Cowen reiterated their outperform rating on shares of QUALCOMM (NASDAQ:QCOM) in a research report sent to investors on Thursday, The Fly reports. Cowen currently has a $100.00 price objective on the wireless technology company’s stock, up from their previous price objective of $80.00.
Several other research firms also recently issued reports on QCOM. Deutsche Bank reduced their price target on QUALCOMM from $80.00 to $75.00 and set an in-line rating for the company in a research note on Thursday, August 1st. Canaccord Genuity set a $87.00 price target on QUALCOMM and gave the company a buy rating in a research note on Wednesday, October 9th. Bank of America reduced their price target on QUALCOMM from $105.00 to $100.00 and set a buy rating for the company in a research note on Thursday, August 1st. DZ Bank restated a sell rating on shares of QUALCOMM in a research note on Friday, August 2nd. Finally, BidaskClub upgraded QUALCOMM from a buy rating to a strong-buy rating in a research note on Saturday, September 7th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. QUALCOMM currently has an average rating of Buy and an average price target of $85.18.
QUALCOMM stock traded up $4.05 during midday trading on Thursday, reaching $94.03. The stock had a trading volume of 16,371,200 shares, compared to its average volume of 14,163,117. The firm’s fifty day simple moving average is $78.92 and its 200-day simple moving average is $76.48. The stock has a market capitalization of $103.89 billion, a P/E ratio of 33.11, a price-to-earnings-growth ratio of 2.03 and a beta of 1.59. QUALCOMM has a 1-year low of $49.10 and a 1-year high of $94.11. The company has a debt-to-equity ratio of 2.46, a quick ratio of 1.61 and a current ratio of 1.77.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, November 6th. The wireless technology company reported $0.78 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.07. The business had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.71 billion. QUALCOMM had a return on equity of 112.21% and a net margin of 13.41%. The firm’s quarterly revenue was down 17.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 EPS. On average, sell-side analysts anticipate that QUALCOMM will post 3.29 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be issued a $0.62 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $2.48 annualized dividend and a yield of 2.64%. QUALCOMM’s dividend payout ratio is presently 87.32%.
In related news, Director Mark D. Mclaughlin acquired 2,705 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was purchased at an average cost of $73.84 per share, with a total value of $199,737.20. Following the acquisition, the director now directly owns 5,220 shares of the company’s stock, valued at $385,444.80. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michelle M. Sterling sold 10,398 shares of QUALCOMM stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $75.01, for a total value of $779,953.98. The disclosure for this sale can be found here. Insiders sold a total of 19,118 shares of company stock valued at $1,477,392 over the last ninety days. Insiders own 0.11% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in QCOM. Vanguard Group Inc. raised its holdings in shares of QUALCOMM by 2.4% during the 2nd quarter. Vanguard Group Inc. now owns 99,900,654 shares of the wireless technology company’s stock worth $7,599,444,000 after buying an additional 2,296,163 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of QUALCOMM by 49.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 35,136,722 shares of the wireless technology company’s stock worth $2,672,850,000 after buying an additional 11,686,131 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of QUALCOMM by 8.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 25,383,855 shares of the wireless technology company’s stock worth $1,930,950,000 after buying an additional 2,035,743 shares in the last quarter. Primecap Management Co. CA raised its holdings in shares of QUALCOMM by 0.3% during the 2nd quarter. Primecap Management Co. CA now owns 24,716,715 shares of the wireless technology company’s stock worth $1,880,201,000 after buying an additional 83,270 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of QUALCOMM by 1.9% during the 2nd quarter. Northern Trust Corp now owns 15,783,756 shares of the wireless technology company’s stock worth $1,200,669,000 after buying an additional 301,087 shares in the last quarter. 78.30% of the stock is owned by hedge funds and other institutional investors.
QUALCOMM Company Profile
QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.
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