Qualcomm Inc. (QCOM) Downgraded to “Equal Weight” at Morgan Stanley
Qualcomm Inc. (NASDAQ:QCOM) was downgraded by equities research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Thursday.
Other equities research analysts have also recently issued research reports about the stock. Bank of America Corp. restated a “buy” rating on shares of Qualcomm in a research note on Monday, July 18th. Stifel Nicolaus raised their target price on shares of Qualcomm from $59.00 to $67.00 and gave the stock a “buy” rating in a research note on Thursday, July 21st. Canaccord Genuity raised their target price on shares of Qualcomm from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, July 21st. Charter Equity upgraded shares of Qualcomm from a “mkt perform” rating to a “buy” rating in a research note on Thursday, July 21st. Finally, JPMorgan Chase & Co. set a $63.00 target price on shares of Qualcomm and gave the stock a “buy” rating in a research note on Thursday, July 21st. Seventeen equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. Qualcomm has an average rating of “Buy” and an average price target of $66.14.
Qualcomm (NASDAQ:QCOM) opened at 67.88 on Thursday. Qualcomm has a 1-year low of $42.24 and a 1-year high of $71.62. The firm has a 50-day moving average of $66.65 and a 200-day moving average of $59.50. The stock has a market cap of $100.25 billion, a PE ratio of 17.82 and a beta of 1.36.
Qualcomm (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, November 2nd. The wireless technology company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.15. The firm had revenue of $9.17 billion for the quarter, compared to the consensus estimate of $5.84 billion. Qualcomm had a net margin of 24.22% and a return on equity of 19.31%. The business’s quarterly revenue was up 68.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.91 EPS. Analysts expect that Qualcomm will post $4.74 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Wednesday, November 30th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend is Monday, November 28th. Qualcomm’s dividend payout ratio is currently 55.64%.
In other Qualcomm news, EVP James H. Thompson sold 10,000 shares of the firm’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $60.94, for a total value of $609,400.00. Following the completion of the sale, the executive vice president now directly owns 59,497 shares of the company’s stock, valued at approximately $3,625,747.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Derek K. Aberle sold 20,874 shares of the firm’s stock in a transaction on Wednesday, August 31st. The stock was sold at an average price of $62.81, for a total value of $1,311,095.94. The disclosure for this sale can be found here. 0.24% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of QCOM. Magnetar Financial LLC bought a new stake in shares of Qualcomm during the first quarter worth about $217,000. HRS Investment Holdings LLC boosted its position in Qualcomm by 7.1% in the first quarter. HRS Investment Holdings LLC now owns 37,500 shares of the wireless technology company’s stock worth $1,918,000 after buying an additional 2,500 shares in the last quarter. Orbis Allan Gray Ltd acquired a new position in Qualcomm during the first quarter worth $865,645,000. Zions Bancorporation boosted its position in Qualcomm by 287.3% in the first quarter. Zions Bancorporation now owns 3,013 shares of the wireless technology company’s stock worth $155,000 after buying an additional 2,235 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in Qualcomm by 593.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 251,860 shares of the wireless technology company’s stock worth $12,880,000 after buying an additional 215,520 shares in the last quarter. 78.04% of the stock is 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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