Summit Global Investments Decreases Stake in QUALCOMM Incorporated

Summit Global Investments has reduced its position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 14.5% during the third quarter. According to their latest filing with the Securities and Exchange Commission (SEC), the firm now holds 48,279 shares of the wireless technology company after selling off 8,158 shares in this period. The remaining shares are valued at approximately $8,210,000.

Market Movements and Other Investors

In addition to Summit Global Investments, several institutional investors and hedge funds have also made changes to their holdings in QUALCOMM recently. Wedge Capital Management L L P NC increased its investment in QUALCOMM by 17.1% during the same quarter, bringing its total shares to 354,389, worth around $60,264,000 after purchasing an additional 51,879 shares. Meanwhile, Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in QUALCOMM by 39.9%, acquiring 50,438 more shares for a total of 176,817 shares valued at $30,068,000. Czech National Bank also grew its holdings by 6.5%, which now totals 226,933 shares valued at $38,590,000. Legal & General Group Plc made a smaller adjustment, increasing its holdings by 0.9% in the previous quarter. Currently, institutional investors and hedge funds own approximately 74.35% of QUALCOMM stock.

Stock Performance

As of Friday, QUALCOMM shares opened at $172.91. The company has a market capitalization of $192.62 billion, a P/E ratio of 22.40, and a PEG ratio of 1.66. The stock experienced a decline of 0.0%. Over the last year, QUALCOMM has seen a low of $119.15 and a high of $230.63, highlighting its market volatility.

Recent Earnings Report

On November 6th, QUALCOMM announced its quarterly earnings, reporting an EPS of $2.26. This exceeded analysts' expectations, which had set the estimate at $2.01, marking a positive surprise of $0.25. Their quarterly revenue was reported at $10.24 billion, outperforming the consensus estimate of $9.90 billion. Analysts predict that QUALCOMM will generate 8.02 EPS for the current year.

Dividend Declaration

QUALCOMM has also recently declared a quarterly dividend. Shareholders of record on Thursday, December 5th, will receive a dividend of $0.85, translating to an annualized dividend of $3.40, and a yield of 1.97%. The ex-dividend date is set for the same day. The firm's payout ratio currently stands at 44.04%.

Insider Trading Activity

There have been some insider trading activities within QUALCOMM as well. On November 4th, General Counsel Ann C. Chaplin sold 1,901 shares at an average price of $165.06, totaling approximately $313,779.06. After this transaction, she retains 12,007 shares valued at about $1,981,875.42. Also, CTO James H. Thompson sold 8,000 shares on October 1st at an average price of $169.80, totaling $1,358,400. Following this, he holds 213,364 shares valued at around $36,229,207.20. Over the last quarter, insiders sold a combined total of 16,146 shares valued at $2,709,186, with insiders holding approximately 0.08% of the stock.

Analysts' Price Target Updates

Analysts have recently adjusted their price targets for QUALCOMM shares. Deutsche Bank raised its target from $155.00 to $170.00, maintaining a "hold" rating. KeyCorp adjusted its rating from "overweight" to "sector weight", while TD Cowen upgraded it to a "strong-buy". Additionally, Rosenblatt Securities raised their price target from $240.00 to $250.00, giving a "buy" rating. As of now, QUALCOMM holds a consensus rating of "Moderate Buy" with an average target price set at $212.16, based on multiple analysts' assessments.

Company Overview

QUALCOMM Incorporated is involved in the development and commercialization of key technologies for the wireless industry on a global scale. The company operates through three main segments: Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Strategic Initiatives (QSI). The QCT segment focuses on developing and supplying integrated circuits and system software based on various generations of mobile technology including 3G, 4G, and 5G.

Investments, QUALCOMM, Stocks