Qualcomm Inc. (QCOM) Earns “Outperform” Rating from Cowen and Company
Qualcomm Inc. (NASDAQ:QCOM)‘s stock had its “outperform” rating restated by equities researchers at Cowen and Company in a note issued to investors on Monday. They presently have a $74.00 price target on the wireless technology company’s stock. Cowen and Company’s price objective would suggest a potential upside of 8.52% from the stock’s previous close.
A number of other equities analysts also recently commented on the stock. BNP Paribas reiterated a “hold” rating and set a $54.00 target price on shares of Qualcomm in a research note on Sunday. RBC Capital Markets restated a “sector perform” rating and issued a $70.00 price objective (up previously from $59.00) on shares of Qualcomm in a research note on Monday, October 3rd. JPMorgan Chase & Co. restated an “overweight” rating and issued a $70.00 price objective (up previously from $63.00) on shares of Qualcomm in a research note on Monday, October 3rd. Royal Bank Of Canada upped their price objective on shares of Qualcomm from $59.00 to $70.00 and gave the company a “sector perform” rating in a research note on Monday, October 3rd. Finally, Vetr downgraded shares of Qualcomm from a “buy” rating to a “hold” rating and set a $71.00 price objective for the company. in a research note on Monday, October 3rd. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Qualcomm presently has an average rating of “Buy” and a consensus target price of $64.05.
Qualcomm (NASDAQ:QCOM) opened at 68.30 on Monday. The stock has a market cap of $100.65 billion, a price-to-earnings ratio of 20.00 and a beta of 1.25. The company has a 50 day moving average price of $63.68 and a 200 day moving average price of $56.84. Qualcomm has a 52 week low of $42.24 and a 52 week high of $70.40.
Qualcomm (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.19. The firm earned $5.60 billion during 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 revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.99 earnings per share. Analysts expect that Qualcomm will post $4.30 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Wednesday, November 30th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 3.11%. The ex-dividend date is Monday, November 28th. Qualcomm’s payout ratio is currently 62.17%.
In other news, Director Raymond V. Dittamore sold 7,000 shares of Qualcomm stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $61.00, for a total value of $427,000.00. Following the completion of the transaction, the director now directly owns 12,765 shares of the company’s stock, valued at approximately $778,665. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Matthew S. Grob sold 2,000 shares of Qualcomm stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $68.18, for a total transaction of $136,360.00. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Krilogy Financial LLC raised its position in Qualcomm by 61.8% in the second quarter. Krilogy Financial LLC now owns 2,071 shares of the wireless technology company’s stock valued at $111,000 after buying an additional 791 shares during the period. Pinkerton Retirement Specialists LLC raised its position in Qualcomm by 3,479.3% in the second quarter. Pinkerton Retirement Specialists LLC now owns 2,076 shares of the wireless technology company’s stock valued at $111,000 after buying an additional 2,018 shares during the period. CapWealth Advisors LLC raised its position in Qualcomm by 37.8% in the first quarter. CapWealth Advisors LLC now owns 2,188 shares of the wireless technology company’s stock valued at $112,000 after buying an additional 600 shares during the period. Joel Isaacson & Co. LLC raised its position in Qualcomm by 4.9% in the second quarter. Joel Isaacson & Co. LLC now owns 2,219 shares of the wireless technology company’s stock valued at $119,000 after buying an additional 103 shares during the period. Finally, Americafirst Capital Management LLC acquired a new position in Qualcomm during the second quarter valued at approximately $121,000. 78.05% of the stock is owned by institutional investors and hedge funds.
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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