Qualcomm Inc. (QCOM) Price Target Raised to $75.00 at Canaccord Genuity
Qualcomm Inc. (NASDAQ:QCOM) had its target price upped by stock analysts at Canaccord Genuity from $70.00 to $75.00 in a report released on Wednesday. The brokerage presently has a “buy” rating on the wireless technology company’s stock. Canaccord Genuity’s target price suggests a potential upside of 13.53% from the stock’s current price.
A number of other equities analysts also recently commented on QCOM. Morgan Stanley reiterated a “buy” rating on shares of Qualcomm in a report on Wednesday, June 15th. Vetr upgraded shares of Qualcomm from a “buy” rating to a “strong-buy” rating and set a $59.08 price target on the stock in a report on Monday, June 27th. Sanford C. Bernstein downgraded shares of Qualcomm from an “outperform” rating to a “market perform” rating and increased their price target for the stock from $53.55 to $55.00 in a report on Thursday, June 30th. Evercore ISI downgraded shares of Qualcomm from a “buy” rating to a “hold” rating and cut their price target for the stock from $60.00 to $55.00 in a report on Friday, July 1st. Finally, KeyCorp reiterated a “buy” rating and issued a $59.00 price target on shares of Qualcomm in a report on Wednesday, July 6th. One equities 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 company’s stock. The stock has a consensus rating of “Buy” and an average target price of $64.20.
Shares of Qualcomm (NASDAQ:QCOM) traded down 0.05% on Wednesday, hitting $66.06. 6,615,721 shares of the stock were exchanged. Qualcomm has a 12 month low of $42.24 and a 12 month high of $70.40. The company has a 50-day moving average price of $63.99 and a 200 day moving average price of $57.17. The company has a market cap of $97.35 billion, a PE ratio of 19.34 and a beta of 1.25.
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Qualcomm (NASDAQ:QCOM) last issued its earnings results 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 net margin of 22.64% and a return on equity of 17.70%. The firm earned $5.60 billion during the quarter, compared to analyst estimates of $5.57 billion. During the same period in the previous year, the firm earned $0.99 earnings per share. The business’s revenue was up 2.9% on a year-over-year basis. Equities analysts forecast that Qualcomm will post $4.30 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Wednesday, November 30th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Monday, November 28th. Qualcomm’s dividend payout ratio is presently 62.17%.
In related news, EVP Matthew S. Grob sold 2,000 shares of the company’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $68.18, for a total value of $136,360.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Raymond V. Dittamore sold 18,000 shares of the company’s stock in a transaction on Friday, September 30th. The shares were sold at an average price of $68.39, for a total value of $1,231,020.00. Following the completion of the transaction, the director now owns 5,813 shares of the company’s stock, valued at $397,551.07. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.
A number of large investors have recently made changes to their positions in QCOM. Pinkerton Retirement Specialists LLC raised its stake in 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 period. Krilogy Financial LLC raised its stake in 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 period. Orrstown Financial Services Inc. raised its stake in Qualcomm by 53.2% in the third quarter. Orrstown Financial Services Inc. now owns 1,627 shares of the wireless technology company’s stock worth $111,000 after buying an additional 565 shares during the period. CapWealth Advisors LLC raised its stake in 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 period. Finally, Kelman Lazarov Inc. raised its stake in 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 period. 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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