Frank Rimerman Advisors LLC Acquires 21,440 Shares of QUALCOMM Incorporated (NASDAQ:QCOM)

Frank Rimerman Advisors LLC raised its holdings in QUALCOMM Incorporated (NASDAQ:QCOM) by 4,438.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,923 shares of the wireless technology company’s stock after buying an additional 21,440 shares during the period. Frank Rimerman Advisors LLC’s holdings in QUALCOMM were worth $4,367,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. WFA Asset Management Corp acquired a new position in QUALCOMM during the 1st quarter valued at about $27,000. Financial Connections Group Inc. bought a new position in shares of QUALCOMM in the second quarter valued at approximately $32,000. Aspect Partners LLC boosted its position in shares of QUALCOMM by 71.8% during the second quarter. Aspect Partners LLC now owns 177 shares of the wireless technology company’s stock valued at $35,000 after buying an additional 74 shares during the last quarter. Richardson Capital Management LLC bought a new stake in QUALCOMM during the first quarter worth $37,000. Finally, Ables Iannone Moore & Associates Inc. purchased a new stake in QUALCOMM in the 4th quarter valued at $39,000. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

QCOM has been the topic of a number of analyst reports. KeyCorp lifted their price objective on shares of QUALCOMM from $205.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Westpark Capital reaffirmed a “hold” rating on shares of QUALCOMM in a research report on Tuesday, July 30th. TD Cowen upgraded shares of QUALCOMM to a “strong-buy” rating in a research note on Monday, September 16th. Cantor Fitzgerald restated a “neutral” rating and issued a $215.00 target price on shares of QUALCOMM in a research note on Thursday, August 1st. Finally, Rosenblatt Securities increased their price target on QUALCOMM from $240.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $211.67.

QUALCOMM Stock Performance

Shares of QCOM stock opened at $168.92 on Friday. The firm’s 50 day moving average is $172.52 and its 200 day moving average is $182.16. The stock has a market capitalization of $188.51 billion, a P/E ratio of 22.70, a PEG ratio of 1.82 and a beta of 1.28. QUALCOMM Incorporated has a 12 month low of $104.33 and a 12 month high of $230.63. The company has a current ratio of 2.39, a quick ratio of 1.78 and a debt-to-equity ratio of 0.53.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.21. The firm had revenue of $9.39 billion for the quarter, compared to the consensus estimate of $9.23 billion. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. On average, sell-side analysts anticipate that QUALCOMM Incorporated will post 8 earnings per share for the current year.

QUALCOMM Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 5th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date is Thursday, September 5th. QUALCOMM’s payout ratio is presently 45.70%.

Insider Activity

In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $205.61, for a total transaction of $616,830.00. Following the completion of the transaction, the chief financial officer now owns 60,343 shares of the company’s stock, valued at $12,407,124.23. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $205.61, for a total value of $616,830.00. Following the completion of the transaction, the chief financial officer now directly owns 60,343 shares of the company’s stock, valued at approximately $12,407,124.23. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO James H. Thompson sold 8,000 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $160.50, for a total transaction of $1,284,000.00. Following the completion of the transaction, the chief technology officer now directly owns 229,987 shares in the company, valued at approximately $36,912,913.50. The disclosure for this sale can be found here. Insiders have sold a total of 19,000 shares of company stock worth $3,496,590 over the last ninety days. Company insiders own 0.08% of the company’s stock.

About QUALCOMM

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.