BidaskClub cut shares of QUALCOMM (NASDAQ:QCOM) from a buy rating to a hold rating in a research note published on Monday morning.
Several other analysts have also recently commented on QCOM. Barclays began coverage on QUALCOMM in a research report on Thursday, September 13th. They issued an overweight rating and a $95.00 target price on the stock. Deutsche Bank cut their target price on QUALCOMM to $65.00 and set a hold rating on the stock in a report on Thursday, November 8th. Bank of America dropped their price objective on QUALCOMM from $70.00 to $67.00 and set a neutral rating on the stock in a research note on Thursday, November 8th. KeyCorp began coverage on QUALCOMM in a report on Tuesday, September 25th. They set a sector weight rating on the stock. Finally, Stifel Nicolaus lifted their target price on shares of QUALCOMM from $58.00 to $62.00 and gave the company a hold rating in a research note on Thursday, September 27th. Twelve research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. QUALCOMM presently has an average rating of Buy and an average price target of $70.44.
QCOM traded up $1.09 during trading on Monday, hitting $57.89. 587,486 shares of the stock were exchanged, compared to its average volume of 13,346,814. The firm has a market cap of $68.62 billion, a price-to-earnings ratio of 18.08, a price-to-earnings-growth ratio of 1.73 and a beta of 1.40. The company has a quick ratio of 1.40, a current ratio of 1.55 and a debt-to-equity ratio of 16.56. QUALCOMM has a 1-year low of $48.56 and a 1-year high of $76.50.
QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, November 7th. The wireless technology company reported $0.90 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.20. QUALCOMM had a positive return on equity of 26.21% and a negative net margin of 21.40%. The firm had revenue of $5.83 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period in the prior year, the firm posted $0.92 earnings per share. The business’s quarterly revenue was down 2.1% compared to the same quarter last year. Equities analysts expect that QUALCOMM will post 3.53 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 20th. Investors of record on Thursday, December 6th were paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 4.28%. The ex-dividend date of this dividend was Wednesday, December 5th. QUALCOMM’s dividend payout ratio is currently 77.74%.
In related news, EVP Donald J. Rosenberg sold 6,297 shares of the company’s stock in a transaction on Friday, November 23rd. The stock was sold at an average price of $55.22, for a total value of $347,720.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Alexander H. Rogers sold 853 shares of the company’s stock in a transaction dated Monday, October 29th. The stock was sold at an average price of $63.50, for a total value of $54,165.50. Following the sale, the executive vice president now owns 4,344 shares of the company’s stock, valued at $275,844. The disclosure for this sale can be found here. Insiders sold a total of 34,521 shares of company stock valued at $2,030,355 over the last ninety days. Corporate insiders own 0.24% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its stake in QUALCOMM by 1,897,041.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 20,830,615 shares of the wireless technology company’s stock valued at $1,500,428,000 after purchasing an additional 20,829,517 shares in the last quarter. Morgan Stanley grew its position in QUALCOMM by 163.2% during the third quarter. Morgan Stanley now owns 18,891,278 shares of the wireless technology company’s stock worth $1,360,740,000 after buying an additional 11,713,988 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in QUALCOMM during the third quarter valued at approximately $357,926,000. Capital World Investors raised its stake in shares of QUALCOMM by 33.5% in the third quarter. Capital World Investors now owns 18,580,637 shares of the wireless technology company’s stock valued at $1,338,363,000 after acquiring an additional 4,662,437 shares during the last quarter. Finally, Clearbridge Investments LLC raised its position in QUALCOMM by 28.8% in the 3rd quarter. Clearbridge Investments LLC now owns 9,192,851 shares of the wireless technology company’s stock worth $662,161,000 after purchasing an additional 2,058,096 shares during the last quarter. 89.58% of the stock is currently owned by institutional investors.
QUALCOMM Company Profile
QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.
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