QUALCOMM Incorporated (QCOM) Stock Rating Lowered by Zacks Investment Research
Zacks Investment Research lowered shares of QUALCOMM Incorporated (NASDAQ:QCOM) from a hold rating to a sell rating in a research note released on Wednesday morning.
According to Zacks, “Over the past month, shares of Qualcomm declined 7.2% as against the industry’s loss of 5.9%. Moreover, Qualcomm has been facing regulatory proceedings of late. The company continues to receive charges for unfair business practices and licensing royalty payments. Aggressive competition in the mobile phone chipset market has also been hurting Qualcomm’s profits. The $1 billion dispute with Apple is getting uglier. Despite such headwinds, Qualcomm continues to lead the global wireless baseband chipset market, along with its Snapdragon processors. The pending deal of NXP Semiconductor buyout is still under regulatory proceedings. Qualcomm has launched its Mesh Networking Platform. Qualcomm is planning to buy Scyfer B.V. to boost its Artificial Intelligence Research.”
Other equities research analysts have also recently issued reports about the stock. Northland Securities cut shares of QUALCOMM from an outperform rating to a market perform rating and lowered their price objective for the company from $75.00 to $62.50 in a research note on Wednesday, June 28th. Wells Fargo & Company reissued an outperform rating on shares of QUALCOMM in a research note on Tuesday, June 27th. ValuEngine cut shares of QUALCOMM from a buy rating to a hold rating in a research note on Saturday, June 24th. BMO Capital Markets reissued a market perform rating and issued a $55.00 price objective on shares of QUALCOMM in a research note on Thursday, August 24th. Finally, William Blair reissued a market perform rating on shares of QUALCOMM in a research note on Tuesday, September 5th. Three research analysts have rated the stock with a sell rating, eighteen have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. QUALCOMM has a consensus rating of Hold and an average target price of $63.96.
QUALCOMM (NASDAQ:QCOM) opened at 52.09 on Wednesday. QUALCOMM has a 1-year low of $48.92 and a 1-year high of $71.62. The stock has a market capitalization of $76.89 billion, a P/E ratio of 19.95 and a beta of 1.29. The stock has a 50 day moving average of $52.06 and a 200 day moving average of $54.99.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, July 19th. The wireless technology company reported $0.83 EPS for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.02. The firm had revenue of $5.37 billion for the quarter, compared to analysts’ expectations of $5.25 billion. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The firm’s revenue was down 11.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.16 EPS. On average, analysts expect that QUALCOMM will post $4.16 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Wednesday, August 30th were issued a dividend of $0.57 per share. The ex-dividend date was Monday, August 28th. This represents a $2.28 annualized dividend and a dividend yield of 4.38%. QUALCOMM’s payout ratio is currently 87.36%.
In other news, EVP Michelle M. Sterling sold 4,740 shares of the stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $51.88, for a total transaction of $245,911.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Derek K. Aberle sold 23,104 shares of the stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $55.38, for a total transaction of $1,279,499.52. Following the transaction, the president now owns 5,855 shares in the company, valued at $324,249.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,995 shares of company stock worth $1,587,390. Insiders own 0.17% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in QUALCOMM by 1.5% in the second quarter. Vanguard Group Inc. now owns 103,484,572 shares of the wireless technology company’s stock valued at $5,714,418,000 after buying an additional 1,537,645 shares during the period. FMR LLC raised its holdings in QUALCOMM by 16.5% in the second quarter. FMR LLC now owns 80,528,523 shares of the wireless technology company’s stock valued at $4,446,786,000 after buying an additional 11,387,347 shares during the period. Northern Trust Corp raised its holdings in QUALCOMM by 2.6% in the second quarter. Northern Trust Corp now owns 19,519,161 shares of the wireless technology company’s stock valued at $1,077,848,000 after buying an additional 499,531 shares during the period. Capital International Investors raised its holdings in QUALCOMM by 59.9% in the second quarter. Capital International Investors now owns 15,132,794 shares of the wireless technology company’s stock valued at $835,633,000 after buying an additional 5,671,176 shares during the period. Finally, Fisher Asset Management LLC raised its holdings in QUALCOMM by 3.6% in the first quarter. Fisher Asset Management LLC now owns 10,041,310 shares of the wireless technology company’s stock valued at $575,769,000 after buying an additional 352,962 shares during the period. Institutional investors and hedge funds own 76.96% 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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