Qualcomm Inc. (QCOM) Given “Hold” Rating at Sanford C. Bernstein
Other equities research analysts also recently issued reports about the company. KeyCorp reissued a buy rating and set a $59.00 target price on shares of Qualcomm in a research report on Wednesday, July 6th. Zacks Investment Research raised Qualcomm from a hold rating to a buy rating and set a $61.00 price objective on the stock in a report on Monday, July 11th. Bank of America Corp. reaffirmed a buy rating on shares of Qualcomm in a report on Monday, July 18th. Morgan Stanley reaffirmed a buy rating on shares of Qualcomm in a report on Wednesday, June 15th. Finally, Stifel Nicolaus lifted their price objective on Qualcomm from $59.00 to $67.00 and gave the company a buy rating in a report on Thursday, July 21st. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Qualcomm has a consensus rating of Buy and a consensus target price of $64.12.
Qualcomm (NASDAQ:QCOM) traded down 0.17% during mid-day trading on Thursday, reaching $65.59. The company had a trading volume of 2,764,540 shares. The company’s 50 day moving average is $64.08 and its 200 day moving average is $57.23. Qualcomm has a 52-week low of $42.24 and a 52-week high of $70.40. The stock has a market capitalization of $96.66 billion, a price-to-earnings ratio of 19.21 and a beta of 1.25.
Qualcomm (NASDAQ:QCOM) last released its earnings results on Wednesday, July 20th. The wireless technology company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.19. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. The business had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.57 billion. During the same period last year, the business earned $0.99 earnings per share. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. Equities analysts predict that Qualcomm will post $4.30 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Wednesday, November 30th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date is Monday, November 28th. Qualcomm’s dividend payout ratio (DPR) is presently 62.17%.
In related news, EVP Matthew S. Grob sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $68.18, for a total transaction of $136,360.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Derek K. Aberle sold 22,653 shares of the company’s stock in a transaction that occurred 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 sale, the president now directly owns 69,234 shares in the company, valued at approximately $4,289,046.30. The disclosure for this sale can be found here. Corporate insiders own 0.24% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. ING Groep NV boosted its position in Qualcomm by 11.0% in the second quarter. ING Groep NV now owns 242,400 shares of the wireless technology company’s stock worth $12,981,000 after buying an additional 24,078 shares in the last quarter. First Republic Investment Management Inc. boosted its position in 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 in the last quarter. Conning Inc. boosted its position in 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 in the last quarter. Orbis Allan Gray Ltd bought a new position in Qualcomm during the first quarter worth approximately $865,645,000. Finally, Legal & General Group Plc boosted its position in 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 in the last quarter. 78.05% of the stock is currently owned by institutional investors and hedge funds.
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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