Qualcomm Inc. (QCOM) Price Target Raised to $70.00
Qualcomm Inc. (NASDAQ:QCOM) had its price target increased by Royal Bank Of Canada from $59.00 to $70.00 in a report issued on Monday morning. The brokerage currently has a sector perform rating on the wireless technology company’s stock.
Several other brokerages have also issued reports on QCOM. Standpoint Research lowered Qualcomm from a buy rating to a hold rating in a research note on Monday, July 25th. Bank of America Corp. reaffirmed a buy rating on shares of Qualcomm in a research note on Monday, July 18th. Vetr raised Qualcomm from a buy rating to a strong-buy rating and set a $69.01 price target for the company in a research note on Monday, September 12th. Morgan Stanley reaffirmed a buy rating on shares of Qualcomm in a research note on Wednesday, June 15th. Finally, Canaccord Genuity lifted their price target on Qualcomm from $65.00 to $70.00 and gave the stock a buy rating in a research note on Thursday, July 21st. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Qualcomm has a consensus rating of Buy and an average price target of $63.98.
Shares of Qualcomm (NASDAQ:QCOM) opened at 66.84 on Monday. The firm has a market cap of $98.50 billion, a PE ratio of 19.57 and a beta of 1.25. The stock has a 50 day moving average price of $63.38 and a 200 day moving average price of $56.65. Qualcomm has a 52 week low of $42.24 and a 52 week high of $70.40.
Qualcomm (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, topping the Thomson Reuters’ 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 earned $5.60 billion during the quarter, compared to analysts’ expectations of $5.57 billion. During the same period in the previous year, the business earned $0.99 earnings per share. The firm’s revenue was up 2.9% on a year-over-year basis. Equities analysts expect that Qualcomm will post $4.28 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, August 31st were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 3.17%. The ex-dividend date was Monday, August 29th. Qualcomm’s dividend payout ratio is presently 62.17%.
In related 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 transaction, the director now directly owns 12,765 shares of the company’s stock, valued at $778,665. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Matthew S. Grob sold 2,000 shares of Qualcomm stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $62.37, for a total transaction of $124,740.00. The disclosure for this sale can be found here. Insiders own 0.24% of the company’s stock.
A number of institutional investors have recently modified their holdings of QCOM. Orbis Allan Gray Ltd acquired a new position in shares of Qualcomm during the first quarter valued at about $865,645,000. Capital Research Global Investors acquired a new position in shares of Qualcomm during the second quarter valued at about $774,968,000. Ameriprise Financial Inc. raised its position in shares of 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 last quarter. Jennison Associates LLC acquired a new position in shares of Qualcomm during the second quarter valued at about $393,301,000. Finally, Capital World Investors acquired a new position in shares of Qualcomm during the second quarter valued at about $388,383,000. 78.05% of the stock is currently owned by institutional investors.
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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