Qualcomm’s (QCOM) Overweight Rating Reaffirmed at JPMorgan Chase & Co.
JPMorgan Chase & Co. restated their overweight rating on shares of Qualcomm Inc. (NASDAQ:QCOM) in a research report report published on Monday morning. They currently have a $70.00 price target on the wireless technology company’s stock, up from their previous price target of $63.00.
Several other analysts also recently commented on the stock. Royal Bank Of Canada boosted their target price on shares of Qualcomm from $59.00 to $70.00 and gave the stock a sector perform rating in a research report on Monday. Vetr downgraded shares of Qualcomm from a buy rating to a hold rating and set a $71.00 target price for the company. in a research report on Monday. BMO Capital Markets reissued an underperform rating and issued a $53.00 target price on shares of Qualcomm in a research report on Sunday. Argus reissued a buy rating and issued a $73.00 target price (up from $70.00) on shares of Qualcomm in a research report on Friday. Finally, Cowen and Company boosted their target price on shares of Qualcomm from $62.00 to $74.00 and gave the stock an outperform rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $63.98.
Qualcomm (NASDAQ:QCOM) traded up 0.16% during midday trading on Monday, hitting $67.22. 489,948 shares of the stock traded hands. Qualcomm has a 1-year low of $42.24 and a 1-year high of $70.40. The company has a 50-day moving average of $63.13 and a 200-day moving average of $56.47. The stock has a market cap of $99.06 billion, a PE ratio of 19.68 and a beta of 1.25.
Qualcomm (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.19. The firm had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.57 billion. Qualcomm had a net margin of 22.64% and a return on equity of 17.70%. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.99 EPS. On average, equities analysts expect that Qualcomm will post $4.28 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, August 31st were paid a dividend of $0.53 per share. The ex-dividend date was Monday, August 29th. This represents a $2.12 annualized dividend and a dividend yield of 3.16%. Qualcomm’s payout ratio is 62.17%.
In other news, Director Raymond V. Dittamore sold 18,000 shares of the stock in a transaction on Friday, September 30th. The stock was sold at an average price of $68.39, for a total transaction of $1,231,020.00. Following the completion of the transaction, the director now owns 5,813 shares in the company, valued at approximately $397,551.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Matthew S. Grob sold 2,000 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $62.37, for a total value of $124,740.00. The disclosure for this sale can be found here. Insiders own 0.24% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of QCOM. Orbis Allan Gray Ltd purchased a new position in Qualcomm during the first quarter valued at $865,645,000. Capital Research Global Investors bought a new position in shares of Qualcomm during the second quarter valued at approximately $774,968,000. Ameriprise Financial Inc. increased its position in shares of Qualcomm by 128.3% in the second quarter. Ameriprise Financial Inc. now owns 16,884,427 shares of the wireless technology company’s stock valued at $904,477,000 after buying an additional 9,487,905 shares in the last quarter. Jennison Associates LLC bought a new position in shares of Qualcomm during the second quarter valued at approximately $393,301,000. Finally, Capital World Investors bought a new position in shares of Qualcomm during the second quarter valued at approximately $388,383,000. Institutional investors 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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