Qualcomm Inc. (QCOM) Stock Rating Lowered by Vetr Inc.
Qualcomm Inc. (NASDAQ:QCOM) was downgraded by equities researchers at Vetr from a “buy” rating to a “hold” rating in a report issued on Monday. They currently have a $71.00 price objective on the wireless technology company’s stock. Vetr‘s target price would indicate a potential upside of 3.65% from the stock’s current price.
A number of other research firms also recently weighed in on QCOM. Argus reaffirmed a “buy” rating and set a $73.00 price target (up previously from $70.00) on shares of Qualcomm in a research note on Friday. BMO Capital Markets reaffirmed an “underperform” rating and set a $53.00 price target on shares of Qualcomm in a research note on Sunday. Mizuho raised shares of Qualcomm from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Thursday. Cowen and Company increased their price target on shares of Qualcomm from $62.00 to $74.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $70.00 price target on shares of Qualcomm in a research note on Thursday, September 22nd. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $63.11.
Qualcomm (NASDAQ:QCOM) opened at 68.50 on Monday. The company’s 50 day moving average is $62.97 and its 200-day moving average is $56.28. Qualcomm has a 52 week low of $42.24 and a 52 week high of $70.40. The firm has a market cap of $100.94 billion, a P/E ratio of 20.06 and a beta of 1.22.
Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings data 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 the consensus estimate of $5.57 billion. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.99 earnings per share. Equities analysts expect that Qualcomm will post $4.28 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, August 31st were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date was Monday, August 29th. Qualcomm’s payout ratio is 62.17%.
In other news, EVP Matthew S. Grob sold 2,000 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $62.37, for a total value of $124,740.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Matthew S. Grob sold 74,000 shares of the business’s stock in a transaction on Thursday, September 29th. The stock was 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 insiders.
Several hedge funds have recently modified their holdings of QCOM. First Republic Investment Management Inc. raised its position in shares of Qualcomm by 3.4% in the first quarter. First Republic Investment Management Inc. now owns 844,615 shares of the wireless technology company’s stock worth $43,194,000 after buying an additional 27,934 shares during the period. Orbis Allan Gray Ltd bought a new position in shares of Qualcomm during the first quarter worth about $865,645,000. Conning Inc. raised its position in shares of Qualcomm by 4.2% in the second quarter. Conning Inc. now owns 475,737 shares of the wireless technology company’s stock worth $25,485,000 after buying an additional 19,357 shares during the period. Legal & General Group Plc raised its position in shares of Qualcomm by 2.4% in the first quarter. Legal & General Group Plc now owns 7,071,165 shares of the wireless technology company’s stock worth $361,632,000 after buying an additional 166,659 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in shares of Qualcomm by 13.2% in the first quarter. Envestnet Asset Management Inc. now owns 816,491 shares of the wireless technology company’s stock worth $41,755,000 after buying an additional 95,268 shares during the period. Institutional investors and hedge funds own 78.05% of the company’s stock.
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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