Qualcomm Inc. (QCOM) Rating Reiterated by BMO Capital Markets
Qualcomm Inc. (NASDAQ:QCOM)‘s stock had its “underperform” rating reissued by research analysts at BMO Capital Markets in a report released on Sunday. They currently have a $53.00 price target on the wireless technology company’s stock. BMO Capital Markets’ price target indicates a potential downside of 22.63% from the company’s previous close.
Several other equities analysts have also weighed in on the stock. Argus restated a “buy” rating and set a $73.00 price objective (up previously from $70.00) on shares of Qualcomm in a research report on Friday. Cowen and Company raised their price objective on shares of Qualcomm from $62.00 to $74.00 and gave the company an “outperform” rating in a research report on Friday. Mizuho upgraded shares of Qualcomm from a “neutral” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Thursday. Vetr upgraded shares of Qualcomm from a “buy” rating to a “strong-buy” rating and set a $71.00 price objective for the company in a research report on Monday, September 26th. Finally, Canaccord Genuity restated a “buy” rating and set a $70.00 price objective on shares of Qualcomm in a research report on Thursday, September 22nd. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-one have assigned a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $63.11.
Qualcomm (NASDAQ:QCOM) traded up 1.56% during midday trading on Friday, reaching $68.50. 34,879,502 shares of the company were exchanged. Qualcomm has a 52-week low of $42.24 and a 52-week high of $70.40. The firm’s 50-day moving average price is $62.97 and its 200 day moving average price is $56.28. The stock has a market capitalization of $100.94 billion, a price-to-earnings 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 Zacks’ consensus estimate of $0.97 by $0.19. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The firm earned $5.60 billion during the quarter, compared to analyst estimates of $5.57 billion. During the same quarter in the prior year, the firm posted $0.99 EPS. Qualcomm’s revenue was up 2.9% compared to the same quarter last year. Equities analysts predict that Qualcomm will post $4.28 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, August 31st were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Monday, August 29th. This represents a $2.12 dividend on an annualized basis and a yield of 3.09%. Qualcomm’s payout ratio is 62.17%.
In related news, President Derek K. Aberle sold 15,000 shares of the stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $63.55, for a total transaction of $953,250.00. Following the completion of the sale, the president now directly owns 33,631 shares of the company’s stock, valued at approximately $2,137,250.05. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Matthew S. Grob sold 74,000 shares of the stock in a transaction that occurred on Thursday, September 29th. The stock was sold at an average price of $66.63, for a total value of $4,930,620.00. The disclosure for this sale can be found here. Corporate insiders own 0.24% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. ST Germain D J Co. Inc. boosted its stake in Qualcomm by 4.7% in the first quarter. ST Germain D J Co. Inc. now owns 280,214 shares of the wireless technology company’s stock worth $14,330,000 after buying an additional 12,614 shares during the last quarter. Bridges Investment Management Inc. boosted its stake in Qualcomm by 13.6% in the first quarter. Bridges Investment Management Inc. now owns 109,952 shares of the wireless technology company’s stock worth $6,886,000 after buying an additional 13,163 shares during the last quarter. PM CAPITAL Ltd acquired a new position in shares of Qualcomm during the first quarter valued at $3,681,000. OLD National Bancorp IN boosted its position in shares of Qualcomm by 2.3% in the first quarter. OLD National Bancorp IN now owns 276,558 shares of the wireless technology company’s stock valued at $14,143,000 after buying an additional 6,200 shares in the last quarter. Finally, Cornerstone Investment Partners LLC boosted its position in shares of Qualcomm by 6.7% in the first quarter. Cornerstone Investment Partners LLC now owns 31,917 shares of the wireless technology company’s stock valued at $1,632,000 after buying an additional 2,015 shares in the last quarter. 78.05% of the stock is owned by institutional investors and hedge funds.
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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