Qualcomm Inc. (QCOM) Upgraded to “Buy” at Vetr Inc.
Vetr upgraded shares of Qualcomm Inc. (NASDAQ:QCOM) from a hold rating to a buy rating in a research note issued to investors on Thursday morning. Vetr currently has $68.38 price objective on the wireless technology company’s stock.
Several other analysts have also recently commented on QCOM. Royal Bank Of Canada raised their target price on Qualcomm from $55.00 to $59.00 and gave the stock an outperform rating in a research report on Thursday, July 21st. Nomura reaffirmed a neutral rating and issued a $55.00 target price on shares of Qualcomm in a research report on Thursday, July 21st. Stifel Nicolaus raised their target price on Qualcomm from $59.00 to $67.00 and gave the stock a buy rating in a research report on Thursday, July 21st. Mizuho raised their target price on Qualcomm from $50.00 to $56.00 and gave the stock a neutral rating in a research report on Thursday, July 21st. Finally, Sanford C. Bernstein reissued a hold rating on shares of Qualcomm in a research report on Thursday. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $64.12.
Qualcomm (NASDAQ:QCOM) traded up 0.70% during midday trading on Thursday, hitting $66.16. The stock had a trading volume of 1,477,149 shares. The stock has a market cap of $97.50 billion, a P/E ratio of 19.37 and a beta of 1.25. The company’s 50-day moving average price is $64.08 and its 200 day moving average price is $57.23. Qualcomm has a 12-month low of $42.24 and a 12-month 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 the Thomson Reuters’ consensus estimate of $0.97 by $0.19. The business earned $5.60 billion during the quarter, compared to analysts’ expectations of $5.57 billion. Qualcomm had a return on equity of 17.70% and a net margin of 22.64%. Qualcomm’s revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.99 earnings per share. On average, equities research analysts predict that Qualcomm will post $4.30 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Wednesday, November 30th will be given a $0.53 dividend. The ex-dividend date is Monday, November 28th. This represents a $2.12 dividend on an annualized basis and a yield of 3.23%. Qualcomm’s dividend payout ratio is currently 62.17%.
In other Qualcomm news, EVP Matthew S. Grob sold 33,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $59.85, for a total value of $1,975,050.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, President Derek K. Aberle sold 22,653 shares of the firm’s stock in a transaction that occurred on Wednesday, July 27th. The shares were 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 company insiders.
A number of hedge funds have recently modified their holdings of QCOM. State Street Corp raised its position in shares of 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 during the period. FMR LLC raised its position in shares of 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 during the period. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of 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 during the period. Primecap Management Co. CA raised its position in shares of 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 during the period. Finally, Orbis Allan Gray Ltd acquired a new position in shares of Qualcomm during the first quarter worth approximately $865,645,000. Hedge funds and other 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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