Qualcomm’s (QCOM) “Buy” Rating Reaffirmed at Argus
Argus restated their buy rating on shares of Qualcomm Inc. (NASDAQ:QCOM) in a report issued on Friday morning. They currently have a $73.00 target price on the wireless technology company’s stock, up from their previous target price of $70.00.
A number of other equities research analysts have also recently weighed in on the company. Cowen and Company increased their price target on Qualcomm from $62.00 to $74.00 and gave the company an outperform rating in a research note on Friday. Mizuho upgraded 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. Vetr upgraded Qualcomm from a buy rating to a strong-buy rating and set a $71.00 price target on the stock in a research note on Monday, September 26th. Canaccord Genuity reaffirmed a buy rating and issued a $70.00 price objective on shares of Qualcomm in a report on Thursday, September 22nd. Finally, Zacks Investment Research lowered Qualcomm from a buy rating to a hold rating in a report on Wednesday, September 21st. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $63.44.
Shares of Qualcomm (NASDAQ:QCOM) opened at 68.735 on Friday. The firm has a market cap of $101.29 billion, a P/E ratio of 20.127 and a beta of 1.25. The firm’s 50-day moving average is $62.97 and its 200-day moving average is $56.28. Qualcomm has a 1-year low of $42.24 and a 1-year high of $70.40.
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, topping 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 analysts’ expectations of $5.57 billion. During the same quarter in the prior year, the business posted $0.99 EPS. The business’s revenue was up 2.9% compared to the same quarter last year. On average, analysts anticipate that Qualcomm will post $4.28 EPS for the current fiscal year.
The business also recently disclosed 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 dividend yield of 3.09%. Qualcomm’s payout ratio is 62.17%.
In related news, Director Raymond V. Dittamore sold 7,000 shares of the business’s stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $61.00, for a total transaction of $427,000.00. Following the sale, the director now directly owns 12,765 shares in the company, valued at approximately $778,665. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Matthew S. Grob sold 74,000 shares of the business’s stock in a transaction on Thursday, September 29th. The shares were 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 added to or reduced their stakes in the stock. Krilogy Financial LLC raised its stake in Qualcomm by 61.8% in the second quarter. Krilogy Financial LLC now owns 2,071 shares of the wireless technology company’s stock worth $111,000 after buying an additional 791 shares during the last quarter. Pinkerton Retirement Specialists LLC boosted its position in Qualcomm by 3,479.3% in the second quarter. Pinkerton Retirement Specialists LLC now owns 2,076 shares of the wireless technology company’s stock valued at $111,000 after buying an additional 2,018 shares during the last quarter. CapWealth Advisors LLC boosted its position in Qualcomm by 37.8% in the first quarter. CapWealth Advisors LLC now owns 2,188 shares of the wireless technology company’s stock valued at $112,000 after buying an additional 600 shares during the last quarter. Joel Isaacson & Co. LLC boosted its position in Qualcomm by 4.9% in the second quarter. Joel Isaacson & Co. LLC now owns 2,219 shares of the wireless technology company’s stock valued at $119,000 after buying an additional 103 shares during the last quarter. Finally, Americafirst Capital Management LLC acquired a new position in Qualcomm during the second quarter valued at approximately $121,000. Institutional investors own 78.05% 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.
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