Grimes & Company Inc. Acquires 33,552 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Grimes & Company Inc. boosted its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 25.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 165,666 shares of the wireless technology company’s stock after purchasing an additional 33,552 shares during the quarter. QUALCOMM comprises 0.8% of Grimes & Company Inc.’s holdings, making the stock its 29th largest holding. Grimes & Company Inc.’s holdings in QUALCOMM were worth $28,171,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in QCOM. DGS Capital Management LLC bought a new stake in QUALCOMM during the first quarter worth $265,000. Wealthcare Advisory Partners LLC grew its holdings in QUALCOMM by 40.4% during the first quarter. Wealthcare Advisory Partners LLC now owns 21,462 shares of the wireless technology company’s stock worth $3,634,000 after buying an additional 6,172 shares in the last quarter. Thrive Wealth Management LLC grew its holdings in QUALCOMM by 4.1% during the first quarter. Thrive Wealth Management LLC now owns 2,246 shares of the wireless technology company’s stock worth $380,000 after buying an additional 89 shares in the last quarter. Lincoln Capital Corp bought a new stake in QUALCOMM during the first quarter worth $2,763,000. Finally, Transform Wealth LLC boosted its position in QUALCOMM by 2.3% in the first quarter. Transform Wealth LLC now owns 2,916 shares of the wireless technology company’s stock worth $494,000 after purchasing an additional 66 shares during the last quarter. 74.35% of the stock is currently owned by institutional investors.

QUALCOMM Price Performance

QCOM traded up $0.70 during trading on Thursday, reaching $167.30. 259,588 shares of the company were exchanged, compared to its average volume of 8,991,281. The company’s 50-day moving average is $169.30 and its two-hundred day moving average is $182.15. The company has a market cap of $186.71 billion, a price-to-earnings ratio of 22.39, a P/E/G ratio of 1.71 and a beta of 1.28. The company has a quick ratio of 1.78, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. QUALCOMM Incorporated has a 12-month low of $104.33 and a 12-month high of $230.63.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.21. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. The firm had revenue of $9.39 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Research analysts forecast that QUALCOMM Incorporated will post 8.02 earnings per share for the current fiscal year.

QUALCOMM Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $3.40 annualized dividend and a dividend yield of 2.03%. QUALCOMM’s payout ratio is currently 45.70%.

Analyst Ratings Changes

Several research firms have weighed in on QCOM. JPMorgan Chase & Co. cut their price objective on QUALCOMM from $230.00 to $210.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 17th. DZ Bank raised QUALCOMM from a “hold” rating to a “buy” rating and set a $210.00 price objective on the stock in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft boosted their price objective on QUALCOMM from $155.00 to $170.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Westpark Capital reissued a “hold” rating on shares of QUALCOMM in a research report on Tuesday, July 30th. Finally, Barclays boosted their price objective on QUALCOMM from $185.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $207.92.

Insider Buying and Selling at QUALCOMM

In related news, CTO James H. Thompson sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $169.80, for a total transaction of $1,358,400.00. Following the transaction, the chief technology officer now directly owns 213,364 shares of the company’s stock, valued at approximately $36,229,207.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of QUALCOMM stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $165.95, for a total value of $497,850.00. Following the transaction, the chief financial officer now directly owns 51,437 shares of the company’s stock, valued at $8,535,970.15. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO James H. Thompson sold 8,000 shares of QUALCOMM stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $169.80, for a total value of $1,358,400.00. Following the completion of the transaction, the chief technology officer now directly owns 213,364 shares in the company, valued at $36,229,207.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,245 shares of company stock valued at $3,679,407 in the last 90 days. Corporate insiders own 0.08% of the company’s stock.

QUALCOMM Profile

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on 3G/4G/5G and other technologies for use in wireless voice and data communications, networking, computing, multimedia, and position location products.