Qualcomm Inc. (NASDAQ:QCOM) had its target price upped by analysts at Cowen and Company from $62.00 to $74.00 in a report released on Friday. The firm presently has an “outperform” rating on the wireless technology company’s stock. Cowen and Company’s target price would suggest a potential upside of 10.27% from the company’s current price.
Several other research analysts have also issued reports on the company. KeyCorp reiterated a “buy” rating and set a $59.00 price objective on shares of Qualcomm in a research note on Wednesday, July 6th. Morgan Stanley reiterated a “buy” rating on shares of Qualcomm in a research note on Wednesday, June 15th. Vetr upgraded Qualcomm from a “hold” rating to a “buy” rating and set a $58.08 price objective for the company in a research note on Monday, June 13th. Zacks Investment Research upgraded Qualcomm from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research note on Monday, July 11th. Finally, Bank of America Corp. reiterated a “buy” rating on shares of Qualcomm in a research note on Monday, July 18th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $63.98.
Shares of Qualcomm (NASDAQ:QCOM) opened at 67.11 on Friday. Qualcomm has a one year low of $42.24 and a one year high of $70.40. The firm has a 50-day moving average of $63.13 and a 200-day moving average of $56.47. The firm has a market capitalization of $98.90 billion, a P/E ratio of 19.65 and a beta of 1.25.
Qualcomm (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.19. The business earned $5.60 billion during the quarter, compared to analyst estimates of $5.57 billion. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. Qualcomm’s revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.99 earnings per share. On average, equities analysts predict that Qualcomm will post $4.28 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, August 31st were paid a $0.53 dividend. The ex-dividend date of this dividend was Monday, August 29th. This represents a $2.12 annualized dividend and a yield of 3.16%. Qualcomm’s dividend payout ratio (DPR) is presently 62.17%.
In other news, EVP Matthew S. Grob sold 33,000 shares of the company’s stock in a transaction on Thursday, July 21st. The stock was 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 Securities & Exchange Commission, which is available through this hyperlink. Also, Director Raymond V. Dittamore sold 7,000 shares of the company’s 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 sale, the director now owns 12,765 shares of the company’s stock, valued at $778,665. The disclosure for this sale can be found here. 0.24% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in QCOM. Park National Corp OH increased its stake in Qualcomm by 1.0% in the third quarter. Park National Corp OH now owns 8,774 shares of the wireless technology company’s stock worth $601,000 after buying an additional 85 shares during the last quarter. Cullinan Associates Inc. increased its stake in Qualcomm by 2.5% in the third quarter. Cullinan Associates Inc. now owns 38,993 shares of the wireless technology company’s stock worth $2,671,000 after buying an additional 943 shares during the last quarter. Williams Jones & Associates LLC increased its stake in Qualcomm by 2.1% in the second quarter. Williams Jones & Associates LLC now owns 18,110 shares of the wireless technology company’s stock worth $970,000 after buying an additional 375 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Qualcomm during the second quarter worth $3,177,000. Finally, Kentucky Retirement Systems bought a new stake in Qualcomm during the second quarter worth $6,692,000. 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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