BMO Capital Markets Boosts QUALCOMM Incorporated (QCOM) Price Target to $57.00
QUALCOMM Incorporated (NASDAQ:QCOM) had its price objective upped by BMO Capital Markets from $55.00 to $57.00 in a research note published on Thursday morning. They currently have a market perform rating on the wireless technology company’s stock.
“With Model 3 runrate target of 5k/week pushed out a quarter, we continue to believe GM is the key metric to track on shares. We believe TSLA is fundamentally a technology company and a vertically integrated manufacturer. We believe return on capital is tied directly to TSLA’s ability to manufacture cost-effectively while maintaining ASP. With 4Q17 GM guided lower Q/Q on slower than expected Model 3 ramp, we believe TSLA has a challenging road ahead to reach projected runrates and margins given recent price declines and complexity of automation in the Model 3 manufacturing process. We expect bulls to focus on ADAS progress and look toward 1Q18 production, the benchmark for Model 3.”,” BMO Capital Markets’ analyst commented.
Several other equities research analysts also recently commented on the stock. Zacks Investment Research downgraded shares of QUALCOMM from a buy rating to a hold rating in a research note on Friday, October 27th. Mizuho reiterated a buy rating on shares of QUALCOMM in a research note on Friday, October 27th. Stifel Nicolaus reiterated a buy rating on shares of QUALCOMM in a research note on Thursday, October 12th. Northland Securities upgraded shares of QUALCOMM from a market perform rating to an outperform rating and set a $62.50 price objective for the company in a research note on Friday, September 15th. Finally, J P Morgan Chase & Co reiterated an overweight rating on shares of QUALCOMM in a research note on Wednesday, September 6th. Two analysts have rated the stock with a sell rating, eighteen have given a hold rating, ten have issued 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 $63.80.
QUALCOMM (QCOM) traded up $6.97 during trading hours on Thursday, hitting $61.81. 78,515,925 shares of the stock traded hands, compared to its average volume of 9,556,495. QUALCOMM has a 1-year low of $48.92 and a 1-year high of $70.24. The company has a quick ratio of 2.73, a current ratio of 4.00 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $91,118.14, a P/E ratio of 16.35, a P/E/G ratio of 2.00 and a beta of 1.26.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, November 1st. The wireless technology company reported $0.92 EPS for the quarter, topping the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the previous year, the firm posted $1.28 earnings per share. The business’s revenue for the quarter was down 3.5% compared to the same quarter last year. research analysts forecast that QUALCOMM will post 3.3 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 29th will be issued a $0.57 dividend. The ex-dividend date of this dividend is Tuesday, November 28th. This represents a $2.28 annualized dividend and a yield of 3.69%. QUALCOMM’s payout ratio is 138.18%.
In other QUALCOMM news, EVP Michelle M. Sterling sold 4,740 shares of the business’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $51.88, for a total value of $245,911.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 5,837 shares of company stock worth $303,249 over the last quarter. 0.17% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the company. Westwood Holdings Group Inc. acquired a new position in shares of QUALCOMM in the 2nd quarter worth approximately $114,000. Krilogy Financial LLC lifted its holdings in shares of QUALCOMM by 47.0% in the 2nd quarter. Krilogy Financial LLC now owns 2,331 shares of the wireless technology company’s stock worth $129,000 after acquiring an additional 745 shares during the last quarter. Capstone Investment Advisors Netherlands B.V. acquired a new position in shares of QUALCOMM in the 2nd quarter worth approximately $141,000. Jacobi Capital Management LLC lifted its holdings in shares of QUALCOMM by 10.8% in the 1st quarter. Jacobi Capital Management LLC now owns 2,567 shares of the wireless technology company’s stock worth $145,000 after acquiring an additional 250 shares during the last quarter. Finally, Alpha Windward LLC lifted its holdings in shares of QUALCOMM by 6.1% in the 2nd quarter. Alpha Windward LLC now owns 2,680 shares of the wireless technology company’s stock worth $148,000 after acquiring an additional 153 shares during the last quarter. Hedge funds and other institutional investors own 76.77% of the company’s stock.
QUALCOMM Company Profile
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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