Charter Equity lowered shares of QUALCOMM Incorporated (NASDAQ:QCOM) from a buy rating to a market perform rating in a research report released on Tuesday morning.
QCOM has been the topic of several other reports. Brean Capital reissued a hold rating on shares of QUALCOMM in a report on Wednesday, December 21st. Canaccord Genuity reissued a buy rating and issued a $81.00 price objective on shares of QUALCOMM in a report on Thursday, January 12th. Sanford C. Bernstein reissued a market perform rating and issued a $80.00 price objective on shares of QUALCOMM in a report on Wednesday, December 28th. Instinet lowered QUALCOMM from a buy rating to a neutral rating and dropped their price objective for the company from $80.00 to $70.00 in a report on Monday. Finally, Citigroup Inc. started coverage on QUALCOMM in a report on Wednesday, December 21st. They issued a neutral rating and a $70.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $67.01.
Shares of QUALCOMM (NASDAQ:QCOM) traded up 2.2335% during mid-day trading on Tuesday, hitting $56.2284. The stock had a trading volume of 10,347,673 shares. QUALCOMM has a one year low of $42.24 and a one year high of $71.62. The stock has a market cap of $83.04 billion, a P/E ratio of 14.7581 and a beta of 1.35. The firm has a 50 day moving average of $65.77 and a 200-day moving average of $64.37.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, November 2nd. The wireless technology company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.15. The company earned $9.17 billion during the quarter, compared to analysts’ expectations of $5.84 billion. QUALCOMM had a return on equity of 19.31% and a net margin of 24.22%. QUALCOMM’s quarterly revenue was up 68.2% on a year-over-year basis. During the same period last year, the business earned $0.91 earnings per share. Equities research analysts expect that QUALCOMM will post $4.74 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 22nd. Shareholders of record on Wednesday, March 1st will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date of this dividend is Monday, February 27th. QUALCOMM’s dividend payout ratio (DPR) is presently 55.64%.
In other news, EVP Matthew S. Grob sold 2,000 shares of the firm’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $67.72, for a total transaction of $135,440.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Stiles Barbara Alexander sold 22,000 shares of the firm’s stock in a transaction on Tuesday, November 8th. The stock was sold at an average price of $68.52, for a total value of $1,507,440.00. Following the sale, the director now owns 2,440 shares in the company, valued at approximately $167,188.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,758 shares of company stock worth $5,693,206. 0.24% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Capital Research Global Investors purchased a new position in shares of QUALCOMM during the second quarter valued at $774,968,000. Jennison Associates LLC raised its position in shares of QUALCOMM by 139.4% in the third quarter. Jennison Associates LLC now owns 17,576,366 shares of the wireless technology company’s stock valued at $1,203,981,000 after buying an additional 10,234,556 shares during the period. Capital World Investors purchased a new position in shares of QUALCOMM during the second quarter valued at $388,383,000. The Manufacturers Life Insurance Company purchased a new position in shares of QUALCOMM during the third quarter valued at $408,900,000. Finally, FMR LLC raised its position in shares of QUALCOMM by 9.2% in the second quarter. FMR LLC now owns 56,983,582 shares of the wireless technology company’s stock valued at $3,052,610,000 after buying an additional 4,823,120 shares during the period. 79.49% of the stock is currently owned by institutional investors and hedge funds.
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.