Qualcomm Inc. (NASDAQ:QCOM) was upgraded by investment analysts at Vetr from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm presently has a $68.38 price target on the wireless technology company’s stock. Vetr‘s price target would suggest a potential upside of 4.08% from the stock’s current price.
A number of other research firms also recently weighed in on QCOM. Standpoint Research downgraded Qualcomm from a “buy” rating to a “hold” rating in a research report on Monday, July 25th. RBC Capital Markets reiterated 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. reiterated a “buy” rating on shares of Qualcomm in a report on Monday, July 18th. Morgan Stanley reiterated a “buy” rating on shares of Qualcomm in a report on Wednesday, June 15th. Finally, Canaccord Genuity lifted their price objective on Qualcomm from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, July 21st. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $64.12.
Shares of Qualcomm (NASDAQ:QCOM) traded down 0.54% during midday trading on Thursday, hitting $65.70. The company had a trading volume of 7,236,603 shares. The company has a market capitalization of $96.82 billion, a P/E 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 firm’s 50 day moving average is $64.08 and its 200 day moving average is $57.23.
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 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 business 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 business posted $0.99 earnings per share. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. Equities research analysts anticipate that Qualcomm will post $4.30 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Shareholders 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 annualized dividend and a yield of 3.23%. Qualcomm’s dividend payout ratio (DPR) is currently 62.17%.
In other Qualcomm news, Director Raymond V. Dittamore sold 18,000 shares of the firm’s stock in a transaction dated Friday, September 30th. The shares were sold at an average price of $68.39, for a total transaction of $1,231,020.00. Following the completion of the transaction, the director now directly owns 5,813 shares in the company, valued at approximately $397,551.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Raymond V. Dittamore sold 7,000 shares of the firm’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 of the company’s stock, valued at $778,665. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Orbis Allan Gray Ltd acquired a new position in Qualcomm during the first quarter valued at $865,645,000. Capital Research Global Investors acquired a new position in Qualcomm during the second quarter valued at $774,968,000. Ameriprise Financial Inc. increased its position in Qualcomm by 128.3% in the second quarter. Ameriprise Financial Inc. now owns 16,884,427 shares of the wireless technology company’s stock valued at $904,477,000 after buying an additional 9,487,905 shares during the period. Jennison Associates LLC acquired a new position in Qualcomm during the second quarter valued at $393,301,000. Finally, Capital World Investors acquired a new position in Qualcomm during the second quarter valued at $388,383,000. 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.
To view Vetr’s full report, visit Vetr’s official website.
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