Qualcomm Inc. (QCOM) Given New $75.00 Price Target at Canaccord Genuity
Qualcomm Inc. (NASDAQ:QCOM) had its price objective hoisted by equities research analysts at Canaccord Genuity from $70.00 to $75.00 in a research report issued to clients and investors on Wednesday. The firm presently has a “buy” rating on the wireless technology company’s stock. Canaccord Genuity’s price target indicates a potential upside of 13.48% from the company’s previous close.
QCOM has been the subject of a number of other research reports. BMO Capital Markets lowered Qualcomm from a “market perform” rating to an “underperform” rating and set a $50.00 price objective for the company. in a research report on Thursday, July 14th. Mizuho boosted their price objective on Qualcomm from $56.00 to $59.00 and gave the company a “neutral” rating in a research report on Tuesday, September 6th. Morgan Stanley restated an “overweight” rating and set a $65.00 price objective on shares of Qualcomm in a research report on Tuesday, September 20th. Pacific Crest boosted their price objective on Qualcomm from $59.00 to $67.00 and gave the company an “overweight” rating in a research report on Thursday, July 21st. Finally, Evercore ISI lowered Qualcomm from a “buy” rating to a “hold” rating and reduced their price target for the stock from $60.00 to $55.00 in a research report on Friday, July 1st. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $64.20.
Shares of Qualcomm (NASDAQ:QCOM) traded down 0.328% during mid-day trading on Wednesday, reaching $65.873. 1,940,329 shares of the company traded hands. Qualcomm has a 52-week low of $42.24 and a 52-week high of $70.40. The company’s 50 day moving average is $63.90 and its 200 day moving average is $57.10. The stock has a market capitalization of $97.07 billion, a price-to-earnings ratio of 19.289 and a beta of 1.25.
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Qualcomm (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.19. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. 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 firm posted $0.99 EPS. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, equities analysts forecast that Qualcomm will post $4.30 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Wednesday, November 30th will be given a $0.53 dividend. The ex-dividend date of this dividend is Monday, November 28th. This represents a $2.12 dividend on an annualized basis and a yield of 3.21%. Qualcomm’s payout ratio is 62.17%.
In other Qualcomm news, Director Raymond V. Dittamore sold 18,000 shares of the stock in a transaction on Friday, September 30th. The stock was sold at an average price of $68.39, for a total value of $1,231,020.00. Following the transaction, the director now directly owns 5,813 shares in the company, valued at approximately $397,551.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Raymond V. Dittamore sold 7,000 shares of the stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $61.00, for a total value of $427,000.00. Following the completion of the transaction, the director now owns 12,765 shares in the company, valued at $778,665. The disclosure for this sale can be found here. 0.24% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. 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 worth $111,000 after buying an additional 2,018 shares during the last quarter. 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 worth $111,000 after buying an additional 791 shares during the last quarter. 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 worth $112,000 after buying an additional 600 shares during the last quarter. Kelman Lazarov Inc. raised its position in shares of Qualcomm by 6.1% in the third quarter. Kelman Lazarov Inc. now owns 1,735 shares of the wireless technology company’s stock worth $116,000 after buying an additional 100 shares during the last quarter. Finally, 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 worth $119,000 after buying an additional 103 shares during the last quarter. Hedge funds and other institutional investors own 78.05% 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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