Sanford C. Bernstein Reiterates Market Perform Rating for QUALCOMM Incorporated (NASDAQ:QCOM)
A number of other analysts have also commented on the stock. BidaskClub lowered shares of QUALCOMM from a sell rating to a strong sell rating in a report on Monday, July 24th. Mizuho reaffirmed a buy rating and set a $65.00 target price on shares of QUALCOMM in a report on Friday, July 21st. Deutsche Bank AG lowered their target price on shares of QUALCOMM from $62.00 to $60.00 and set a hold rating for the company in a report on Thursday, July 20th. BMO Capital Markets lifted their target price on shares of QUALCOMM from $54.00 to $55.00 and gave the stock a market perform rating in a report on Thursday, July 20th. Finally, Morgan Stanley lifted their target price on shares of QUALCOMM from $55.00 to $60.00 and gave the stock an equal weight rating in a report on Tuesday, July 18th. Three equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. QUALCOMM currently has a consensus rating of Hold and an average price target of $64.18.
Shares of QUALCOMM (NASDAQ:QCOM) traded up 0.74% during midday trading on Tuesday, hitting $52.88. The stock had a trading volume of 6,644,302 shares. The stock has a market cap of $78.05 billion, a PE ratio of 20.25 and a beta of 1.30. QUALCOMM has a 52 week low of $51.05 and a 52 week high of $71.62. The stock has a 50-day moving average of $55.67 and a 200 day moving average of $56.35.
QUALCOMM (NASDAQ:QCOM) last issued its quarterly earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.02. The business had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.25 billion. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. QUALCOMM’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.16 earnings per share. Analysts anticipate that QUALCOMM will post $4.16 EPS for the current fiscal year.
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The company 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 $0.57 dividend. The ex-dividend date is Monday, August 28th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.31%. QUALCOMM’s payout ratio is 87.36%.
In other news, Director Ann M. Livermore bought 9,000 shares of the company’s stock in a transaction dated Thursday, May 11th. The shares were bought at an average cost of $54.59 per share, with a total value of $491,310.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michelle M. Sterling sold 5,509 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $59.11, for a total transaction of $325,636.99. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 62,802 shares of company stock worth $3,544,381. 0.17% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP raised its position in shares of QUALCOMM by 572.8% in the fourth quarter. GSA Capital Partners LLP now owns 114,706 shares of the wireless technology company’s stock worth $7,479,000 after buying an additional 97,656 shares during the period. Doyle Wealth Management bought a new position in shares of QUALCOMM during the first quarter worth approximately $17,957,000. Berkshire Asset Management LLC PA raised its position in shares of QUALCOMM by 2.7% in the first quarter. Berkshire Asset Management LLC PA now owns 168,062 shares of the wireless technology company’s stock worth $9,637,000 after buying an additional 4,356 shares during the period. P.R. Herzig & Co. Inc. raised its position in shares of QUALCOMM by 6.2% in the first quarter. P.R. Herzig & Co. Inc. now owns 35,925 shares of the wireless technology company’s stock worth $2,060,000 after buying an additional 2,100 shares during the period. Finally, Triangle Securities Wealth Management raised its position in shares of QUALCOMM by 9.2% in the first quarter. Triangle Securities Wealth Management now owns 9,887 shares of the wireless technology company’s stock worth $567,000 after buying an additional 830 shares during the period. 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.
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