Qualcomm CEO Steve Mollenkopf sold shares of the maker of wireless chips as they approach a multiyear high. It was his first sale of Qualcomm stock since 2014.
Courtesy QualcommQualcomm stock is trading near a multiyear high, and CEO Steve Mollenkopf just sold a large block of shares of the maker of wireless chips.
Qualcomm has recently recovered from a late first-quarter slump as Covid-19 roiled the stock markets. Shares are approaching the intraday high of $96.17 set in January. That’s the highest level the stock (ticker: QCOM) has traded at since a two-for-one stock split in August 2004.
Mollenkopf sold 219,131 Qualcomm shares on July 13 for $20.5 million, an average per share price of $93.66. He sold the shares through a trust, using a so-called Rule 10b5-1 trading plan. Such a device automatically executes transactions when preset conditions, including price and volume, are met. Automated transactions are meant to remove any potential bias a company insider may have from knowledge of material nonpublic information. Mollenkopf now owns 477,240 shares through the trust, according to a form he filed with the Securities and Exchange Commission.
Qualcomm didn’t respond to a request to make Mollenkopf available for comment on his stock sale.
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Mollenkopf last sold stock in 2014, the year that he became Qualcomm’s CEO. He sold 23,125 Qualcomm shares on Sept. 11, 2014, for $1.7 million, an average price of $75.56 each. That sale was also automated.
In late April, Qualcomm reported second-quarter earnings that topped expectations, but the company cut guidance on a prediction that mobile-phone demand would remain weak into the third quarter.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
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Qualcomm CEO Steve Mollenkopf Sold Large Block of Shares - Barron's
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