QUALCOMM (NASDAQ:QCOM) had its price target lifted by Royal Bank of Canada to $77.00 in a research report released on Friday morning, The Fly reports. The brokerage currently has an outperform rating on the wireless technology company’s stock.
Other research analysts have also recently issued research reports about the stock. 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 upgraded 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. BidaskClub upgraded shares of QUALCOMM from a sell rating to a hold rating in a report on Friday, August 3rd. 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. Finally, BMO Capital Markets upped their target price on shares of QUALCOMM to $64.00 and gave the company a market perform rating in a report on Thursday, July 26th. One analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $69.23.
Shares of NASDAQ:QCOM traded up $0.02 during trading hours on Friday, reaching $70.38. The stock had a trading volume of 24,413,624 shares, compared to its average volume of 12,165,386. QUALCOMM has a 1 year low of $48.56 and a 1 year high of $71.35. 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 cap of $103.37 billion, a PE ratio of 18.62, a P/E/G ratio of 2.08 and a beta of 1.66.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, July 25th. The wireless technology company reported $1.01 EPS for the quarter, beating the Zacks’ 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 company had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.19 billion. During the same period in the prior year, the firm posted $0.83 EPS. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. equities research analysts expect that QUALCOMM will post 3.11 EPS for the current year.
The firm 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 dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date of this dividend is Tuesday, September 4th. QUALCOMM’s dividend payout ratio is currently 65.61%.
QUALCOMM announced that its Board of Directors has authorized a share buyback program on Thursday, July 26th that allows the company to buyback $30.00 billion in shares. This buyback authorization allows the wireless technology company to reacquire up to 34.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
In related news, EVP Alexander H. Rogers sold 789 shares of the stock in a transaction 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 completion of the sale, 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 can be accessed through the SEC website. Also, EVP Alexander H. Rogers sold 828 shares of the stock in a transaction 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 sale, the executive vice president now owns 7,170 shares of the company’s stock, valued at approximately $454,578. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,923 shares of company stock valued at $185,098. 0.17% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of QCOM. Aristotle Capital Management LLC purchased a new position in QUALCOMM during the 1st quarter worth $105,000. Moneta Group Investment Advisors LLC raised its position in QUALCOMM by 9,686.8% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 74,282 shares of the wireless technology company’s stock worth $105,000 after buying an additional 73,523 shares during the last quarter. Squar Milner Financial Services LLC purchased a new position in QUALCOMM during the 2nd quarter worth $106,000. Institutional & Family Asset Management LLC purchased a new position in QUALCOMM during the 1st quarter worth $121,000. Finally, Point72 Asia Hong Kong Ltd raised its position in QUALCOMM by 318.9% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 2,484 shares of the wireless technology company’s stock worth $138,000 after buying an additional 1,891 shares during the last quarter. Hedge funds and other institutional investors own 77.42% of the company’s stock.
QUALCOMM Company Profile
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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