Brokerages expect QUALCOMM, Inc. (NASDAQ:QCOM) to report $0.82 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for QUALCOMM’s earnings, with the highest EPS estimate coming in at $0.87 and the lowest estimate coming in at $0.78. 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 scheduled to report its next quarterly 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 forecast 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 earnings per share calculations are an average based on a survey of sell-side research analysts that that provide coverage for QUALCOMM.
QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.30. The company had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.19 billion. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. QUALCOMM’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.83 EPS.
A number of brokerages have recently issued reports on QCOM. Cowen upped their target price on shares of QUALCOMM from $58.00 to $64.00 and gave the company a “market perform” rating in a report on Thursday, July 26th. Rosenblatt Securities raised shares of QUALCOMM from a “neutral” rating to a “buy” rating and upped their target price for the company from $56.00 to $70.00 in a report on Monday, August 20th. Royal Bank of Canada upped their target price on shares of QUALCOMM to $77.00 and gave the company an “outperform” rating in a report on Friday. BidaskClub raised shares of QUALCOMM from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. Finally, KeyCorp upped their target price on shares of QUALCOMM from $65.00 to $72.00 and gave the company an “overweight” rating in a report on Thursday, July 26th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the stock. QUALCOMM currently has a consensus rating of “Buy” and a consensus target price of $69.23.
In other QUALCOMM news, EVP Alexander H. Rogers sold 789 shares of the stock in a transaction that occurred on Wednesday, June 27th. The shares were sold at an average price of $56.55, for a total transaction of $44,617.95. Following the transaction, the executive vice president now owns 7,998 shares in the company, valued at approximately $452,286.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Alexander H. Rogers sold 828 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $454,578. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,923 shares of company stock worth $185,098. 0.17% of the stock is owned by company insiders.
Several large investors have recently made changes to their positions in QCOM. Bank of New York Mellon Corp grew its position in shares of QUALCOMM by 13.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 20,853,688 shares of the wireless technology company’s stock worth $1,170,308,000 after purchasing an additional 2,463,511 shares in the last quarter. Artisan Partners Limited Partnership grew its position in shares of QUALCOMM by 22.4% during the 1st quarter. Artisan Partners Limited Partnership now owns 11,014,540 shares of the wireless technology company’s stock worth $610,316,000 after purchasing an additional 2,018,241 shares in the last quarter. Millennium Management LLC grew its position in shares of QUALCOMM by 121.1% during the 2nd quarter. Millennium Management LLC now owns 3,254,918 shares of the wireless technology company’s stock worth $182,666,000 after purchasing an additional 1,782,585 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of QUALCOMM by 17.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 9,364,599 shares of the wireless technology company’s stock worth $518,893,000 after purchasing an additional 1,419,275 shares in the last quarter. Finally, Putnam Investments LLC grew its position in shares of QUALCOMM by 128.4% during the 2nd quarter. Putnam Investments LLC now owns 2,506,811 shares of the wireless technology company’s stock worth $140,682,000 after purchasing an additional 1,409,034 shares in the last quarter. Hedge funds and other institutional investors own 77.42% of the company’s stock.
Shares of QCOM stock traded up $0.02 on Friday, reaching $70.38. The stock had a trading volume of 24,420,500 shares, compared to its average volume of 11,475,139. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.62 and a current ratio of 2.73. The stock has a market cap of $104.15 billion, a price-to-earnings ratio of 18.56, a PEG ratio of 2.09 and a beta of 1.66. QUALCOMM has a 12 month low of $48.56 and a 12 month high of $71.35.
QUALCOMM declared that its Board of Directors has approved a share buyback plan on Thursday, July 26th that authorizes the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization authorizes the wireless technology company to reacquire up to 34.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are 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 paid a $0.62 dividend. The ex-dividend date is Tuesday, September 4th. This represents a $2.48 dividend on an annualized basis and a yield of 3.52%. QUALCOMM’s dividend payout ratio (DPR) is currently 65.61%.
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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