QUALCOMM Incorporated (QCOM) Coverage Initiated at Deutsche Bank AG
Equities research analysts at Deutsche Bank AG assumed coverage on shares of QUALCOMM Incorporated (NASDAQ:QCOM) in a note issued to investors on Monday. The brokerage set a “hold” rating and a $62.00 price target on the wireless technology company’s stock. Deutsche Bank AG’s price objective would indicate a potential upside of 9.12% from the company’s previous close.
Several other research firms also recently weighed in on QCOM. Vetr downgraded shares of QUALCOMM from a “buy” rating to a “hold” rating and set a $60.62 price objective for the company. in a report on Monday, May 22nd. Stifel Nicolaus upped their price objective on shares of QUALCOMM from $56.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, May 26th. BMO Capital Markets reaffirmed a “market perform” rating on shares of QUALCOMM in a report on Sunday, May 21st. J P Morgan Chase & Co raised shares of QUALCOMM from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $50.00 to $68.00 in a report on Monday, May 22nd. Finally, Macquarie began coverage on shares of QUALCOMM in a research report on Thursday, March 30th. They issued a “neutral” rating and a $60.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. QUALCOMM has a consensus rating of “Hold” and a consensus target price of $64.53.
Shares of QUALCOMM (QCOM) traded up 0.9092% during trading on Monday, hitting $57.3366. 2,016,352 shares of the stock were exchanged. QUALCOMM has a 12-month low of $50.84 and a 12-month high of $71.62. The stock has a market cap of $84.71 billion, a P/E ratio of 19.1058 and a beta of 1.25. The stock has a 50-day moving average of $56.60 and a 200 day moving average of $58.68.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, April 19th. The wireless technology company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.29. The business had revenue of $5.99 billion during the quarter, compared to the consensus estimate of $5.86 billion. QUALCOMM had a net margin of 19.25% and a return on equity of 21.32%. The company’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.04 earnings per share. Equities analysts predict that QUALCOMM will post $4.26 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 21st. Stockholders of record on Wednesday, May 31st will be issued a dividend of $0.57 per share. The ex-dividend date of this dividend is Friday, May 26th. This is a positive change from QUALCOMM’s previous quarterly dividend of $0.53. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.01%. QUALCOMM’s payout ratio is 76.00%.
In other news, President Derek K. Aberle sold 22,251 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $57.59, for a total transaction of $1,281,435.09. Following the completion of the transaction, the president now directly owns 28,959 shares in the company, valued at $1,667,748.81. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP James H. Thompson sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, April 21st. The stock was sold at an average price of $52.53, for a total value of $1,313,250.00. Following the transaction, the executive vice president now owns 76,246 shares of the company’s stock, valued at $4,005,202.38. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 63,931 shares of company stock valued at $3,536,013. Corporate insiders own 0.24% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of QCOM. Equity Investment Corp Acquisition Inc acquired a new position in shares of QUALCOMM during the fourth quarter worth approximately $68,930,000. Jentner Corp acquired a new position in shares of QUALCOMM during the fourth quarter worth approximately $269,000. Ffcm LLC acquired a new position in shares of QUALCOMM during the fourth quarter worth approximately $3,901,000. Chiron Investment Management LLC acquired a new position in shares of QUALCOMM during the fourth quarter worth approximately $3,793,000. Finally, AMG Funds LLC raised its position in shares of QUALCOMM by 86.3% in the fourth quarter. AMG Funds LLC now owns 37,504 shares of the wireless technology company’s stock worth $2,445,000 after buying an additional 17,369 shares during the period. Institutional investors own 77.99% of the company’s stock.
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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