Qualcomm Inc. (NASDAQ:QCOM) was upgraded by Vetr from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage currently has a $68.38 target price on the wireless technology company’s stock. Vetr‘s target price points to a potential upside of 4.08% from the stock’s current price.
A number of other brokerages have also issued reports on QCOM. Standpoint Research lowered Qualcomm from a “buy” rating to a “hold” rating in a research report on Monday, July 25th. RBC Capital Markets restated a “sector perform” rating and issued a $70.00 price objective (up previously from $59.00) on shares of Qualcomm in a report on Monday, October 3rd. Bank of America Corp. restated a “buy” rating on shares of Qualcomm in a report on Monday, July 18th. Morgan Stanley restated a “buy” rating on shares of Qualcomm in a report on Wednesday, June 15th. Finally, Canaccord Genuity upped their price objective on Qualcomm from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, July 21st. One 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 issued a strong buy rating to the company’s stock. Qualcomm currently has a consensus rating of “Buy” and an average price target of $64.12.
Shares of Qualcomm (NASDAQ:QCOM) opened at 65.70 on Thursday. The stock has a market cap of $96.82 billion, a PE ratio of 19.24 and a beta of 1.25. Qualcomm has a 52-week low of $42.24 and a 52-week high of $70.40. The company’s 50-day moving average price is $64.16 and its 200-day moving average price is $57.34.
Qualcomm (NASDAQ:QCOM) last announced 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 return on equity of 17.70% and a net margin of 22.64%. The company earned $5.60 billion during the quarter, compared to analyst estimates of $5.57 billion. During the same quarter in the previous year, the firm posted $0.99 EPS. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. Analysts expect that Qualcomm will post $4.30 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Wednesday, November 30th will be issued a dividend of $0.53 per share. The ex-dividend date is Monday, November 28th. This represents a $2.12 dividend on an annualized basis and a yield of 3.23%. Qualcomm’s dividend payout ratio is 62.17%.
In other Qualcomm news, President Derek K. Aberle sold 22,653 shares of the stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $61.95, for a total value of $1,403,353.35. Following the transaction, the president now directly owns 69,234 shares in the company, valued at approximately $4,289,046.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Raymond V. Dittamore sold 7,000 shares of the stock in a transaction 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 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.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisor Consultant Network Inc. purchased a new position in shares of Qualcomm during the third quarter worth approximately $290,000. Webster Bank N. A. raised its position in shares of Qualcomm by 2.6% in the third quarter. Webster Bank N. A. now owns 30,165 shares of the wireless technology company’s stock worth $2,066,000 after buying an additional 760 shares during the last quarter. Charter Trust Co. raised its position in shares of Qualcomm by 7.7% in the third quarter. Charter Trust Co. now owns 53,475 shares of the wireless technology company’s stock worth $3,663,000 after buying an additional 3,844 shares during the last quarter. Peddock Capital Advisors LLC purchased a new position in shares of Qualcomm during the third quarter worth approximately $149,000. Finally, National Pension Service raised its position in shares of Qualcomm by 8.7% in the third quarter. National Pension Service now owns 960,473 shares of the wireless technology company’s stock worth $65,792,000 after buying an additional 77,162 shares during the last quarter. Hedge funds and other institutional investors own 78.05% of the company’s stock.
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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