RBC Capital Markets reaffirmed their sector perform rating on shares of Qualcomm Inc. (NASDAQ:QCOM) in a research report released on Monday. RBC Capital Markets currently has a $70.00 price objective on the wireless technology company’s stock, up from their previous price objective of $59.00.
Several other brokerages also recently weighed in on QCOM. Vetr raised Qualcomm from a buy rating to a strong-buy rating and set a $71.00 price target for the company in a report on Monday, September 26th. Zacks Investment Research downgraded Qualcomm from a buy rating to a hold rating in a report on Wednesday, September 21st. BMO Capital Markets reissued an underperform rating and issued a $53.00 price target on shares of Qualcomm in a report on Sunday, October 2nd. Standpoint Research raised Qualcomm from a hold rating to a buy rating and set a $72.00 target price for the company in a report on Thursday, August 25th. Finally, Cowen and Company lifted their target price on Qualcomm from $62.00 to $74.00 and gave the stock an outperform rating in a report on Friday, September 30th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $63.98.
Shares of Qualcomm (NASDAQ:QCOM) opened at 67.54 on Monday. Qualcomm has a 12-month low of $42.24 and a 12-month high of $70.40. The company’s 50-day moving average is $63.54 and its 200-day moving average is $56.73. The stock has a market cap of $99.53 billion, a P/E ratio of 19.78 and a beta of 1.25.
Qualcomm (NASDAQ:QCOM) last issued its quarterly earnings data 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 return on equity of 17.70% and a net margin of 22.64%. The company had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.57 billion. During the same quarter last year, the company earned $0.99 earnings per share. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, equities research analysts anticipate that Qualcomm will post $4.30 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Wednesday, November 30th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 3.14%. Qualcomm’s payout ratio is currently 62.17%.
In related news, EVP Matthew S. Grob sold 33,000 shares of Qualcomm stock in a transaction 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Derek K. Aberle sold 22,653 shares of Qualcomm stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $61.95, for a total value of $1,403,353.35. Following the completion of the transaction, the president now owns 69,234 shares in the company, valued at approximately $4,289,046.30. The disclosure for this sale can be found here. 0.24% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Kelman Lazarov Inc. bought a new position in shares of Qualcomm during the first quarter worth approximately $476,000. Delta Capital Management LLC boosted its position in shares of Qualcomm by 28.6% in the first quarter. Delta Capital Management LLC now owns 38,235 shares of the wireless technology company’s stock worth $1,955,000 after buying an additional 8,495 shares in the last quarter. Narwhal Capital Management boosted its position in shares of Qualcomm by 18.0% in the first quarter. Narwhal Capital Management now owns 19,695 shares of the wireless technology company’s stock worth $1,007,000 after buying an additional 3,010 shares in the last quarter. Boston Advisors LLC boosted its position in shares of Qualcomm by 12.1% in the first quarter. Boston Advisors LLC now owns 292,586 shares of the wireless technology company’s stock worth $14,963,000 after buying an additional 31,466 shares in the last quarter. Finally, Regent Investment Management LLC boosted its position in shares of Qualcomm by 2.8% in the first quarter. Regent Investment Management LLC now owns 10,887 shares of the wireless technology company’s stock worth $557,000 after buying an additional 300 shares in 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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