Qualcomm Inc. (QCOM) Rating Lowered to Buy at Vetr Inc.
Qualcomm Inc. (NASDAQ:QCOM) was downgraded by investment analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report issued on Monday. They currently have a $69.01 target price on the wireless technology company’s stock. Vetr‘s target price points to a potential upside of 10.06% from the stock’s previous close.
A number of other research analysts also recently issued reports on QCOM. Royal Bank Of Canada boosted their price objective on Qualcomm from $55.00 to $59.00 and gave the company an “outperform” rating in a research note on Thursday, July 21st. TheStreet upgraded Qualcomm from a “hold” rating to a “buy” rating in a research note on Friday, May 27th. Nomura reiterated a “neutral” rating and set a $55.00 price objective on shares of Qualcomm in a research note on Thursday, July 21st. Sanford C. Bernstein reiterated a “hold” rating on shares of Qualcomm in a research note on Thursday, September 8th. Finally, Stifel Nicolaus boosted their price objective on Qualcomm from $59.00 to $67.00 and gave the company a “buy” rating in a research note on Thursday, July 21st. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $62.02.
Qualcomm (NASDAQ:QCOM) opened at 62.70 on Monday. The stock has a 50 day moving average of $62.31 and a 200 day moving average of $55.64. The company has a market cap of $92.40 billion, a PE ratio of 18.36 and a beta of 1.22. Qualcomm has a one year low of $42.24 and a one year high of $63.70.
Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.19. The company earned $5.60 billion during the quarter, compared to the consensus estimate of $5.57 billion. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. The firm’s revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.99 EPS. On average, analysts anticipate that Qualcomm will post $4.29 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 21st. Investors of record on Wednesday, August 31st will be issued a dividend of $0.53 per share. The ex-dividend date is Monday, August 29th. This represents a $2.12 annualized dividend and a yield of 3.38%. Qualcomm’s payout ratio is presently 62.17%.
In other Qualcomm news, Director Raymond V. Dittamore sold 7,000 shares of the stock in a transaction on Friday, July 22nd. The stock was 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 in the company, valued at $778,665. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Matthew S. Grob sold 33,000 shares of the 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 disclosure for this sale can be found here. Corporate insiders own 0.24% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. State Street Corp increased its position in Qualcomm by 0.8% in the first quarter. State Street Corp now owns 60,697,939 shares of the wireless technology company’s stock worth $3,104,087,000 after buying an additional 468,777 shares during the last quarter. FMR LLC increased its position in Qualcomm by 9.2% in the second quarter. FMR LLC now owns 56,983,582 shares of the wireless technology company’s stock worth $3,052,610,000 after buying an additional 4,823,120 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in Qualcomm by 5.3% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 21,598,005 shares of the wireless technology company’s stock worth $1,157,005,000 after buying an additional 1,086,071 shares during the last quarter. Primecap Management Co. CA increased its position in Qualcomm by 6.1% in the second quarter. Primecap Management Co. CA now owns 17,320,124 shares of the wireless technology company’s stock worth $927,839,000 after buying an additional 989,199 shares during the last quarter. Finally, Orbis Allan Gray Ltd purchased a new position in Qualcomm during the first quarter worth about $865,645,000. Institutional investors and hedge funds own 78.08% 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.
To view Vetr’s full report, visit Vetr’s official website.
Receive News & Ratings for Qualcomm Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Qualcomm Inc. and related companies with MarketBeat.com's FREE daily email newsletter.