Qualcomm Inc. (QCOM) Downgraded by Vetr Inc. to “Buy”
Qualcomm Inc. (NASDAQ:QCOM) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued on Tuesday. They presently have a $76.04 price target on the wireless technology company’s stock. Vetr‘s target price would indicate a potential upside of 11.32% from the company’s current price.
QCOM has been the subject of a number of other research reports. BMO Capital Markets upgraded shares of Qualcomm from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $53.00 to $70.00 in a report on Friday, October 28th. They noted that the move was a valuation call. Canaccord Genuity lifted their price target on shares of Qualcomm from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, October 12th. Zacks Investment Research lowered shares of Qualcomm from a “buy” rating to a “hold” rating in a research note on Wednesday, September 21st. Standpoint Research raised shares of Qualcomm from a “hold” rating to a “buy” rating and set a $72.00 price target on the stock in a research note on Thursday, August 25th. Finally, Cowen and Company lifted their price target on shares of Qualcomm from $62.00 to $74.00 and gave the company an “outperform” rating in a research note on Friday, September 30th. Seventeen investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $66.03.
Shares of Qualcomm (NASDAQ:QCOM) traded up 1.80% on Tuesday, hitting $68.31. 9,803,646 shares of the stock traded hands. The firm has a market capitalization of $100.89 billion, a PE ratio of 17.93 and a beta of 1.36. Qualcomm has a 52 week low of $42.24 and a 52 week high of $71.62. The firm’s 50 day moving average is $67.19 and its 200 day moving average is $60.55.
Qualcomm (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, November 2nd. The wireless technology company reported $1.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.15. The firm earned $9.17 billion during the quarter, compared to analysts’ expectations of $5.84 billion. Qualcomm had a net margin of 24.22% and a return on equity of 19.31%. The business’s revenue for the quarter was up 68.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.91 earnings per share. On average, analysts expect that Qualcomm will post $4.76 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Wednesday, November 30th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Monday, November 28th. Qualcomm’s payout ratio is currently 55.64%.
In other Qualcomm news, 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 transaction of $1,311,095.94. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Stiles Barbara Alexander sold 22,000 shares of the firm’s stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $68.52, for a total value of $1,507,440.00. Following the transaction, the director now owns 2,440 shares in the company, valued at $167,188.80. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the stock. Pinkerton Retirement Specialists LLC boosted its stake 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 worth $111,000 after buying an additional 2,018 shares during the last quarter. Krilogy Financial LLC boosted its stake in Qualcomm by 61.8% in the second quarter. Krilogy Financial LLC now owns 2,071 shares of the wireless technology company’s stock worth $111,000 after buying an additional 791 shares during the last quarter. Orrstown Financial Services Inc. boosted its stake in Qualcomm by 53.2% in the third quarter. Orrstown Financial Services Inc. now owns 1,627 shares of the wireless technology company’s stock worth $111,000 after buying an additional 565 shares during the last quarter. Edmond DE Rothschild Monaco acquired a new stake in Qualcomm during the third quarter worth approximately $112,000. Finally, Kelman Lazarov Inc. boosted its stake in Qualcomm by 6.1% in the third quarter. Kelman Lazarov Inc. now owns 1,735 shares of the wireless technology company’s stock worth $116,000 after buying an additional 100 shares during the last quarter. Institutional investors and hedge funds own 77.86% of the company’s stock.
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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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