RBC Capital Markets reiterated their sector perform rating on shares of Qualcomm Inc. (NASDAQ:QCOM) in a research report sent to investors on Monday morning. They currently have a $70.00 target price on the wireless technology company’s stock, up from their previous target price of $59.00.
A number of other research firms have also recently weighed in on QCOM. Argus restated a buy rating and issued a $73.00 price target (up from $70.00) on shares of Qualcomm in a report on Friday, September 30th. BMO Capital Markets restated an underperform rating and issued a $53.00 price target on shares of Qualcomm in a report on Sunday. JPMorgan Chase & Co. restated an overweight rating and issued a $70.00 price target (up from $63.00) on shares of Qualcomm in a report on Monday. Royal Bank Of Canada raised their price target on shares of Qualcomm from $59.00 to $70.00 and gave the company a sector perform rating in a report on Monday. Finally, Vetr cut shares of Qualcomm from a buy rating to a hold rating and set a $71.00 price target on the stock. in a report on Monday. 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 given a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $63.98.
Shares of Qualcomm (NASDAQ:QCOM) opened at 66.84 on Monday. The company has a market cap of $98.50 billion, a price-to-earnings ratio of 19.57 and a beta of 1.25. The stock’s 50 day moving average is $63.38 and its 200-day moving average is $56.65. Qualcomm has a 52 week low of $42.24 and a 52 week high of $70.40.
Qualcomm (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.19. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The business had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.57 billion. During the same period last year, the business earned $0.99 EPS. The company’s revenue was up 2.9% compared to the same quarter last year. On average, equities analysts anticipate that Qualcomm will post $4.28 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, August 31st were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend was Monday, August 29th. Qualcomm’s dividend payout ratio (DPR) is presently 62.17%.
In other news, Director Raymond V. Dittamore sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $61.00, for a total transaction of $427,000.00. Following the completion of the sale, the director now owns 12,765 shares in the company, valued at $778,665. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Matthew S. Grob sold 33,000 shares of the company’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 disclosure for this sale can be found here. 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. Kelman Lazarov Inc. acquired a new position in Qualcomm during the first quarter valued at about $476,000. Delta Capital Management LLC boosted its position in Qualcomm by 28.6% in the first quarter. Delta Capital Management LLC now owns 38,235 shares of the wireless technology company’s stock valued at $1,955,000 after buying an additional 8,495 shares during the last quarter. Narwhal Capital Management boosted its position in Qualcomm by 18.0% in the first quarter. Narwhal Capital Management now owns 19,695 shares of the wireless technology company’s stock valued at $1,007,000 after buying an additional 3,010 shares during the last quarter. Boston Advisors LLC boosted its position in Qualcomm by 12.1% in the first quarter. Boston Advisors LLC now owns 292,586 shares of the wireless technology company’s stock valued at $14,963,000 after buying an additional 31,466 shares during the last quarter. Finally, Regent Investment Management LLC boosted its position in Qualcomm by 2.8% in the first quarter. Regent Investment Management LLC now owns 10,887 shares of the wireless technology company’s stock valued at $557,000 after buying an additional 300 shares during the last quarter. 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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