QUALCOMM (QCOM) Sees Large Volume Increase Following Analyst Upgrade
Shares of QUALCOMM, Inc. (NASDAQ:QCOM) saw an uptick in trading volume on Wednesday after Canaccord Genuity raised their price target on the stock from $83.00 to $86.00. Canaccord Genuity currently has a buy rating on the stock. 7,340,000 shares traded hands during mid-day trading, a decline of 10% from the previous session’s volume of 8,170,000 shares.The stock last traded at $67.76 and had previously closed at $68.25.
Several other research analysts have also issued reports on QCOM. Mizuho reiterated a “buy” rating and set a $75.00 price objective (up from $65.00) on shares of QUALCOMM in a research note on Wednesday. ValuEngine lowered QUALCOMM from a “buy” rating to a “hold” rating in a research note on Tuesday. Macquarie increased their price objective on QUALCOMM from $55.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday. Nomura upgraded QUALCOMM from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $58.00 to $75.00 in a research note on Tuesday. Finally, Zacks Investment Research lowered QUALCOMM from a “hold” rating to a “sell” rating in a research note on Wednesday, September 20th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. QUALCOMM has an average rating of “Hold” and an average price target of $67.14.
In other QUALCOMM news, EVP Matthew S. Grob sold 43,000 shares of the firm’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $65.35, for a total transaction of $2,810,050.00. Following the transaction, the executive vice president now owns 43,000 shares in the company, valued at $2,810,050. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Matthew S. Grob sold 20,000 shares of the firm’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $60.44, for a total value of $1,208,800.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,989 shares of company stock worth $4,678,794. Company insiders own 0.17% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Ronald Blue & Co. LLC lifted its holdings in shares of QUALCOMM by 0.5% during the 2nd quarter. Ronald Blue & Co. LLC now owns 3,760 shares of the wireless technology company’s stock valued at $208,000 after purchasing an additional 18 shares in the last quarter. Hollencrest Securities LLC lifted its holdings in shares of QUALCOMM by 0.9% during the 2nd quarter. Hollencrest Securities LLC now owns 4,356 shares of the wireless technology company’s stock valued at $241,000 after purchasing an additional 40 shares in the last quarter. FCA Corp TX lifted its holdings in shares of QUALCOMM by 1.0% during the 2nd quarter. FCA Corp TX now owns 4,866 shares of the wireless technology company’s stock valued at $269,000 after purchasing an additional 49 shares in the last quarter. Meridian Investment Counsel Inc. lifted its holdings in shares of QUALCOMM by 0.3% during the 2nd quarter. Meridian Investment Counsel Inc. now owns 18,293 shares of the wireless technology company’s stock valued at $1,010,000 after purchasing an additional 50 shares in the last quarter. Finally, Valueworks LLC lifted its holdings in shares of QUALCOMM by 0.3% during the 2nd quarter. Valueworks LLC now owns 14,976 shares of the wireless technology company’s stock valued at $827,000 after purchasing an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 76.23% of the company’s stock.
The company has a current ratio of 4.00, a quick ratio of 3.81 and a debt-to-equity ratio of 0.63. The firm has a market cap of $100,320.00, a price-to-earnings ratio of 41.24, a price-to-earnings-growth ratio of 1.94 and a beta of 1.39.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, November 1st. The wireless technology company reported $0.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.22. QUALCOMM had a return on equity of 18.08% and a net margin of 11.06%. The business had revenue of $5.96 billion for the quarter, compared to analysts’ expectations of $5.80 billion. During the same quarter in the previous year, the business posted $1.28 EPS. QUALCOMM’s revenue for the quarter was down 3.5% on a year-over-year basis. sell-side analysts expect that QUALCOMM, Inc. will post 3.07 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 21st. Stockholders of record on Wednesday, February 28th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Tuesday, February 27th. QUALCOMM’s dividend payout ratio (DPR) is presently 138.18%.
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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.
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