Qualcomm Inc. (NASDAQ:QCOM) had its price target raised by Canaccord Genuity from $70.00 to $75.00 in a research note released on Wednesday. They currently have a buy rating on the wireless technology company’s stock.
A number of other brokerages have also issued reports on QCOM. Standpoint Research lowered Qualcomm from a buy rating to a hold rating in a research note on Monday, July 25th. RBC Capital Markets restated a sector perform rating and set a $70.00 price objective (up previously from $59.00) on shares of Qualcomm in a research report on Monday, October 3rd. Bank of America Corp. restated a buy rating on shares of Qualcomm in a research report on Monday, July 18th. Vetr upgraded Qualcomm from a buy rating to a strong-buy rating and set a $69.01 price objective for the company in a research report on Monday, September 12th. Finally, Morgan Stanley restated a buy rating on shares of Qualcomm in a research report on Wednesday, June 15th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $64.12.
Qualcomm (NASDAQ:QCOM) opened at 65.19 on Wednesday. The company’s 50-day moving average price is $64.23 and its 200-day moving average price is $57.53. Qualcomm has a one year low of $42.24 and a one year high of $70.40. The stock has a market cap of $96.07 billion, a P/E ratio of 19.09 and a beta of 1.25.
Qualcomm (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.19. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. The business earned $5.60 billion during the quarter, compared to analyst estimates of $5.57 billion. During the same quarter in the prior year, the business posted $0.99 EPS. Qualcomm’s revenue for the quarter was up 2.9% compared to the same quarter last year. Analysts forecast that Qualcomm will post $4.30 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Wednesday, November 30th will be paid a $0.53 dividend. The ex-dividend date is Monday, November 28th. This represents a $2.12 annualized dividend and a dividend yield of 3.25%. Qualcomm’s dividend payout ratio (DPR) is 62.17%.
In other news, Director Raymond V. Dittamore sold 7,000 shares of the stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $61.00, for a total value of $427,000.00. Following the completion of the sale, the director now owns 12,765 shares of the company’s stock, valued at approximately $778,665. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Matthew S. Grob sold 2,000 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $62.37, for a total transaction of $124,740.00. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Commonwealth Equity Services Inc boosted its stake in Qualcomm by 11.7% in the first quarter. Commonwealth Equity Services Inc now owns 289,314 shares of the wireless technology company’s stock valued at $14,795,000 after buying an additional 30,203 shares during the period. Aperio Group LLC raised its position in shares of Qualcomm by 24.2% in the first quarter. Aperio Group LLC now owns 551,772 shares of the wireless technology company’s stock valued at $28,218,000 after buying an additional 107,485 shares in the last quarter. VNBTrust National Association bought a new position in shares of Qualcomm during the first quarter valued at approximately $304,000. Mn Services Vermogensbeheer B.V. bought a new position in shares of Qualcomm during the first quarter valued at approximately $1,691,000. Finally, Alexandria Capital LLC raised its position in shares of Qualcomm by 20.8% in the first quarter. Alexandria Capital LLC now owns 28,191 shares of the wireless technology company’s stock valued at $1,442,000 after buying an additional 4,859 shares in the last quarter. 78.10% of the stock is owned by institutional investors and hedge funds.