Commerce Bank Raises Stake in QUALCOMM Incorporated (NASDAQ:QCOM)

Commerce Bank lifted its stake in shares of QUALCOMM Incorporated (NASDAQ:QCOM - Free Report) by 19.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 171,279 shares of the wireless technology company's stock after purchasing an additional 27,549 shares during the period. Commerce Bank's holdings in QUALCOMM were worth $29,126,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Wedge Capital Management L L P NC grew its holdings in QUALCOMM by 17.1% during the third quarter. Wedge Capital Management L L P NC now owns 354,389 shares of the wireless technology company's stock valued at $60,264,000 after purchasing an additional 51,879 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of QUALCOMM by 39.9% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 176,817 shares of the wireless technology company's stock worth $30,068,000 after buying an additional 50,438 shares in the last quarter. Aljian Capital Management LLC bought a new position in shares of QUALCOMM during the 3rd quarter worth approximately $1,820,000. Czech National Bank raised its holdings in shares of QUALCOMM by 6.5% in the third quarter. Czech National Bank now owns 226,933 shares of the wireless technology company's stock valued at $38,590,000 after purchasing an additional 13,888 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in shares of QUALCOMM by 0.9% in the second quarter. Legal & General Group Plc now owns 10,036,779 shares of the wireless technology company's stock worth $1,999,114,000 after purchasing an additional 86,195 shares in the last quarter. 74.35% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO Akash J. Palkhiwala sold 3,000 shares of the company's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $165.95, for a total transaction of $497,850.00. Following the sale, the chief financial officer now directly owns 51,437 shares in the company, valued at approximately $8,535,970.15. This represents a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO James H. Thompson sold 8,000 shares of the business's stock in a transaction that occurred on 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 sale, the chief technology officer now owns 213,364 shares of the company's stock, valued at $36,229,207.20. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,146 shares of company stock valued at $2,709,186. Corporate insiders own 0.08% of the company's stock.

QUALCOMM Stock Down 6.3 %

Shares of NASDAQ QCOM opened at $154.27 on Thursday. QUALCOMM Incorporated has a 12-month low of $125.67 and a 12-month high of $230.63. The company has a current ratio of 2.40, a quick ratio of 1.79 and a debt-to-equity ratio of 0.51. The stock has a market cap of $171.39 billion, a PE ratio of 17.16, a P/E/G ratio of 2.77 and a beta of 1.28. The company has a 50-day moving average of $168.23 and a 200 day moving average of $181.93.

QUALCOMM Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be given a dividend of $0.85 per share. The ex-dividend date is Thursday, December 5th. This represents a $3.40 annualized dividend and a dividend yield of 2.20%. QUALCOMM's dividend payout ratio is currently 37.82%.

Analyst Ratings Changes

Several research analysts recently commented on the company. Wells Fargo & Company increased their price target on QUALCOMM from $170.00 to $175.00 and gave the company an "underweight" rating in a research report on Thursday, November 7th. Evercore ISI increased their price target on shares of QUALCOMM from $190.00 to $199.00 and gave the company an "in-line" rating in a research note on Thursday, November 7th. TD Cowen raised QUALCOMM to a "strong-buy" rating in a research report on Monday, September 16th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $160.00 price objective on shares of QUALCOMM in a research report on Wednesday. Finally, Piper Sandler reissued an "overweight" rating and set a $205.00 target price (up from $185.00) on shares of QUALCOMM in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $210.15.

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.