BMO Capital Markets reissued their hold rating on shares of QUALCOMM Incorporated (NASDAQ:QCOM) in a research report released on Thursday. The brokerage currently has a $55.00 price objective on the wireless technology company’s stock, up from their previous price objective of $54.00.
Several other research firms have also issued reports on QCOM. Zacks Investment Research lowered QUALCOMM from a hold rating to a sell rating in a report on Wednesday, April 5th. Northland Securities lowered QUALCOMM from an outperform rating to a market perform rating and dropped their target price for the stock from $75.00 to $62.50 in a report on Wednesday, June 28th. Vetr upgraded QUALCOMM from a buy rating to a strong-buy rating and set a $62.13 target price on the stock in a report on Tuesday, June 27th. Cowen and Company reiterated an outperform rating and set a $73.00 target price on shares of QUALCOMM in a report on Wednesday, April 19th. Finally, J P Morgan Chase & Co upgraded QUALCOMM from a neutral rating to an overweight rating and upped their target price for the stock from $50.00 to $68.00 in a report on Monday, May 22nd. Three research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. QUALCOMM currently has an average rating of Hold and a consensus price target of $64.52.
Shares of QUALCOMM (QCOM) traded down 0.24% on Thursday, hitting $53.84. The stock had a trading volume of 12,112,086 shares. The firm’s 50 day moving average is $56.56 and its 200-day moving average is $56.82. QUALCOMM has a one year low of $51.05 and a one year high of $71.62. The stock has a market capitalization of $79.55 billion, a PE ratio of 17.94 and a beta of 1.30. QUALCOMM also was the target of unusually large options trading on Tuesday. Stock traders purchased 13,443 call options on the stock. This represents an increase of approximately 124% compared to the typical daily volume of 6,007 call options.
QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.02. QUALCOMM had a return on equity of 19.61% and a net margin of 17.26%. The business had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.25 billion. During the same quarter in the prior year, the company posted $1.16 earnings per share. QUALCOMM’s revenue was down 11.1% on a year-over-year basis. Equities research analysts expect that QUALCOMM will post $4.17 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Wednesday, August 30th will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.23%. The ex-dividend date of this dividend is Monday, August 28th. QUALCOMM’s payout ratio is 87.36%.
In other news, President Derek K. Aberle sold 23,104 shares of the stock in a transaction on Monday, July 10th. The stock was sold at an average price of $55.38, for a total value of $1,279,499.52. Following the completion of the transaction, the president now directly owns 5,855 shares in the company, valued at approximately $324,249.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Donald J. Rosenberg sold 10,701 shares of the stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $55.02, for a total value of $588,769.02. The disclosure for this sale can be found here. Insiders sold a total of 62,473 shares of company stock valued at $3,526,917 over the last quarter. 0.17% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Jacobi Capital Management LLC raised its position in shares of QUALCOMM by 10.8% in the first quarter. Jacobi Capital Management LLC now owns 2,567 shares of the wireless technology company’s stock valued at $145,000 after buying an additional 250 shares in the last quarter. Alpha Windward LLC raised its position in shares of QUALCOMM by 6.1% in the second quarter. Alpha Windward LLC now owns 2,680 shares of the wireless technology company’s stock valued at $148,000 after buying an additional 153 shares in the last quarter. American National Bank raised its position in shares of QUALCOMM by 41.0% in the first quarter. American National Bank now owns 2,825 shares of the wireless technology company’s stock valued at $162,000 after buying an additional 822 shares in the last quarter. Welch Group LLC raised its position in shares of QUALCOMM by 2.3% in the first quarter. Welch Group LLC now owns 3,037 shares of the wireless technology company’s stock valued at $174,000 after buying an additional 69 shares in the last quarter. Finally, Advantage Investment Management LLC bought a new position in shares of QUALCOMM during the fourth quarter valued at about $200,000. Institutional investors own 77.25% of the company’s stock.
About QUALCOMM
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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