Qualcomm Inc. (QCOM) Earns “Outperform” Rating from Cowen and Company
Qualcomm Inc. (NASDAQ:QCOM)‘s stock had its “outperform” rating reaffirmed by Cowen and Company in a report released on Monday. They currently have a $74.00 price target on the wireless technology company’s stock. Cowen and Company’s target price indicates a potential upside of 8.52% from the stock’s current price.
Other equities analysts have also recently issued reports about the stock. KeyCorp reissued a “buy” rating and issued a $59.00 target price on shares of Qualcomm in a research note on Wednesday, July 6th. Morgan Stanley reaffirmed a “buy” rating on shares of Qualcomm in a research report on Wednesday, June 15th. Vetr raised shares of Qualcomm from a “hold” rating to a “buy” rating and set a $58.08 price objective for the company in a research report on Monday, June 13th. Zacks Investment Research raised shares of Qualcomm from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research report on Monday, July 11th. Finally, Bank of America Corp. reaffirmed a “buy” rating on shares of Qualcomm in a research report on Monday, July 18th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $64.05.
Shares of Qualcomm (NASDAQ:QCOM) opened at 68.30 on Monday. The company’s 50 day moving average is $63.68 and its 200-day moving average is $56.84. Qualcomm has a 12 month low of $42.24 and a 12 month high of $70.40. The firm has a market cap of $100.65 billion, a PE ratio of 20.00 and a beta of 1.25.
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Qualcomm (NASDAQ:QCOM) last released its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.19. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The business earned $5.60 billion during the quarter, compared to analysts’ expectations of $5.57 billion. During the same period last year, the business earned $0.99 earnings per share. The firm’s revenue was up 2.9% on a year-over-year basis. Equities research analysts predict that Qualcomm will post $4.30 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Wednesday, November 30th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend is Monday, November 28th. Qualcomm’s dividend payout ratio is presently 62.17%.
In other news, President Derek K. Aberle sold 22,653 shares of the firm’s stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $61.95, for a total transaction of $1,403,353.35. Following the completion of the sale, the president now directly owns 69,234 shares of the company’s stock, valued at approximately $4,289,046.30. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Matthew S. Grob sold 33,000 shares of the firm’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 disclosure for this sale can be found here. Insiders own 0.24% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Oliver Luxxe Assets LLC acquired a new stake in shares of Qualcomm during the third quarter valued at about $704,000. Pure Financial Advisors Inc. raised its stake in shares of Qualcomm by 13.3% in the third quarter. Pure Financial Advisors Inc. now owns 18,151 shares of the wireless technology company’s stock valued at $1,243,000 after buying an additional 2,127 shares in the last quarter. R.H. Dinel Investment Counsel Inc. raised its stake in shares of Qualcomm by 21.7% in the third quarter. R.H. Dinel Investment Counsel Inc. now owns 39,750 shares of the wireless technology company’s stock valued at $2,723,000 after buying an additional 7,075 shares in the last quarter. Bremer Trust National Association acquired a new stake in shares of Qualcomm during the third quarter valued at about $474,000. Finally, Woodstock Corp raised its stake in shares of Qualcomm by 1.0% in the third quarter. Woodstock Corp now owns 102,974 shares of the wireless technology company’s stock valued at $7,054,000 after buying an additional 1,045 shares in the last quarter. 78.05% of the stock is owned by hedge funds and other institutional investors.
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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