Qualcomm Inc. (QCOM) Hits New 12-Month High After Analyst Upgrade
Qualcomm Inc. (NASDAQ:QCOM) shares reached a new 52-week high on Friday after Cowen and Company raised their price target on the stock from $62.00 to $74.00. Cowen and Company currently has an outperform rating on the stock. Qualcomm traded as high as $70.40 and last traded at $68.59, with a volume of 23,885,341 shares. The stock had previously closed at $67.45.
Other research analysts also recently issued reports about the company. Goldman Sachs Group Inc. began coverage on Qualcomm in a research note on Thursday, July 21st. They set a “conviction-buy” rating and a $70.00 price target on the stock. Mizuho raised Qualcomm from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Thursday. BMO Capital Markets downgraded Qualcomm from a “market perform” rating to an “underperform” rating and set a $50.00 price target on the stock. in a research note on Thursday, July 14th. Standpoint Research downgraded Qualcomm from a “buy” rating to a “hold” rating in a research note on Monday, July 25th. Finally, Morgan Stanley reissued a “buy” rating on shares of Qualcomm in a research note on Wednesday, June 15th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-one have issued a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $63.02.
In other news, Director Raymond V. Dittamore sold 7,000 shares of Qualcomm stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $61.00, for a total transaction of $427,000.00. Following the completion of the transaction, the director now directly owns 12,765 shares in the company, valued at $778,665. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Matthew S. Grob sold 74,000 shares of Qualcomm stock in a transaction that occurred on Thursday, September 29th. The shares were sold at an average price of $66.63, for a total transaction of $4,930,620.00. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Williams Jones & Associates LLC raised its position 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 valued at $970,000 after buying an additional 375 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Qualcomm during the second quarter valued at about $3,177,000. Kentucky Retirement Systems acquired a new position in Qualcomm during the second quarter valued at about $6,692,000. Mason Street Advisors LLC acquired a new position in Qualcomm during the second quarter valued at about $10,599,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in Qualcomm by 1.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 70,295 shares of the wireless technology company’s stock valued at $3,764,000 after buying an additional 739 shares during the last quarter. Hedge funds and other institutional investors own 78.05% of the company’s stock.
The stock’s 50-day moving average is $62.97 and its 200-day moving average is $56.28. The firm has a market capitalization of $100.94 billion, a PE ratio of 20.06 and a beta of 1.22.
Qualcomm (NASDAQ:QCOM) last announced its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.19. The firm had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.57 billion. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The business’s revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.99 EPS. Equities research analysts predict that Qualcomm Inc. will post $4.30 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, August 31st were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend was Monday, August 29th. Qualcomm’s dividend payout ratio (DPR) is currently 62.17%.
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.
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.