Qualcomm Inc. (QCOM) Hits New 1-Year High After Analyst Upgrade
Qualcomm Inc. (NASDAQ:QCOM) reached a new 52-week high during mid-day trading on Friday after Cowen and Company raised their price target on the stock from $62.00 to $74.00. Cowen and Company currently has an outperform rating on the stock. Qualcomm traded as high as $70.40 and last traded at $68.59, with a volume of 23,885,341 shares. The stock had previously closed at $67.45.
QCOM has been the topic of several other reports. BMO Capital Markets cut shares of Qualcomm from a “market perform” rating to an “underperform” rating and set a $50.00 price target on the stock. in a research note on Thursday, July 14th. Mizuho raised their target price on shares of Qualcomm from $56.00 to $59.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 6th. Morgan Stanley reissued an “overweight” rating and issued a $65.00 target price on shares of Qualcomm in a research report on Tuesday, September 20th. Pacific Crest raised their target price on shares of Qualcomm from $59.00 to $67.00 and gave the stock an “overweight” rating in a research report on Thursday, July 21st. Finally, Evercore ISI cut shares of Qualcomm from a “buy” rating to a “hold” rating and decreased their target price for the stock from $60.00 to $55.00 in a research report on Friday, July 1st. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-one have given a buy rating and two have issued a strong buy rating to the company’s stock. Qualcomm has a consensus rating of “Buy” and an average target price of $63.02.
In other news, EVP Matthew S. Grob sold 74,000 shares of the company’s stock in a transaction dated Thursday, September 29th. The stock was sold at an average price of $66.63, for a total value of $4,930,620.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Matthew S. Grob sold 33,000 shares of the company’s stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $59.85, for a total value of $1,975,050.00. The disclosure for this sale can be found here. 0.24% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of the stock. Williams Jones & Associates LLC increased its position in shares of Qualcomm by 2.1% in the second quarter. Williams Jones & Associates LLC now owns 18,110 shares of the wireless technology company’s stock worth $970,000 after buying an additional 375 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Qualcomm during the second quarter valued at approximately $3,177,000. Kentucky Retirement Systems purchased a new stake in shares of Qualcomm during the second quarter valued at approximately $6,692,000. Mason Street Advisors LLC purchased a new stake in shares of Qualcomm during the second quarter valued at approximately $10,599,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Qualcomm by 1.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 70,295 shares of the wireless technology company’s stock valued at $3,764,000 after buying an additional 739 shares during the last quarter. Institutional investors own 78.05% of the company’s stock.
The stock has a market capitalization of $100.94 billion, a price-to-earnings ratio of 20.06 and a beta of 1.22. The company’s 50 day moving average is $62.97 and its 200 day moving average is $56.28.
Qualcomm (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.19. The business had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.57 billion. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.99 earnings per share. Equities analysts expect that Qualcomm Inc. will post $4.28 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, August 31st were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend was Monday, August 29th. Qualcomm’s dividend payout ratio is 62.17%.
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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