Qualcomm Inc. (NASDAQ:QCOM) had its target price upped by Canaccord Genuity from $70.00 to $75.00 in a research note published on Wednesday. They currently have a buy rating on the wireless technology company’s stock.
QCOM has been the subject of several other research reports. Morgan Stanley reaffirmed a buy rating on shares of Qualcomm in a research note on Wednesday, June 15th. Vetr raised shares of Qualcomm from a buy rating to a strong-buy rating and set a $59.08 target price for the company in a research note on Monday, June 27th. Sanford C. Bernstein lowered shares of Qualcomm from an outperform rating to a market perform rating and increased their target price for the stock from $53.55 to $55.00 in a research note on Thursday, June 30th. Evercore ISI lowered shares of Qualcomm from a buy rating to a hold rating and lowered their target price for the stock from $60.00 to $55.00 in a research note on Friday, July 1st. Finally, KeyCorp reaffirmed a buy rating and set a $59.00 target price on shares of Qualcomm in a research note on Wednesday, July 6th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $64.12.
Qualcomm (NASDAQ:QCOM) traded down 0.27% on Wednesday, hitting $65.52. 1,069,097 shares of the company traded hands. The stock’s 50-day moving average is $64.16 and its 200 day moving average is $57.34. Qualcomm has a 12 month low of $42.24 and a 12 month high of $70.40. The firm has a market capitalization of $96.55 billion, a P/E ratio of 19.19 and a beta of 1.25.
Qualcomm (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.19. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The firm earned $5.60 billion during the quarter, compared to analysts’ expectations of $5.57 billion. During the same period last year, the business earned $0.99 earnings per share. Qualcomm’s revenue was up 2.9% compared to the same quarter last year. Equities analysts forecast that Qualcomm will post $4.30 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Wednesday, November 30th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend is Monday, November 28th. Qualcomm’s payout ratio is 62.17%.
In other news, EVP Matthew S. Grob sold 33,000 shares of the company’s stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $59.85, for a total transaction of $1,975,050.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Raymond V. Dittamore sold 7,000 shares of the company’s stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $61.00, for a total transaction of $427,000.00. Following the transaction, the director now directly owns 12,765 shares of the company’s stock, valued at approximately $778,665. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. ING Groep NV increased its position in Qualcomm by 11.0% in the second quarter. ING Groep NV now owns 242,400 shares of the wireless technology company’s stock worth $12,981,000 after buying an additional 24,078 shares in the last quarter. First Republic Investment Management Inc. boosted its stake in shares of Qualcomm by 3.4% in the first quarter. First Republic Investment Management Inc. now owns 844,615 shares of the wireless technology company’s stock worth $43,194,000 after buying an additional 27,934 shares during the last quarter. Conning Inc. boosted its stake in shares of Qualcomm by 4.2% in the second quarter. Conning Inc. now owns 475,737 shares of the wireless technology company’s stock worth $25,485,000 after buying an additional 19,357 shares during the last quarter. Orbis Allan Gray Ltd purchased a new stake in shares of Qualcomm during the first quarter worth about $865,645,000. Finally, Legal & General Group Plc boosted its stake in shares of Qualcomm by 2.4% in the first quarter. Legal & General Group Plc now owns 7,071,165 shares of the wireless technology company’s stock worth $361,632,000 after buying an additional 166,659 shares during the last quarter. 78.10% of the stock is owned by institutional investors.
Qualcomm Company Profile
QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.
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