Morgan Stanley Reaffirms Overweight Rating for Qualcomm Inc. (QCOM)
Qualcomm Inc. (NASDAQ:QCOM)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Morgan Stanley in a research note issued to investors on Tuesday. They currently have a $65.00 target price on the wireless technology company’s stock. Morgan Stanley’s target price suggests a potential upside of 3.40% from the company’s current price.
A number of other brokerages also recently weighed in on QCOM. Standpoint Research downgraded shares of Qualcomm from a “buy” rating to a “hold” rating in a research note on Monday, July 25th. Bank of America Corp. reissued a “buy” rating on shares of Qualcomm in a research note on Monday, July 18th. Vetr raised shares of Qualcomm from a “buy” rating to a “strong-buy” rating and set a $69.01 target price for the company in a research note on Monday, September 12th. Canaccord Genuity lifted their target price on shares of Qualcomm from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, July 21st. Finally, Cowen and Company lifted their target price on shares of Qualcomm from $60.00 to $62.00 and gave the stock an “outperform” rating in a research note on Thursday, July 21st. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $62.02.
Shares of Qualcomm (NASDAQ:QCOM) opened at 62.86 on Tuesday. The firm’s 50-day moving average is $62.28 and its 200 day moving average is $55.57. Qualcomm has a 12 month low of $42.24 and a 12 month high of $63.70. The company has a market capitalization of $92.63 billion, a PE ratio of 18.41 and a beta of 1.22.
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Qualcomm (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.19. The firm earned $5.60 billion during the quarter, compared to the consensus estimate of $5.57 billion. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.99 earnings per share. Equities research analysts predict that Qualcomm will post $4.29 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 31st will be given a $0.53 dividend. The ex-dividend date is Monday, August 29th. This represents a $2.12 annualized dividend and a yield of 3.37%. Qualcomm’s dividend payout ratio is presently 62.17%.
In other news, EVP Matthew S. Grob sold 33,000 shares of the company’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $59.85, for a total transaction of $1,975,050.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP James H. Thompson sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $60.94, for a total value of $609,400.00. Following the transaction, the executive vice president now directly owns 59,497 shares of the company’s stock, valued at $3,625,747.18. The disclosure for this sale can be found here. 0.24% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Orbis Allan Gray Ltd acquired a new position in shares of Qualcomm during the first quarter valued at $865,645,000. Capital Research Global Investors acquired a new position in shares of Qualcomm during the second quarter valued at $774,968,000. Ameriprise Financial Inc. increased its position in shares of Qualcomm by 128.3% in the second quarter. Ameriprise Financial Inc. now owns 16,884,427 shares of the wireless technology company’s stock valued at $904,477,000 after buying an additional 9,487,905 shares during the last quarter. Jennison Associates LLC acquired a new position in shares of Qualcomm during the second quarter valued at $393,301,000. Finally, Capital World Investors acquired a new position in shares of Qualcomm during the second quarter valued at $388,383,000. 78.08% of the stock is owned by institutional investors and hedge funds.
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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