Qualcomm’s (QCOM) Overweight Rating Reaffirmed at Morgan Stanley
Qualcomm Inc. (NASDAQ:QCOM)‘s stock had its “overweight” rating reaffirmed by analysts at Morgan Stanley in a report issued on Tuesday. They presently have a $65.00 price objective on the wireless technology company’s stock. Morgan Stanley’s price objective indicates a potential upside of 3.40% from the company’s current price.
A number of other research analysts have also commented on the stock. Vetr lowered shares of Qualcomm from a “strong-buy” rating to a “buy” rating and set a $69.01 price objective on the stock. in a research note on Monday. Sanford C. Bernstein restated a “hold” rating on shares of Qualcomm in a research note on Thursday, September 8th. Mizuho lifted their price objective on shares of Qualcomm from $56.00 to $59.00 and gave the company a “neutral” rating in a research note on Tuesday, September 6th. Standpoint Research upgraded shares of Qualcomm from a “hold” rating to a “buy” rating and set a $72.00 price objective on the stock in a research note on Thursday, August 25th. Finally, Canaccord Genuity restated a “buy” rating and issued a $70.00 price objective on shares of Qualcomm in a research note on Monday, August 15th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. Qualcomm presently has a consensus rating of “Buy” and a consensus target price of $62.02.
Qualcomm (NASDAQ:QCOM) opened at 63.03 on Tuesday. The company has a 50-day moving average of $62.28 and a 200-day moving average of $55.57. The stock has a market capitalization of $92.88 billion, a price-to-earnings ratio of 18.46 and a beta of 1.22. Qualcomm has a 52 week low of $42.24 and a 52 week high of $63.70.
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Qualcomm (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.19. The company had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.57 billion. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. Qualcomm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.99 earnings per share. Analysts anticipate that Qualcomm will post $4.29 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 21st. Stockholders of record on Wednesday, August 31st will be paid a $0.53 dividend. The ex-dividend date is Monday, August 29th. This represents a $2.12 annualized dividend and a dividend 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 business’s stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $59.85, for a total value of $1,975,050.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Raymond V. Dittamore sold 7,000 shares of the business’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $61.00, for a total transaction of $427,000.00. Following the completion of the sale, the director now owns 12,765 shares in the company, valued at approximately $778,665. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of QCOM. State Street Corp increased its position in shares of Qualcomm by 0.8% in the first quarter. State Street Corp now owns 60,697,939 shares of the wireless technology company’s stock valued at $3,104,087,000 after buying an additional 468,777 shares during the period. FMR LLC increased its position in shares of Qualcomm by 9.2% in the second quarter. FMR LLC now owns 56,983,582 shares of the wireless technology company’s stock valued at $3,052,610,000 after buying an additional 4,823,120 shares during the period. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Qualcomm by 5.3% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 21,598,005 shares of the wireless technology company’s stock valued at $1,157,005,000 after buying an additional 1,086,071 shares during the period. Primecap Management Co. CA increased its position in shares of Qualcomm by 6.1% in the second quarter. Primecap Management Co. CA now owns 17,320,124 shares of the wireless technology company’s stock valued at $927,839,000 after buying an additional 989,199 shares during the period. Finally, Orbis Allan Gray Ltd bought a new position in shares of Qualcomm during the first quarter valued at about $865,645,000. Institutional investors and hedge funds own 78.08% of the company’s stock.
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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