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

Grimes & Company Inc. boosted its stake in QUALCOMM Incorporated (NASDAQ:QCOM) by 9.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 184,173 shares of the wireless technology company’s stock after purchasing an additional 15,233 shares during the quarter. QUALCOMM comprises 0.9% of Grimes & Company Inc.’s investment portfolio, making the stock its 21st biggest position. Grimes & Company Inc.’s holdings in QUALCOMM were worth $28,291,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Teza Capital Management LLC bought a new position in QUALCOMM in the fourth quarter valued at about $1,541,000. Purkiss Capital Advisors LLC bought a new position in QUALCOMM in the fourth quarter valued at about $303,000. Amundi grew its position in 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 acquiring an additional 3,905,918 shares during the last quarter. First Foundation Advisors grew its position in 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 acquiring an additional 45,769 shares during the last quarter. Finally, Arbor Capital Management Inc. ADV grew its position in 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 acquiring an additional 2,128 shares during the last quarter. Institutional investors own 74.35% of the company’s stock.

Insider Transactions at QUALCOMM

In other news, CFO Akash J. Palkhiwala sold 3,333 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $146.10, for a total transaction of $486,951.30. Following the completion of the transaction, the chief financial officer now owns 49,779 shares in the company, valued at approximately $7,272,711.90. This represents a 6.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Heather S. Ace sold 1,600 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $137.74, for a total value of $220,384.00. Following the transaction, the insider now owns 22,793 shares of the company’s stock, valued at $3,139,507.82. The trade was a 6.56% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 423,464 shares of company stock worth $8,135,164. 0.08% of the stock is owned by company insiders.

QUALCOMM Trading Up 1.4%

Shares of QUALCOMM stock opened at $156.87 on Tuesday. QUALCOMM Incorporated has a 1 year low of $120.80 and a 1 year high of $230.63. The firm has a market cap of $172.24 billion, a PE ratio of 16.76, a P/E/G ratio of 2.01 and a beta of 1.26. The stock has a fifty day moving average price of $146.50 and a 200-day moving average price of $155.12. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.62 and a quick ratio of 1.99.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, April 30th. The wireless technology company reported $2.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.03. QUALCOMM had a return on equity of 39.51% and a net margin of 25.94%. The firm had revenue of $10.98 billion during the quarter, compared to analyst estimates of $10.58 billion. During the same period last year, the firm posted $2.44 EPS. The business’s revenue was up 17.0% compared to the same quarter last year. Equities research analysts anticipate that QUALCOMM Incorporated will post 9.39 EPS for the current year.

QUALCOMM Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 5th will be paid a dividend of $0.89 per share. This is an increase from QUALCOMM’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $3.56 annualized dividend and a dividend yield of 2.27%. QUALCOMM’s dividend payout ratio is presently 36.25%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Rosenblatt Securities restated a “buy” rating and set a $225.00 price target on shares of QUALCOMM in a report on Thursday, May 1st. Loop Capital reduced their price target on QUALCOMM from $180.00 to $155.00 and set a “hold” rating on the stock in a report on Thursday, May 1st. Cantor Fitzgerald restated a “neutral” rating and set a $150.00 price target on shares of QUALCOMM in a report on Thursday, May 1st. Robert W. Baird reduced their price target on QUALCOMM from $250.00 to $216.00 and set an “outperform” rating on the stock in a report on Thursday, May 1st. Finally, Seaport Res Ptn upgraded QUALCOMM to a “hold” rating in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, QUALCOMM currently has a consensus rating of “Hold” and an average target price of $189.88.

QUALCOMM Company 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.