Grimes & Company Inc. Has $28.29 Million Stock Position in QUALCOMM Incorporated (NASDAQ:QCOM)

Grimes & Company Inc. grew its position in QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 9.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 184,173 shares of the wireless technology company's stock after buying an additional 15,233 shares during the quarter. QUALCOMM makes up approximately 0.9% of Grimes & Company Inc.'s portfolio, making the stock its 21st largest position. Grimes & Company Inc.'s holdings in QUALCOMM were worth $28,291,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in QCOM. Teza Capital Management LLC bought a new position in QUALCOMM during the fourth quarter valued at approximately $1,541,000. Purkiss Capital Advisors LLC bought a new position in QUALCOMM during the fourth quarter valued at approximately $303,000. Amundi raised its position in shares of QUALCOMM by 36.6% in the fourth quarter. Amundi now owns 14,579,529 shares of the wireless technology company's stock valued at $2,313,634,000 after purchasing an additional 3,905,918 shares during the period. First Foundation Advisors raised its position in shares of QUALCOMM by 41.2% in the fourth quarter. First Foundation Advisors now owns 156,770 shares of the wireless technology company's stock valued at $24,083,000 after purchasing an additional 45,769 shares during the period. Finally, Arbor Capital Management Inc. ADV raised its position in shares of QUALCOMM by 16.4% in the fourth quarter. Arbor Capital Management Inc. ADV now owns 15,114 shares of the wireless technology company's stock valued at $2,322,000 after purchasing an additional 2,128 shares during the period. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on QCOM shares. Benchmark dropped their price target on shares of QUALCOMM from $240.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Evercore ISI dropped their price target on shares of QUALCOMM from $179.00 to $157.00 and set an "in-line" rating on the stock in a research report on Friday, May 2nd. Wall Street Zen lowered shares of QUALCOMM from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Loop Capital dropped their target price on shares of QUALCOMM from $180.00 to $155.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Finally, Seaport Res Ptn raised shares of QUALCOMM to a "hold" rating in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $189.88.

Insider Activity at QUALCOMM

In other QUALCOMM news, insider Heather S. Ace sold 1,600 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $137.74, for a total transaction of $220,384.00. Following the completion of the sale, the insider now owns 22,793 shares of the company's stock, valued at $3,139,507.82. This trade represents a 6.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,333 shares of the firm's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $146.10, for a total value of $486,951.30. Following the sale, the chief financial officer now directly owns 49,779 shares of the company's stock, valued at $7,272,711.90. This represents a 6.28% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 423,464 shares of company stock valued at $8,135,164. 0.08% of the stock is owned by corporate insiders.

QUALCOMM Price Performance

Shares of QCOM opened at $156.87 on Tuesday. The stock has a market capitalization of $172.24 billion, a P/E ratio of 16.76, a P/E/G ratio of 2.01 and a beta of 1.26. QUALCOMM Incorporated has a twelve month low of $120.80 and a twelve month high of $230.63. The company has a 50 day moving average of $146.50 and a 200-day moving average of $155.12. The company has a quick ratio of 1.99, a current ratio of 2.62 and a debt-to-equity ratio of 0.49.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.03. QUALCOMM had a net margin of 25.94% and a return on equity of 39.51%. The company had revenue of $10.98 billion during the quarter, compared to analysts' expectations of $10.58 billion. During the same period last year, the business earned $2.44 EPS. The business's quarterly revenue was up 17.0% on a year-over-year basis. As a group, equities research analysts forecast that QUALCOMM Incorporated will post 9.39 EPS for the current fiscal year.

QUALCOMM Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 5th will be paid a $0.89 dividend. The ex-dividend date is Thursday, June 5th. This is a boost from QUALCOMM's previous quarterly dividend of $0.85. This represents a $3.56 annualized dividend and a dividend yield of 2.27%. QUALCOMM's dividend payout ratio (DPR) is currently 36.25%.

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.

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