Qualcomm’s (QCOM) “Buy” Rating Reaffirmed at Argus
Argus reiterated their buy rating on shares of Qualcomm Inc. (NASDAQ:QCOM) in a research note issued to investors on Friday morning. They currently have a $73.00 price objective on the wireless technology company’s stock, up from their previous price objective of $70.00.
Other analysts also recently issued research reports about the stock. Royal Bank Of Canada increased their price objective on shares of Qualcomm from $55.00 to $59.00 and gave the company an outperform rating in a report on Thursday, July 21st. Nomura reissued a neutral rating and issued a $55.00 price target on shares of Qualcomm in a research note on Thursday, July 21st. Stifel Nicolaus increased their price target on shares of Qualcomm from $59.00 to $67.00 and gave the company a buy rating in a research note on Thursday, July 21st. Sanford C. Bernstein reissued a hold rating on shares of Qualcomm in a research note on Thursday, September 8th. Finally, Mizuho increased their price target on shares of Qualcomm from $50.00 to $56.00 and gave the company a neutral rating in a research note on Thursday, July 21st. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $63.44.
Qualcomm (NASDAQ:QCOM) opened at 68.735 on Friday. Qualcomm has a 12 month low of $42.24 and a 12 month high of $70.40. The stock has a market cap of $101.29 billion, a price-to-earnings ratio of 20.127 and a beta of 1.25. The firm’s 50 day moving average price is $62.97 and its 200 day moving average price is $56.28.
Qualcomm (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, topping the 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 the consensus estimate of $5.57 billion. During the same quarter in the prior year, the firm earned $0.99 EPS. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, equities research analysts predict that Qualcomm will post $4.28 EPS for the current fiscal year.
The business 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. The ex-dividend date of this dividend was Monday, August 29th. This represents a $2.12 annualized dividend and a dividend yield of 3.09%. Qualcomm’s payout ratio is 62.17%.
In other news, EVP Matthew S. Grob sold 2,000 shares of the firm’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 filing with the SEC, which is available at this hyperlink. Also, President Derek K. Aberle sold 22,653 shares of the firm’s stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $61.95, for a total transaction of $1,403,353.35. Following the completion of the sale, the president now owns 69,234 shares in the company, valued at approximately $4,289,046.30. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of the company. State Street Corp increased its stake in Qualcomm by 0.8% in the first quarter. State Street Corp now owns 60,697,939 shares of the wireless technology company’s stock worth $3,104,087,000 after buying an additional 468,777 shares in the last quarter. FMR LLC increased its stake in Qualcomm by 9.2% in the second quarter. FMR LLC now owns 56,983,582 shares of the wireless technology company’s stock worth $3,052,610,000 after buying an additional 4,823,120 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in Qualcomm by 5.3% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 21,598,005 shares of the wireless technology company’s stock worth $1,157,005,000 after buying an additional 1,086,071 shares in the last quarter. Primecap Management Co. CA increased its stake in Qualcomm by 6.1% in the second quarter. Primecap Management Co. CA now owns 17,320,124 shares of the wireless technology company’s stock worth $927,839,000 after buying an additional 989,199 shares in the last quarter. Finally, Orbis Allan Gray Ltd acquired a new stake in Qualcomm during the first quarter worth $865,645,000. Hedge funds and other institutional investors own 78.05% 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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