Qualcomm’s (QCOM) Underperform Rating Reaffirmed at BMO Capital Markets
BMO Capital Markets reiterated their underperform rating on shares of Qualcomm Inc. (NASDAQ:QCOM) in a research report sent to investors on Sunday morning. They currently have a $53.00 target price on the wireless technology company’s stock.
Several other research firms have also commented on QCOM. KeyCorp reiterated a buy rating and set a $59.00 price objective on shares of Qualcomm in a research report on Wednesday, July 6th. Morgan Stanley reiterated a buy rating on shares of Qualcomm in a research report on Wednesday, June 15th. Vetr upgraded shares of Qualcomm from a hold rating to a buy rating and set a $58.08 price objective for the company in a research report on Monday, June 13th. Zacks Investment Research upgraded shares of Qualcomm from a hold rating to a buy rating and set a $61.00 price objective for the company in a research report on Monday, July 11th. Finally, Bank of America Corp. reiterated a buy rating on shares of Qualcomm in a research report on Monday, July 18th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-one have given a buy rating and two have assigned a strong buy rating to the stock. Qualcomm currently has a consensus rating of Buy and an average price target of $63.11.
Shares of Qualcomm (NASDAQ:QCOM) traded up 1.56% during midday trading on Friday, hitting $68.50. 34,879,502 shares of the stock were exchanged. The stock has a market cap of $100.94 billion, a P/E ratio of 20.06 and a beta of 1.22. Qualcomm has a 12 month low of $42.24 and a 12 month high of $70.40. The firm has a 50 day moving average of $62.97 and a 200-day moving average of $56.28.
Qualcomm (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.19. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The firm earned $5.60 billion during the quarter, compared to analyst estimates of $5.57 billion. During the same quarter in the prior year, the business earned $0.99 earnings per share. Qualcomm’s revenue for the quarter was up 2.9% on a year-over-year basis. Equities research analysts anticipate that Qualcomm will post $4.28 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 31st were given a $0.53 dividend. The ex-dividend date of this dividend was Monday, August 29th. This represents a $2.12 dividend on an annualized basis and a yield of 3.09%. Qualcomm’s payout ratio is currently 62.17%.
In other Qualcomm news, President Derek K. Aberle sold 15,000 shares of the company’s stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of $63.55, for a total value of $953,250.00. Following the transaction, the president now owns 33,631 shares of the company’s stock, valued at $2,137,250.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Matthew S. Grob sold 74,000 shares of the company’s stock in a transaction dated Thursday, September 29th. The shares were sold at an average price of $66.63, for a total transaction of $4,930,620.00. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of QCOM. ST Germain D J Co. Inc. boosted its position in Qualcomm by 4.7% in the first quarter. ST Germain D J Co. Inc. now owns 280,214 shares of the wireless technology company’s stock worth $14,330,000 after buying an additional 12,614 shares during the last quarter. Bridges Investment Management Inc. boosted its position in Qualcomm by 13.6% in the first quarter. Bridges Investment Management Inc. now owns 109,952 shares of the wireless technology company’s stock worth $6,886,000 after buying an additional 13,163 shares during the last quarter. PM CAPITAL Ltd bought a new position in Qualcomm during the first quarter worth approximately $3,681,000. OLD National Bancorp IN boosted its position in Qualcomm by 2.3% in the first quarter. OLD National Bancorp IN now owns 276,558 shares of the wireless technology company’s stock worth $14,143,000 after buying an additional 6,200 shares during the last quarter. Finally, Cornerstone Investment Partners LLC boosted its position in Qualcomm by 6.7% in the first quarter. Cornerstone Investment Partners LLC now owns 31,917 shares of the wireless technology company’s stock worth $1,632,000 after buying an additional 2,015 shares during the last quarter. 78.05% of the stock is currently owned by institutional investors.
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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