. The shares were sold at an average price of $174.75, for a total transaction of $319,268.25. Following the completion of the transaction, the executive vice president owned 25,770 shares in the company, valued at approximately $4,503,307.50. This represents a 6.62% decrease in their ownership of the stock. 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 33,458 shares of company stock valued at $6,198,144. 0.05% of the stock is owned by company insiders.

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.