QUALCOMM Incorporated (QCOM) Cut to “Hold” at ValuEngine
ValuEngine downgraded shares of QUALCOMM Incorporated (NASDAQ:QCOM) from a buy rating to a hold rating in a report published on Tuesday morning.
A number of other analysts have also recently weighed in on the company. Zacks Investment Research cut QUALCOMM from a hold rating to a sell rating in a research report on Wednesday, April 5th. Mizuho reissued a buy rating on shares of QUALCOMM in a research report on Monday, May 1st. J P Morgan Chase & Co lowered their price objective on QUALCOMM from $55.00 to $50.00 and set a neutral rating for the company in a research report on Tuesday, May 2nd. Standpoint Research raised QUALCOMM from a hold rating to a buy rating and set a $68.00 price objective for the company in a research report on Friday, April 28th. Finally, BMO Capital Markets reissued a market perform rating and issued a $54.00 price objective on shares of QUALCOMM in a research report on Tuesday, May 2nd. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. QUALCOMM presently has a consensus rating of Hold and an average target price of $64.18.
QUALCOMM (NASDAQ QCOM) traded up 0.74% on Tuesday, hitting $52.88. The stock had a trading volume of 6,644,302 shares. QUALCOMM has a 52-week low of $51.05 and a 52-week high of $71.62. The company has a 50-day moving average price of $55.67 and a 200 day moving average price of $56.35. The firm has a market cap of $78.05 billion, a PE ratio of 20.25 and a beta of 1.30.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.02. The firm had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.25 billion. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The business’s quarterly revenue was down 11.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.16 EPS. Equities analysts forecast that QUALCOMM will post $4.16 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Wednesday, August 30th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 4.31%. The ex-dividend date is Monday, August 28th. QUALCOMM’s dividend payout ratio is currently 87.36%.
In related news, Director Ann M. Livermore bought 9,000 shares of the stock in a transaction dated Thursday, May 11th. The shares were acquired at an average cost of $54.59 per share, for a total transaction of $491,310.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Alexander H. Rogers sold 470 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $57.28, for a total value of $26,921.60. Following the transaction, the executive vice president now owns 3,049 shares in the company, valued at $174,646.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 62,802 shares of company stock worth $3,544,381. Insiders own 0.17% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of QCOM. Loomis Sayles & Co. L P boosted its position in shares of QUALCOMM by 3.3% in the fourth quarter. Loomis Sayles & Co. L P now owns 16,458,657 shares of the wireless technology company’s stock valued at $1,073,104,000 after buying an additional 531,407 shares in the last quarter. Norges Bank bought a new position in shares of QUALCOMM during the fourth quarter valued at $922,599,000. Fisher Asset Management LLC boosted its position in shares of QUALCOMM by 3.6% in the first quarter. Fisher Asset Management LLC now owns 10,041,310 shares of the wireless technology company’s stock valued at $575,769,000 after buying an additional 352,962 shares in the last quarter. Artisan Partners Limited Partnership boosted its position in shares of QUALCOMM by 9.0% in the first quarter. Artisan Partners Limited Partnership now owns 9,444,032 shares of the wireless technology company’s stock valued at $541,521,000 after buying an additional 783,394 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of QUALCOMM by 3.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 6,895,262 shares of the wireless technology company’s stock valued at $395,375,000 after buying an additional 205,103 shares in the last quarter. Institutional investors and hedge funds own 76.73% 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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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