Royal Bank of Canada upgraded shares of QUALCOMM Incorporated (NASDAQ:QCOM) from a sector perform rating to an outperform rating in a report issued on Wednesday, Marketbeat.com reports. They currently have $70.00 price objective on the wireless technology company’s stock, up from their prior price objective of $55.00.
“Take Two reported F2Q18 earnings handily beating Street. Not only did GTA continue strong into the quarter (now expecting FY18 GTA growth), newly released NBA 2K saw better sales, better engagement, and better monetization than the prior year. With recurrent comprising 42% of net sales, TTWO’s model is seeing good leverage with (NG) operating margins of 33%. Management offered updated FY guidance including taking net cash generation up to approximately $300M (from $200M)— for a year without a major non-sport release. This performance is driven by high player engagement with the company’s premium content. With annual earnings volatility decreasing, a growing mobile business, ability to leverage secular tailwinds, and an upcoming mega-year, we are very comfortable reiterating our Outperform rating and $112 PT.”,” Royal Bank of Canada’s analyst commented.
QCOM has been the subject of several other research reports. BMO Capital Markets lifted their price objective on shares of QUALCOMM from $55.00 to $57.00 and gave the company a market perform rating in a research note on Thursday, November 2nd. J P Morgan Chase & Co reaffirmed an overweight rating on shares of QUALCOMM in a research note on Wednesday, September 6th. Mizuho reaffirmed a buy rating on shares of QUALCOMM in a research note on Friday, October 27th. Zacks Investment Research raised shares of QUALCOMM from a sell rating to a hold rating in a research note on Tuesday, October 3rd. Finally, Stifel Nicolaus reaffirmed a buy rating on shares of QUALCOMM in a research note on Thursday, October 12th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eleven have assigned a buy rating to the company. QUALCOMM has an average rating of Hold and an average target price of $64.62.
QUALCOMM (NASDAQ QCOM) traded down $0.03 during trading on Wednesday, hitting $64.57. 9,626,200 shares of the stock traded hands, compared to its average volume of 11,210,729. The company has a debt-to-equity ratio of 0.63, a quick ratio of 3.81 and a current ratio of 4.00. QUALCOMM has a fifty-two week low of $48.92 and a fifty-two week high of $70.24. The stock has a market cap of $95,231.06, a PE ratio of 17.09, a P/E/G ratio of 1.81 and a beta of 1.26.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, November 1st. The wireless technology company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.70 by $0.22. QUALCOMM had a net margin of 11.06% and a return on equity of 18.08%. The business had revenue of $5.96 billion for the quarter, compared to analysts’ expectations of $5.80 billion. During the same period in the previous year, the company posted $1.28 EPS. QUALCOMM’s revenue was down 3.5% on a year-over-year basis. research analysts anticipate that QUALCOMM will post 3.07 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 29th will be paid a dividend of $0.57 per share. The ex-dividend date is Tuesday, November 28th. This represents a $2.28 annualized dividend and a yield of 3.53%. QUALCOMM’s dividend payout ratio is 138.18%.
In other news, EVP Michelle M. Sterling sold 4,740 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $51.88, for a total transaction of $245,911.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Matthew S. Grob sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $60.44, for a total transaction of $1,208,800.00. The disclosure for this sale can be found here. Insiders have sold 25,837 shares of company stock worth $1,512,049 over the last ninety days. Insiders own 0.17% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of QUALCOMM by 1.5% during the second quarter. Vanguard Group Inc. now owns 103,484,572 shares of the wireless technology company’s stock worth $5,714,418,000 after purchasing an additional 1,537,645 shares in the last quarter. FMR LLC lifted its position in shares of QUALCOMM by 16.5% during the second quarter. FMR LLC now owns 80,528,523 shares of the wireless technology company’s stock worth $4,446,786,000 after purchasing an additional 11,387,347 shares in the last quarter. Northern Trust Corp lifted its position in shares of QUALCOMM by 2.6% during the second quarter. Northern Trust Corp now owns 19,519,161 shares of the wireless technology company’s stock worth $1,077,848,000 after purchasing an additional 499,531 shares in the last quarter. Capital International Investors lifted its position in shares of QUALCOMM by 59.9% during the second quarter. Capital International Investors now owns 15,132,794 shares of the wireless technology company’s stock worth $835,633,000 after purchasing an additional 5,671,176 shares in the last quarter. Finally, Veritas Asset Management LLP lifted its position in shares of QUALCOMM by 68.4% during the third quarter. Veritas Asset Management LLP now owns 13,429,265 shares of the wireless technology company’s stock worth $696,173,000 after purchasing an additional 5,453,631 shares in the last quarter. Institutional investors own 76.85% 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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