In a recent transaction, James H. Thompson, the Chief Technology Officer of Qualcomm Inc . (NASDAQ:QCOM), sold 8,000 shares of the company's common stock. The transaction, dated June 3, 2024, was executed at a price of $209.61 per share, resulting in a total value of $1,676,880.
The sale was conducted under a prearranged 10b5-1 trading plan, which allows company insiders to set up a trading schedule in advance to avoid accusations of trading on insider information. According to the filing, Thompson still retains a substantial number of shares after the sale, with a direct ownership of 245,893 shares in the company.
Additionally, the filing revealed indirect holdings in the form of trusts for the benefit of Thompson's family members. Specifically, 4,539 shares are held in children's trusts, and two separate trusts hold 45,453 shares each. It is noted that Thompson disclaims beneficial ownership of the shares held in the children's trusts.
This move by a top executive at Qualcomm is of interest to investors, as insider transactions can provide insights into the company's performance and the confidence level of its leadership. The information disclosed in this report is a routine and mandatory declaration for executive transactions and does not necessarily indicate any substantive change in the company's affairs or prospects.
Qualcomm, based in San Diego, California, is a leading company in the radio and TV broadcasting and communications equipment industry, known for its innovations in the field of semiconductor and telecommunications equipment.
InvestingPro Insights
Qualcomm Inc. (NASDAQ:QCOM) has recently caught the attention of the market not only due to insider transactions but also because of its strong performance metrics and positive analyst sentiment. According to real-time data from InvestingPro, the company boasts a substantial market capitalization of $227.69 billion, reflecting its significant presence in the industry.
InvestingPro Data indicates that Qualcomm has a Price/Earnings (P/E) ratio of 27.08 and an adjusted P/E ratio for the last twelve months as of Q2 2024 at 25.86. While the company's revenue has seen a slight decline of 11.35% during the same period, it maintains a high gross profit margin of 55.81%, showcasing its ability to retain earnings despite revenue fluctuations.
One of the key InvestingPro Tips highlights that Qualcomm has raised its dividend for 21 consecutive years, demonstrating a strong and consistent return to shareholders. Additionally, the company is recognized as a prominent player in the Semiconductors & Semiconductor Equipment industry, which is crucial given the industry's rapid growth and technological advancements.
For investors seeking more insights and analysis, InvestingPro offers additional tips on Qualcomm's financial health and market performance. There are a total of 16 tips available, providing a deeper understanding of the company's valuation, debt levels, and profitability. To access these insights and enhance your investment strategy, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
Qualcomm's next earnings date is set for July 24, 2024, which will be an important event for investors to watch. With 21 analysts having revised their earnings upwards for the upcoming period, there is an optimistic outlook for the company's future financial performance.
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