Qualcomm Inc. (QCOM) Downgraded to Hold at Vetr Inc.
Qualcomm Inc. (NASDAQ:QCOM) was downgraded by Vetr from a “buy” rating to a “hold” rating in a report released on Wednesday. They currently have a $68.38 target price on the wireless technology company’s stock. Vetr‘s price target points to a potential upside of 3.45% from the stock’s current price.
A number of other research firms have also weighed in on QCOM. Zacks Investment Research upgraded Qualcomm from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a report on Monday, July 11th. KeyCorp restated a “buy” rating and set a $59.00 target price on shares of Qualcomm in a report on Wednesday, July 6th. TheStreet upgraded Qualcomm from a “hold” rating to a “buy” rating in a report on Wednesday, July 20th. Bank of America Corp. restated a “buy” rating on shares of Qualcomm in a report on Monday, July 18th. Finally, Stifel Nicolaus upped their target price on Qualcomm from $59.00 to $67.00 and gave the stock a “buy” rating in a report on Thursday, July 21st. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $64.12.
Qualcomm (NASDAQ:QCOM) opened at 66.10 on Wednesday. The stock has a market capitalization of $97.41 billion, a P/E ratio of 19.36 and a beta of 1.25. Qualcomm has a 1-year low of $42.24 and a 1-year high of $70.40. The stock has a 50 day moving average price of $64.32 and a 200-day moving average price of $57.64.
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Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.19. The firm earned $5.60 billion during the quarter, compared to analyst estimates of $5.57 billion. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. Qualcomm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.99 earnings per share. Equities research analysts expect that Qualcomm will post $4.30 EPS for the current year.
The firm also recently declared 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 is Monday, November 28th. This represents a $2.12 annualized dividend and a yield of 3.21%. Qualcomm’s dividend payout ratio is presently 62.17%.
In other Qualcomm news, EVP Matthew S. Grob sold 33,000 shares of the firm’s stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP James H. Thompson sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $60.94, for a total transaction of $609,400.00. Following the completion of the transaction, the executive vice president now directly owns 59,497 shares of the company’s stock, valued at approximately $3,625,747.18. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the stock. State Street Corp boosted 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 in the last quarter. FMR LLC boosted its stake in 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 boosted its stake in 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 boosted its stake in 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 purchased a new stake in Qualcomm during the first quarter valued at about $865,645,000. 78.10% 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.
To view Vetr’s full report, visit Vetr’s official website.
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