Qualcomm’s (QCOM) Outperform Rating Reaffirmed at Cowen and Company
Qualcomm Inc. (NASDAQ:QCOM)‘s stock had its “outperform” rating restated by equities research analysts at Cowen and Company in a report issued on Monday. They presently have a $74.00 price target on the wireless technology company’s stock. Cowen and Company’s price objective would indicate a potential upside of 8.52% from the stock’s current price.
QCOM has been the subject of several other research reports. Vetr upgraded shares of Qualcomm from a “buy” rating to a “strong-buy” rating and set a $71.00 price target for the company in a report on Monday, September 26th. Zacks Investment Research lowered shares of Qualcomm from a “buy” rating to a “hold” rating in a report on Wednesday, September 21st. BMO Capital Markets restated an “underperform” rating and issued a $53.00 price target on shares of Qualcomm in a report on Sunday, October 2nd. Standpoint Research upgraded shares of Qualcomm from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a report on Thursday, August 25th. Finally, Canaccord Genuity restated a “buy” rating and issued a $70.00 price target on shares of Qualcomm in a report on Thursday, September 22nd. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $64.05.
Shares of Qualcomm (NASDAQ:QCOM) traded up 0.38% during trading on Monday, hitting $68.45. 542,341 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $63.68 and a 200-day moving average price of $56.84. Qualcomm has a one year low of $42.24 and a one year high of $70.40. The stock has a market cap of $100.87 billion, a P/E ratio of 20.04 and a beta of 1.25.
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Qualcomm (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 EPS 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 analyst estimates of $5.57 billion. During the same quarter in the previous year, the business posted $0.99 EPS. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. Equities research analysts expect that Qualcomm will post $4.30 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Investors 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 yield of 3.11%. The ex-dividend date is Monday, November 28th. Qualcomm’s payout ratio is currently 62.17%.
In other Qualcomm news, EVP Matthew S. Grob sold 33,000 shares of the stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $59.85, for a total transaction of $1,975,050.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Matthew S. Grob sold 74,000 shares of the stock in a transaction dated Thursday, September 29th. The stock was sold at an average price of $66.63, for a total transaction of $4,930,620.00. The disclosure for this sale can be found here. Corporate insiders own 0.24% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in QCOM. Pinkerton Retirement Specialists LLC raised its position in shares of Qualcomm by 3,479.3% in the second quarter. Pinkerton Retirement Specialists LLC now owns 2,076 shares of the wireless technology company’s stock valued at $111,000 after buying an additional 2,018 shares during the period. Krilogy Financial LLC raised its position in shares of Qualcomm by 61.8% in the second quarter. Krilogy Financial LLC now owns 2,071 shares of the wireless technology company’s stock valued at $111,000 after buying an additional 791 shares during the period. CapWealth Advisors LLC raised its position in shares of Qualcomm by 37.8% in the first quarter. CapWealth Advisors LLC now owns 2,188 shares of the wireless technology company’s stock valued at $112,000 after buying an additional 600 shares during the period. Joel Isaacson & Co. LLC raised its position in shares of Qualcomm by 4.9% in the second quarter. Joel Isaacson & Co. LLC now owns 2,219 shares of the wireless technology company’s stock valued at $119,000 after buying an additional 103 shares during the period. Finally, Americafirst Capital Management LLC bought a new position in shares of Qualcomm during the second quarter valued at $121,000. 78.05% of the stock is owned by 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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