Qualcomm Inc. (QCOM) Shares Gap Up to $54.75
Shares of Qualcomm Inc. (NASDAQ:QCOM) gapped up prior to trading on Monday . The stock had previously closed at $54.63, but opened at $54.75. Qualcomm shares last traded at $55.45, with a volume of 5,267,274 shares.
Several analysts recently commented on the company. BMO Capital Markets lowered Qualcomm from a “market perform” rating to an “underperform” rating and set a $50.00 price objective for the company. in a report on Thursday. Zacks Investment Research raised Qualcomm from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a report on Monday, July 11th. TheStreet lowered Qualcomm from a “buy” rating to a “hold” rating in a report on Tuesday, July 5th. KeyCorp reaffirmed a “buy” rating and issued a $59.00 price objective on shares of Qualcomm in a report on Wednesday, July 6th. Finally, Evercore ISI lowered Qualcomm from a “buy” rating to a “hold” rating and cut their price objective for the stock from $60.00 to $55.00 in a report on Friday, July 1st. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $60.76.
The company has a market cap of $81.30 billion and a P/E ratio of 17.46. The firm has a 50 day moving average of $53.88 and a 200 day moving average of $51.02.
Qualcomm (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, April 20th. The wireless technology company reported $1.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.08. The business earned $5.60 billion during the quarter, compared to analyst estimates of $5.33 billion. During the same quarter last year, the firm earned $1.40 EPS. The business’s revenue was down 19.5% on a year-over-year basis. On average, analysts anticipate that Qualcomm Inc. will post $4.08 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 31st will be paid a $0.53 dividend. The ex-dividend date of this dividend is Monday, August 29th. This represents a $2.12 annualized dividend and a dividend yield of 3.83%.
In other Qualcomm news, EVP Matthew S. Grob sold 10,000 shares of the business’s stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of $55.25, for a total value of $552,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Cristiano R. Amon sold 6,887 shares of the business’s stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $51.51, for a total transaction of $354,749.37. Following the completion of the transaction, the executive vice president now owns 1,204 shares of the company’s stock, valued at approximately $62,018.04. The disclosure for this sale can be found here.
Other large investors have recently added to or reduced their stakes in the company. Morgan Stanley boosted its stake in Qualcomm by 38.0% in the fourth quarter. Morgan Stanley now owns 9,938,241 shares of the wireless technology company’s stock valued at $496,763,000 after buying an additional 2,735,507 shares during the period. Veritas Asset Management LLP boosted its stake in Qualcomm by 0.7% in the fourth quarter. Veritas Asset Management LLP now owns 6,858,614 shares of the wireless technology company’s stock valued at $342,828,000 after buying an additional 49,947 shares during the period. Harris Associates L P boosted its stake in Qualcomm by 3.4% in the fourth quarter. Harris Associates L P now owns 6,158,789 shares of the wireless technology company’s stock valued at $307,847,000 after buying an additional 200,890 shares during the period. Baillie Gifford & Co. boosted its stake in Qualcomm by 6.3% in the fourth quarter. Baillie Gifford & Co. now owns 5,046,547 shares of the wireless technology company’s stock valued at $252,252,000 after buying an additional 299,644 shares during the period. Finally, California Public Employees Retirement System boosted its stake in Qualcomm by 1.1% in the fourth quarter. California Public Employees Retirement System now owns 4,197,544 shares of the wireless technology company’s stock valued at $209,814,000 after buying an additional 44,800 shares during the period.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.