Macquarie Raises QUALCOMM (QCOM) Price Target to $70.00
QUALCOMM (NASDAQ:QCOM) had its price target lifted by Macquarie from $55.00 to $70.00 in a report released on Wednesday, MarketBeat Ratings reports. Macquarie currently has a neutral rating on the wireless technology company’s stock.
Other research analysts also recently issued reports about the stock. Canaccord Genuity raised their price objective on shares of QUALCOMM from $70.00 to $76.00 and gave the stock a buy rating in a research report on Thursday, November 2nd. Mizuho reissued a buy rating on shares of QUALCOMM in a research report on Friday, October 27th. Zacks Investment Research raised shares of QUALCOMM from a hold rating to a buy rating and set a $59.00 price objective on the stock in a research report on Tuesday, October 17th. Stifel Nicolaus reissued a buy rating on shares of QUALCOMM in a research report on Thursday, October 12th. Finally, UBS Group lowered their price objective on shares of QUALCOMM from $58.00 to $53.00 and set a buy rating on the stock in a research report on Monday, November 6th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Hold and an average price target of $67.14.
Shares of QUALCOMM (QCOM) traded up $0.03 during trading on Wednesday, reaching $68.05. 6,788,310 shares of the company’s stock traded hands, compared to its average volume of 8,060,000. QUALCOMM has a 52 week low of $48.92 and a 52 week high of $69.28. The company has a debt-to-equity ratio of 0.63, a current ratio of 4.00 and a quick ratio of 3.81. The stock has a market cap of $100,320.00, a P/E ratio of 41.24, a P/E/G ratio of 1.94 and a beta of 1.39.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, November 1st. The wireless technology company reported $0.92 earnings per share (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 company had revenue of $5.96 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same period last year, the firm posted $1.28 EPS. QUALCOMM’s revenue for the quarter was down 3.5% on a year-over-year basis. sell-side analysts anticipate that QUALCOMM will post 3.07 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 21st. Investors of record on Wednesday, February 28th will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Tuesday, February 27th. QUALCOMM’s dividend payout ratio (DPR) is 138.18%.
In related news, EVP Matthew S. Grob sold 20,000 shares of the firm’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $60.44, for a total value of $1,208,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Alexander H. Rogers sold 874 shares of the firm’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $68.52, for a total transaction of $59,886.48. Following the completion of the sale, the executive vice president now owns 12,035 shares of the company’s stock, valued at approximately $824,638.20. The disclosure for this sale can be found here. Insiders sold 72,989 shares of company stock valued at $4,678,794 in the last quarter. Company insiders own 0.17% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ronald Blue & Co. LLC increased its holdings in QUALCOMM by 0.5% during the 2nd quarter. Ronald Blue & Co. LLC now owns 3,760 shares of the wireless technology company’s stock valued at $208,000 after acquiring an additional 18 shares in the last quarter. Hollencrest Securities LLC increased its holdings in QUALCOMM by 0.9% during the 2nd quarter. Hollencrest Securities LLC now owns 4,356 shares of the wireless technology company’s stock valued at $241,000 after acquiring an additional 40 shares in the last quarter. FCA Corp TX increased its holdings in QUALCOMM by 1.0% during the 2nd quarter. FCA Corp TX now owns 4,866 shares of the wireless technology company’s stock valued at $269,000 after acquiring an additional 49 shares in the last quarter. Meridian Investment Counsel Inc. increased its holdings in QUALCOMM by 0.3% during the 2nd quarter. Meridian Investment Counsel Inc. now owns 18,293 shares of the wireless technology company’s stock valued at $1,010,000 after acquiring an additional 50 shares in the last quarter. Finally, Valueworks LLC increased its holdings in QUALCOMM by 0.3% during the 2nd quarter. Valueworks LLC now owns 14,976 shares of the wireless technology company’s stock valued at $827,000 after acquiring an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 76.23% of the company’s stock.
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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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