QUALCOMM Incorporated (QCOM) Upgraded by Rosenblatt Securities to Buy
Rosenblatt Securities upgraded shares of QUALCOMM Incorporated (NASDAQ:QCOM) from a neutral rating to a buy rating in a research note released on Thursday. They currently have $75.00 price target on the wireless technology company’s stock.
Several other research firms have also commented on QCOM. Canaccord Genuity restated a buy rating and issued a $81.00 price objective on shares of QUALCOMM in a research report on Thursday. Vetr upgraded QUALCOMM from a buy rating to a strong-buy rating and set a $74.42 price objective on the stock in a research report on Wednesday. Sanford C. Bernstein restated a market perform rating and issued a $80.00 price objective on shares of QUALCOMM in a research report on Wednesday, December 28th. Brean Capital restated a hold rating on shares of QUALCOMM in a research report on Wednesday, December 21st. Finally, Citigroup Inc. began coverage on QUALCOMM in a research report on Wednesday, December 21st. They issued a neutral rating and a $70.00 price objective on the stock. Eighteen equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $67.92.
Shares of QUALCOMM (NASDAQ:QCOM) traded up 1.09% during midday trading on Thursday, reaching $66.84. 4,816,573 shares of the company traded hands. The firm has a market capitalization of $98.72 billion, a PE ratio of 17.54 and a beta of 1.35. The stock has a 50 day moving average price of $67.00 and a 200 day moving average price of $63.40. QUALCOMM has a 1-year low of $42.24 and a 1-year high of $71.62.
QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, November 2nd. The wireless technology company reported $1.28 EPS for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.15. The firm had revenue of $9.17 billion for the quarter, compared to analyst estimates of $5.84 billion. QUALCOMM had a return on equity of 19.31% and a net margin of 24.22%. QUALCOMM’s revenue for the quarter was up 68.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 earnings per share. Analysts expect that QUALCOMM will post $4.76 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 22nd. Stockholders of record on Wednesday, March 1st will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 3.21%. QUALCOMM’s payout ratio is presently 55.64%.
In other news, EVP Alexander H. Rogers sold 8,993 shares of QUALCOMM stock in a transaction dated Thursday, December 29th. The stock was sold at an average price of $65.50, for a total value of $589,041.50. Following the completion of the transaction, the executive vice president now owns 655 shares in the company, valued at approximately $42,902.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stiles Barbara Alexander sold 22,000 shares of QUALCOMM stock in a transaction dated Tuesday, November 8th. The shares were sold at an average price of $68.52, for a total value of $1,507,440.00. Following the completion of the transaction, the director now owns 2,440 shares of the company’s stock, valued at approximately $167,188.80. The disclosure for this sale can be found here. 0.24% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Pinkerton Retirement Specialists LLC raised its stake in shares of 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 period. Krilogy Financial LLC raised its stake in shares of QUALCOMM by 61.8% in the second quarter. Krilogy Financial LLC now owns 2,071 shares of the wireless technology company’s stock valued at $111,000 after buying an additional 791 shares during the period. Orrstown Financial Services Inc. raised its stake in shares of QUALCOMM by 53.2% in the third quarter. Orrstown Financial Services Inc. now owns 1,627 shares of the wireless technology company’s stock valued at $111,000 after buying an additional 565 shares during the period. Edmond DE Rothschild Monaco acquired a new stake in shares of QUALCOMM during the third quarter valued at $112,000. Finally, Kelman Lazarov Inc. raised its stake in shares of QUALCOMM by 6.1% in the third quarter. Kelman Lazarov Inc. now owns 1,735 shares of the wireless technology company’s stock valued at $116,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 78.41% of the company’s stock.
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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