Wall Street analysts predict that QUALCOMM, Inc. (NASDAQ:QCOM) will announce earnings of $0.82 per share for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for QUALCOMM’s earnings, with the lowest EPS estimate coming in at $0.78 and the highest estimate coming in at $0.87. QUALCOMM reported earnings of $0.92 per share during the same quarter last year, which indicates a negative year-over-year growth rate of 10.9%. The business is expected to issue its next earnings report on Wednesday, November 7th.
According to Zacks, analysts expect that QUALCOMM will report full year earnings of $3.61 per share for the current fiscal year, with EPS estimates ranging from $3.57 to $3.66. For the next fiscal year, analysts anticipate that the business will report earnings of $3.54 per share, with EPS estimates ranging from $3.33 to $3.78. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that cover QUALCOMM.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.30. QUALCOMM had a positive return on equity of 19.06% and a negative net margin of 18.41%. The company had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.19 billion. During the same period last year, the firm earned $0.83 earnings per share. QUALCOMM’s quarterly revenue was up 5.7% on a year-over-year basis.
QCOM has been the topic of a number of research analyst reports. Royal Bank of Canada reiterated a “buy” rating and set a $75.00 target price on shares of QUALCOMM in a research report on Tuesday, April 24th. Stifel Nicolaus cut their target price on QUALCOMM from $56.00 to $54.00 and set a “hold” rating on the stock in a research report on Thursday, April 26th. ValuEngine upgraded QUALCOMM from a “hold” rating to a “buy” rating in a research report on Tuesday, July 24th. BMO Capital Markets cut their target price on QUALCOMM from $70.00 to $55.00 and set a “market perform” rating on the stock in a research report on Thursday, April 26th. Finally, Macquarie cut their target price on QUALCOMM from $70.00 to $55.00 and set a “neutral” rating on the stock in a research report on Thursday, April 26th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $66.80.
QUALCOMM stock traded up $0.30 during midday trading on Tuesday, reaching $66.06. The company’s stock had a trading volume of 15,169,568 shares, compared to its average volume of 11,193,697. QUALCOMM has a fifty-two week low of $48.56 and a fifty-two week high of $69.28. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.73 and a quick ratio of 2.62. The stock has a market cap of $95.23 billion, a PE ratio of 17.48, a P/E/G ratio of 1.91 and a beta of 1.57.
QUALCOMM declared that its board has initiated a share buyback program on Wednesday, May 9th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the wireless technology company to buy up to 12.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 26th. Investors of record on Wednesday, September 5th will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date is Tuesday, September 4th. QUALCOMM’s dividend payout ratio is currently 65.61%.
In related news, EVP Alexander H. Rogers sold 828 shares of the firm’s stock in a transaction dated Friday, July 27th. The stock was sold at an average price of $63.40, for a total transaction of $52,495.20. Following the transaction, the executive vice president now owns 7,170 shares of the company’s stock, valued at $454,578. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Alexander H. Rogers sold 789 shares of the firm’s stock in a transaction dated Wednesday, June 27th. The stock was sold at an average price of $56.55, for a total value of $44,617.95. Following the transaction, the executive vice president now directly owns 7,998 shares in the company, valued at approximately $452,286.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,669 shares of company stock worth $159,760. Corporate insiders own 0.24% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Virtue Capital Management LLC purchased a new stake in QUALCOMM in the 4th quarter valued at approximately $727,000. Baker Avenue Asset Management LP boosted its holdings in QUALCOMM by 4.6% in the 4th quarter. Baker Avenue Asset Management LP now owns 220,859 shares of the wireless technology company’s stock valued at $14,139,000 after purchasing an additional 9,621 shares in the last quarter. Kendall Capital Management purchased a new stake in QUALCOMM in the 4th quarter valued at approximately $564,000. Viking Global Investors LP purchased a new stake in QUALCOMM in the 4th quarter valued at approximately $38,725,000. Finally, Stone Ridge Asset Management LLC purchased a new stake in QUALCOMM in the 4th quarter valued at approximately $458,000. 77.42% of the stock is currently owned by hedge funds and other institutional investors.
QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.
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