QUALCOMM (QCOM) Hits New 12-Month High Following Analyst Upgrade

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QUALCOMM, Inc. (NASDAQ:QCOM) hit a new 52-week high during trading on Wednesday after Nomura raised their price target on the stock from $70.00 to $80.00. Nomura currently has a buy rating on the stock. QUALCOMM traded as high as $71.06 and last traded at $70.89, with a volume of 15298822 shares changing hands. The stock had previously closed at $69.98.

Other equities research analysts have also recently issued reports about the stock. Cowen increased their target price on shares of QUALCOMM from $58.00 to $64.00 and gave the company a “market perform” rating in a research report on Thursday, July 26th. Rosenblatt Securities upgraded shares of QUALCOMM from a “neutral” rating to a “buy” rating and increased their target price for the company from $56.00 to $70.00 in a research report on Monday, August 20th. BidaskClub upgraded shares of QUALCOMM from a “sell” rating to a “hold” rating in a research report on Friday, August 3rd. KeyCorp increased their target price on shares of QUALCOMM from $65.00 to $72.00 and gave the company an “overweight” rating in a research report on Thursday, July 26th. Finally, BMO Capital Markets increased their target price on shares of QUALCOMM to $64.00 and gave the company a “market perform” rating in a research report on Thursday, July 26th. One analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company. QUALCOMM currently has a consensus rating of “Buy” and a consensus price target of $69.13.

In other QUALCOMM news, EVP Alexander H. Rogers sold 789 shares of the stock in a transaction dated Wednesday, June 27th. The shares were sold at an average price of $56.55, for a total transaction of $44,617.95. Following the completion of the transaction, the executive vice president now owns 7,998 shares of the company’s stock, valued at $452,286.90. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Alexander H. Rogers sold 828 shares of the 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 directly owns 7,170 shares of the company’s stock, valued at approximately $454,578. The disclosure for this sale can be found here. Insiders sold 2,923 shares of company stock valued at $185,098 in the last three months. 0.24% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the business. Pzena Investment Management LLC boosted its stake in QUALCOMM by 1.5% during the second quarter. Pzena Investment Management LLC now owns 711,742 shares of the wireless technology company’s stock worth $39,943,000 after buying an additional 10,759 shares during the period. Asset Dedication LLC boosted its stake in QUALCOMM by 11.3% during the second quarter. Asset Dedication LLC now owns 8,788 shares of the wireless technology company’s stock worth $493,000 after buying an additional 894 shares during the period. FIL Ltd boosted its stake in QUALCOMM by 36.5% during the first quarter. FIL Ltd now owns 3,253,065 shares of the wireless technology company’s stock worth $180,252,000 after buying an additional 869,659 shares during the period. Sawtooth Solutions LLC boosted its stake in QUALCOMM by 12.1% during the second quarter. Sawtooth Solutions LLC now owns 24,014 shares of the wireless technology company’s stock worth $1,348,000 after buying an additional 2,601 shares during the period. Finally, Vision Capital Management Inc. boosted its stake in QUALCOMM by 9.0% during the second quarter. Vision Capital Management Inc. now owns 13,721 shares of the wireless technology company’s stock worth $770,000 after buying an additional 1,135 shares during the period. 77.42% of the stock is owned by institutional investors.

The company has a current ratio of 2.73, a quick ratio of 2.62 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $100.94 billion, a price-to-earnings ratio of 18.46, a PEG ratio of 2.03 and a beta of 1.66.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 25th. The wireless technology company reported $1.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.30. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The business had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.19 billion. During the same quarter last year, the firm posted $0.83 earnings per share. The business’s revenue for the quarter was up 5.7% compared to the same quarter last year. analysts predict that QUALCOMM, Inc. will post 3.11 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 26th. Stockholders of record on Wednesday, September 5th will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 3.50%. The ex-dividend date of this dividend is Tuesday, September 4th. QUALCOMM’s payout ratio is 65.61%.

QUALCOMM declared that its board has approved a stock buyback plan on Wednesday, May 9th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the wireless technology company to buy up to 12.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

QUALCOMM Company Profile (NASDAQ:QCOM)

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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