Mizuho upgraded shares of Qualcomm Inc. (NASDAQ:QCOM) from a neutral rating to a buy rating in a report issued on Thursday morning. The brokerage currently has $75.00 price target on the wireless technology company’s stock.
QCOM has been the topic of a number of other reports. BMO Capital Markets downgraded shares of Qualcomm from a market perform rating to an underperform rating and set a $50.00 price target on the stock. in a research report on Thursday, July 14th. Morgan Stanley restated an overweight rating and issued a $65.00 price target on shares of Qualcomm in a research report on Tuesday, September 20th. Pacific Crest raised their price target on shares of Qualcomm from $59.00 to $67.00 and gave the stock an overweight rating in a research report on Thursday, July 21st. Evercore ISI downgraded shares of Qualcomm from a buy rating to a hold rating and reduced their price target for the stock from $60.00 to $55.00 in a research report on Friday, July 1st. Finally, Oppenheimer Holdings Inc. restated a market perform rating on shares of Qualcomm in a research report on Thursday, July 21st. One investment 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. The stock has a consensus rating of Buy and a consensus price target of $63.98.
Shares of Qualcomm (NASDAQ:QCOM) opened at 66.68 on Thursday. The stock has a market cap of $98.26 billion, a P/E ratio of 19.53 and a beta of 1.25. The firm has a 50 day moving average of $63.25 and a 200 day moving average of $56.58. Qualcomm has a one year low of $42.24 and a one year high of $70.40.
Qualcomm (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share (EPS) for the quarter, topping the Zacks’ 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 company had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.57 billion. During the same period last year, the firm posted $0.99 EPS. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, equities research analysts predict that Qualcomm will post $4.28 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, August 31st were given 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 3.18%. Qualcomm’s dividend payout ratio (DPR) is 62.17%.
In other Qualcomm 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 SEC, which is available through this hyperlink. 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 owns 12,765 shares in the company, valued at $778,665. The disclosure for this sale can be found here. Corporate insiders own 0.24% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QCOM. BTR Capital Management Inc. increased its position in Qualcomm by 11.0% in the first quarter. BTR Capital Management Inc. now owns 123,676 shares of the wireless technology company’s stock worth $6,325,000 after buying an additional 12,250 shares during the last quarter. Macnealy Hoover Investment Management Inc. increased its position in Qualcomm by 5.3% in the first quarter. Macnealy Hoover Investment Management Inc. now owns 21,916 shares of the wireless technology company’s stock worth $1,120,000 after buying an additional 1,100 shares during the last quarter. Fisher Asset Management LLC increased its position in Qualcomm by 2.0% in the first quarter. Fisher Asset Management LLC now owns 9,556,732 shares of the wireless technology company’s stock worth $487,967,000 after buying an additional 183,750 shares during the last quarter. P.R. Herzig & Co. Inc. acquired a new position in Qualcomm during the first quarter worth about $1,100,000. Finally, First Financial Corp IN increased its position in Qualcomm by 2.0% in the first quarter. First Financial Corp IN now owns 18,524 shares of the wireless technology company’s stock worth $947,000 after buying an additional 365 shares during the last quarter. 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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