GRIMES & Co WEALTH MANAGEMENT LLC Sells 8,249 Shares of Qualcomm Incorporated $QCOM

Key Points

• GRIMES & Co Wealth Management reduced its Qualcomm position by 5.2%, selling 8,249 shares and retaining 149,508 shares valued at approximately $27.5 million. Institutional investors collectively own 74.35% of Qualcomm.
• Qualcomm insiders have been net sellers, including CEO Cristiano Amon’s $2 million sale and EVP Akash Palkhiwala’s $437,650 sale; insiders sold 30,258 shares worth $5.7 million over the past 90 days.
• Analysts maintain a consensus “Hold” rating with an average price target of $205.48, while Qualcomm shares opened at $162.08. The company also declared a quarterly dividend of $0.92 per share, equivalent to a 2.3% annual yield.

GRIMES & Co WEALTH MANAGEMENT LLC cut its position in Qualcomm Incorporated (NASDAQ:QCOM - Free Report) by 5.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 149,508 shares of the wireless technology company's stock after selling 8,249 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC's holdings in Qualcomm were worth $27,515,000 as of its most recent SEC filing.

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

Insider Buying and Selling

In other Qualcomm news, CEO Cristiano Amon sold 10,000 shares of the business's stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $200.00, for a total transaction of $2,000,000.00. Following the completion of the sale, the chief executive officer owned 177,568 shares of the company's stock, valued at approximately $35,513,600. The trade was a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Akash Palkhiwala sold 2,500 shares of the company's stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $175.06, for a total value of $437,650.00. Following the completion of the sale, the executive vice president owned 20,799 shares of the company's stock, valued at approximately $3,641,072.94. The trade was a 10.73% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 30,258 shares of company stock worth $5,727,616. Company insiders own 0.05% of the company's stock.

Wall Street Analyst Weigh In

QCOM has been the subject of several research analyst reports. Cantor Fitzgerald reduced their price objective on Qualcomm from $200.00 to $165.00 and set a "neutral" rating for the company in a report on Monday, July 27th. Evercore set a $159.00 target price on shares of Qualcomm in a research note on Thursday, July 30th. Robert W. Baird set a $400.00 price target on shares of Qualcomm in a report on Thursday, July 30th. Oppenheimer set a $200.00 price target on shares of Qualcomm in a research note on Monday, July 27th. Finally, Barclays reissued an "underweight" rating on shares of Qualcomm in a report on Wednesday, September 9th. Three research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, twenty-one have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Qualcomm currently has a consensus rating of "Hold" and an average price target of $205.48.

Qualcomm Trading Down 1.6%

Shares of QCOM stock opened at $162.08 on Tuesday. Qualcomm Incorporated has a 1 year low of $121.99 and a 1 year high of $259.92. The firm has a fifty day moving average price of $177.86 and a 200-day moving average price of $169.42. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.02 and a quick ratio of 1.28. The company has a market cap of $173.08 billion, a price-to-earnings ratio of 18.76, a PEG ratio of 4.12 and a beta of 1.65.

Qualcomm Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, December 3rd will be given a dividend of $0.92 per share. The ex-dividend date is Thursday, December 3rd. This represents a $3.68 annualized dividend and a yield of 2.3%. Qualcomm's payout ratio is 42.59%.

About Qualcomm

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.

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