Vetr upgraded shares of Qualcomm Inc. (NASDAQ:QCOM) from a buy rating to a strong-buy rating in a research report sent to investors on Monday. The brokerage currently has $71.00 price objective on the wireless technology company’s stock.
Other equities analysts have also recently issued reports about the stock. Goldman Sachs Group Inc. began coverage on shares of Qualcomm in a research note on Thursday, July 21st. They issued a conviction-buy rating and a $70.00 target price for the company. BMO Capital Markets cut shares of Qualcomm from a market perform rating to an underperform rating and set a $50.00 target price for the company. in a research note on Thursday, July 14th. Standpoint Research cut shares of Qualcomm from a buy rating to a hold rating in a research note on Monday, July 25th. Morgan Stanley reissued a buy rating on shares of Qualcomm in a research note on Wednesday, June 15th. Finally, Brean Capital downgraded Qualcomm from a buy rating to a hold rating and raised their price target for the company from $55.00 to $60.00 in a report on Thursday, June 9th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company. Qualcomm presently has a consensus rating of Buy and an average price target of $62.08.
Shares of Qualcomm (NASDAQ:QCOM) opened at 63.45 on Monday. The stock has a 50 day moving average of $62.62 and a 200 day moving average of $56.09. The company has a market cap of $93.50 billion, a price-to-earnings ratio of 18.58 and a beta of 1.22. Qualcomm has a 12-month low of $42.24 and a 12-month high of $64.00.
Qualcomm (NASDAQ:QCOM) last released its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, beating the 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 business 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. The firm’s revenue was up 2.9% on a year-over-year basis. On average, equities analysts expect that Qualcomm will post $4.30 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 31st were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 3.34%. The ex-dividend date was Monday, August 29th. Qualcomm’s dividend payout ratio (DPR) is presently 62.17%.
In other Qualcomm news, EVP Matthew S. Grob sold 33,000 shares of the business’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $59.85, for a total value of $1,975,050.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Raymond V. Dittamore sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $61.00, for a total value of $427,000.00. Following the completion of the transaction, the director now directly owns 12,765 shares in the company, valued at $778,665. The disclosure for this sale can be found here. 0.24% of the stock is owned by company insiders.
A number of institutional investors have recently modified their holdings of QCOM. First Republic Investment Management Inc. raised its position 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 valued at $43,194,000 after buying an additional 27,934 shares during the period. Orbis Allan Gray Ltd acquired a new position in shares of Qualcomm during the first quarter valued at about $865,645,000. Legal & General Group Plc raised its position 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 valued at $361,632,000 after buying an additional 166,659 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Qualcomm by 13.2% in the first quarter. Envestnet Asset Management Inc. now owns 816,491 shares of the wireless technology company’s stock valued at $41,755,000 after buying an additional 95,268 shares during the period. Finally, National Pension Service raised its position in shares of Qualcomm by 4.2% in the first quarter. National Pension Service now owns 844,155 shares of the wireless technology company’s stock valued at $43,170,000 after buying an additional 34,227 shares during the period. 78.05% of the stock is currently owned by hedge funds and other institutional investors.
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.
To view Vetr’s full report, visit Vetr’s official website.
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