Qualcomm Inc. (NASDAQ:QCOM) had its price objective hoisted by Royal Bank Of Canada from $59.00 to $70.00 in a research report report published on Monday morning. They currently have a sector perform rating on the wireless technology company’s stock.
Other equities research analysts have also recently issued reports about the company. Goldman Sachs Group Inc. assumed coverage on Qualcomm in a research note on Thursday, July 21st. They issued a conviction-buy rating and a $70.00 target price on the stock. BMO Capital Markets cut Qualcomm from a market perform rating to an underperform rating and set a $50.00 target price on the stock. in a research note on Thursday, July 14th. Standpoint Research cut Qualcomm from a buy rating to a hold rating in a research report on Monday, July 25th. Mizuho raised Qualcomm from a neutral rating to a buy rating and set a $75.00 price objective on the stock in a research report on Thursday, September 29th. Finally, Morgan Stanley reaffirmed a buy rating on shares of Qualcomm in a research report on Wednesday, June 15th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. Qualcomm currently has a consensus rating of Buy and an average price target of $63.98.
Qualcomm (NASDAQ:QCOM) traded down 0.09% on Monday, reaching $67.05. The company’s stock had a trading volume of 2,344,940 shares. Qualcomm has a one year low of $42.24 and a one year high of $70.40. The stock has a market cap of $98.81 billion, a P/E ratio of 19.63 and a beta of 1.25. The stock has a 50-day moving average of $63.13 and a 200-day moving average of $56.47.
Qualcomm (NASDAQ:QCOM) last released its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.19. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. The firm had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.57 billion. During the same period in the prior year, the firm posted $0.99 earnings per share. The company’s quarterly revenue was up 2.9% on a year-over-year basis. On average, analysts predict that Qualcomm will post $4.28 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 31st were paid a dividend of $0.53 per share. The ex-dividend date was Monday, August 29th. This represents a $2.12 annualized dividend and a yield of 3.16%. Qualcomm’s payout ratio is presently 62.17%.
In other news, Director Raymond V. Dittamore sold 7,000 shares of the company’s stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $61.00, for a total value of $427,000.00. Following the sale, the director now owns 12,765 shares in the company, valued at $778,665. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Raymond V. Dittamore sold 18,000 shares of the company’s stock in a transaction dated Friday, September 30th. The stock was sold at an average price of $68.39, for a total value of $1,231,020.00. Following the completion of the sale, the director now owns 5,813 shares in the company, valued at approximately $397,551.07. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.
Hedge funds have recently modified their holdings of the company. State Street Corp increased its stake in shares of Qualcomm by 0.8% in the first quarter. State Street Corp now owns 60,697,939 shares of the wireless technology company’s stock worth $3,104,087,000 after buying an additional 468,777 shares during the last quarter. FMR LLC increased its stake in shares of Qualcomm by 9.2% in the second quarter. FMR LLC now owns 56,983,582 shares of the wireless technology company’s stock worth $3,052,610,000 after buying an additional 4,823,120 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Qualcomm by 5.3% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 21,598,005 shares of the wireless technology company’s stock worth $1,157,005,000 after buying an additional 1,086,071 shares during the last quarter. Primecap Management Co. CA increased its stake in shares of Qualcomm by 6.1% in the second quarter. Primecap Management Co. CA now owns 17,320,124 shares of the wireless technology company’s stock worth $927,839,000 after buying an additional 989,199 shares during the last quarter. Finally, Orbis Allan Gray Ltd bought a new stake in shares of Qualcomm during the first quarter worth approximately $865,645,000. Hedge funds and other institutional investors own 78.05% of the company’s stock.
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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