Cowen began coverage on shares of Qualcomm (NASDAQ:QCOM) in a report released on Thursday, Marketbeat.com reports. The brokerage issued a market perform rating and a $58.00 price target on the wireless technology company’s stock.
A number of other analysts also recently weighed in on QCOM. Mizuho reissued a buy rating and set a $75.00 target price (up previously from $65.00) on shares of Qualcomm in a research report on Wednesday, January 17th. Macquarie increased their target price on shares of Qualcomm from $55.00 to $70.00 and gave the company a neutral rating in a research report on Wednesday, January 17th. Canaccord Genuity increased their target price on shares of Qualcomm from $83.00 to $86.00 and gave the company a buy rating in a research report on Wednesday, January 17th. Vetr raised shares of Qualcomm from a hold rating to a buy rating and set a $74.63 target price for the company in a research report on Friday, January 26th. Finally, Royal Bank of Canada increased their target price on shares of Qualcomm from $77.00 to $80.00 and gave the company an outperform rating in a research report on Tuesday, January 30th. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have issued a buy rating to the stock. Qualcomm presently has an average rating of Hold and an average price target of $63.88.
Qualcomm stock opened at $57.51 on Thursday. Qualcomm has a 1 year low of $48.56 and a 1 year high of $69.28. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.60 and a quick ratio of 3.46. The company has a market capitalization of $85.27 billion, a PE ratio of 15.21, a PEG ratio of 1.85 and a beta of 1.47.
Qualcomm (NASDAQ:QCOM) last released its earnings results on Wednesday, April 25th. The wireless technology company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.10. The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.21 billion. Qualcomm had a negative net margin of 20.16% and a positive return on equity of 16.48%. The company’s revenue for the quarter was down 13.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.34 EPS. sell-side analysts predict that Qualcomm will post 2.71 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 20th. Shareholders of record on Wednesday, May 30th 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 4.31%. This is a boost from Qualcomm’s previous quarterly dividend of $0.57. The ex-dividend date is Tuesday, May 29th. Qualcomm’s dividend payout ratio is presently 60.32%.
Qualcomm announced that its board has approved a share repurchase plan on Wednesday, May 9th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the wireless technology company to repurchase up to 12.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.
In related news, EVP Alexander H. Rogers sold 1,180 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $66.94, for a total value of $78,989.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP James H. Thompson sold 50,126 shares of the stock in a transaction on Friday, March 9th. The shares were sold at an average price of $62.66, for a total value of $3,140,895.16. Following the completion of the sale, the executive vice president now directly owns 136,482 shares of the company’s stock, valued at $8,551,962.12. The disclosure for this sale can be found here. Insiders sold a total of 80,383 shares of company stock valued at $4,762,616 over the last three months. 0.17% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in QCOM. Truewealth LLC purchased a new stake in shares of Qualcomm during the 4th quarter valued at $102,000. Aristotle Capital Management LLC purchased a new stake in shares of Qualcomm during the 1st quarter valued at $105,000. We Are One Seven LLC purchased a new stake in shares of Qualcomm during the 4th quarter valued at $119,000. Gradient Investments LLC purchased a new stake in shares of Qualcomm during the 4th quarter valued at $120,000. Finally, Institutional & Family Asset Management LLC purchased a new stake in shares of Qualcomm during the 1st quarter valued at $121,000. 78.21% of the stock is owned by hedge funds and other institutional investors.
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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