Qualcomm Inc. (QCOM) Upgraded at Vetr Inc.
Vetr upgraded shares of Qualcomm Inc. (NASDAQ:QCOM) from a hold rating to a buy rating in a research note issued to investors on Thursday. They currently have $68.38 target price on the wireless technology company’s stock.
Several other brokerages have also weighed in on QCOM. Standpoint Research lowered Qualcomm from a buy rating to a hold rating in a research report on Monday, July 25th. RBC Capital Markets reissued a sector perform rating and issued a $70.00 price target (up previously from $59.00) on shares of Qualcomm in a research note on Monday, October 3rd. Bank of America Corp. reissued a buy rating on shares of Qualcomm in a research note on Monday, July 18th. Morgan Stanley reissued a buy rating on shares of Qualcomm in a research note on Wednesday, June 15th. Finally, Canaccord Genuity increased 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 analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Qualcomm currently has a consensus rating of Buy and a consensus target price of $64.12.
Qualcomm (NASDAQ:QCOM) opened at 66.10 on Thursday. The company has a 50-day moving average of $64.32 and a 200 day moving average of $57.64. Qualcomm has a 52 week low of $42.24 and a 52 week high of $70.40. The firm has a market cap of $97.41 billion, a P/E ratio of 19.36 and a beta of 1.25.
Qualcomm (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share 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 firm had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.57 billion. During the same period last year, the company earned $0.99 earnings per share. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, equities analysts predict that Qualcomm will post $4.30 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Wednesday, November 30th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Monday, November 28th. This represents a $2.12 annualized dividend and a dividend yield of 3.21%. Qualcomm’s dividend payout ratio (DPR) is presently 62.17%.
In related news, EVP Matthew S. Grob sold 33,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $59.85, for a total transaction of $1,975,050.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Raymond V. Dittamore sold 18,000 shares of the firm’s stock in a transaction that occurred on Friday, September 30th. The stock was sold at an average price of $68.39, for a total value of $1,231,020.00. Following the transaction, the director now owns 5,813 shares of the company’s stock, valued at approximately $397,551.07. The disclosure for this sale can be found here. Corporate insiders own 0.24% of the company’s stock.
Several institutional investors have recently bought and sold shares of QCOM. Sterling Global Strategies LLC increased its position in Qualcomm by 0.4% in the second quarter. Sterling Global Strategies LLC now owns 3,951 shares of the wireless technology company’s stock valued at $211,000 after buying an additional 17 shares during the period. Delphi Private Advisors LLC increased its position in shares of Qualcomm by 0.4% in the second quarter. Delphi Private Advisors LLC now owns 4,371 shares of the wireless technology company’s stock valued at $234,000 after buying an additional 19 shares during the last quarter. Sunbelt Securities Inc. increased its position in shares of Qualcomm by 1.0% in the second quarter. Sunbelt Securities Inc. now owns 2,468 shares of the wireless technology company’s stock valued at $132,000 after buying an additional 24 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC increased its position in shares of Qualcomm by 0.5% in the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,896 shares of the wireless technology company’s stock valued at $262,000 after buying an additional 25 shares during the last quarter. Finally, Greenwich Wealth Management LLC increased its position in shares of Qualcomm by 0.4% in the second quarter. Greenwich Wealth Management LLC now owns 5,851 shares of the wireless technology company’s stock valued at $313,000 after buying an additional 26 shares during the last quarter. Institutional investors and hedge funds own 78.10% 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.
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