QUALCOMM Incorporated (NASDAQ:QCOM) posted its quarterly earnings data on Wednesday, July 19th. The wireless technology company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.02, Bloomberg Earnings reports. QUALCOMM had a return on equity of 19.64% 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 last year, the company earned $1.16 earnings per share. The business’s revenue for the quarter was down 11.1% compared to the same quarter last year. QUALCOMM updated its Q4 guidance to $0.75-0.85 EPS.
QUALCOMM (QCOM) traded down 0.62% on Friday, reaching $52.62. The company had a trading volume of 8,677,902 shares. The company has a 50-day moving average of $55.44 and a 200 day moving average of $56.02. The stock has a market cap of $77.67 billion, a price-to-earnings ratio of 20.15 and a beta of 1.29. QUALCOMM has a one year low of $51.05 and a one year high of $71.62.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, August 30th will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Monday, August 28th. This represents a $2.28 dividend on an annualized basis and a yield of 4.33%. QUALCOMM’s dividend payout ratio is currently 87.36%.
A number of brokerages have issued reports on QCOM. Vetr lowered QUALCOMM from a “buy” rating to a “hold” rating and set a $60.62 price target on the stock. in a research note on Monday, May 22nd. Stifel Nicolaus raised their price target on QUALCOMM from $56.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, May 26th. BMO Capital Markets reissued a “market perform” rating on shares of QUALCOMM in a research note on Sunday, May 21st. J P Morgan Chase & Co raised QUALCOMM from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $50.00 to $68.00 in a research note on Monday, May 22nd. Finally, Zacks Investment Research lowered QUALCOMM from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 20th. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. QUALCOMM presently has a consensus rating of “Hold” and an average target price of $63.96.
In other QUALCOMM news, Director Ann M. Livermore purchased 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 11th. The shares were acquired at an average cost of $54.59 per share, for a total transaction of $491,310.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Michelle M. Sterling sold 5,509 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $59.11, for a total value of $325,636.99. The disclosure for this sale can be found here. Over the last three months, insiders sold 62,802 shares of company stock valued at $3,544,381. 0.17% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Loomis Sayles & Co. L P raised its position in shares of QUALCOMM by 3.3% in the fourth quarter. Loomis Sayles & Co. L P now owns 16,458,657 shares of the wireless technology company’s stock worth $1,073,104,000 after buying an additional 531,407 shares during the last quarter. Norges Bank purchased a new position in shares of QUALCOMM during the fourth quarter worth approximately $922,599,000. Fisher Asset Management LLC raised its position in shares of QUALCOMM by 3.6% in the first quarter. Fisher Asset Management LLC now owns 10,041,310 shares of the wireless technology company’s stock worth $575,769,000 after buying an additional 352,962 shares during the last quarter. Artisan Partners Limited Partnership raised its position in shares of QUALCOMM by 9.0% in the first quarter. Artisan Partners Limited Partnership now owns 9,444,032 shares of the wireless technology company’s stock worth $541,521,000 after buying an additional 783,394 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of QUALCOMM by 1.8% in the second quarter. Legal & General Group Plc now owns 7,897,041 shares of the wireless technology company’s stock worth $436,076,000 after buying an additional 137,733 shares during the last quarter. Hedge funds and other institutional investors own 76.76% 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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