Bank of America cut shares of QUALCOMM (NASDAQ:QCOM) from a buy rating to a neutral rating in a report issued on Wednesday, Marketbeat.com reports. Bank of America currently has $70.00 price target on the wireless technology company’s stock.
A number of other analysts have also recently weighed in on the company. Canaccord Genuity raised their price target on QUALCOMM from $81.00 to $88.00 and gave the company a buy rating in a research note on Thursday, August 23rd. Cowen raised QUALCOMM from a market perform rating to an outperform rating and raised their price objective for the stock from $64.00 to $80.00 in a report on Monday, August 6th. Nomura raised their price objective on QUALCOMM from $70.00 to $80.00 and gave the stock a buy rating in a report on Tuesday, September 4th. Royal Bank of Canada raised their price objective on QUALCOMM to $77.00 and gave the stock an outperform rating in a report on Friday, September 7th. Finally, Rosenblatt Securities raised QUALCOMM from a neutral rating to a buy rating and raised their price objective for the stock from $56.00 to $70.00 in a report on Monday, August 20th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and fifteen have issued a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $71.87.
QUALCOMM stock traded down $0.38 during midday trading on Wednesday, reaching $63.33. The company’s stock had a trading volume of 13,478,819 shares, compared to its average volume of 15,799,219. QUALCOMM has a fifty-two week low of $48.56 and a fifty-two week high of $76.50. 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 $92.39 billion, a PE ratio of 16.75, a P/E/G ratio of 2.06 and a beta of 1.69.
QUALCOMM declared that its board has initiated a share buyback program on Thursday, July 26th that authorizes the company to buyback $30.00 billion in outstanding shares. This buyback authorization authorizes the wireless technology company to buy up to 34.1% 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 Thursday, December 20th. Investors of record on Thursday, December 6th 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 3.92%. The ex-dividend date of this dividend is Wednesday, December 5th. QUALCOMM’s dividend payout ratio is currently 65.61%.
In related news, President Cristiano R. Amon sold 88,625 shares of the firm’s stock in a transaction dated Wednesday, October 10th. The stock was sold at an average price of $68.81, for a total transaction of $6,098,286.25. Following the transaction, the president now owns 58,045 shares of the company’s stock, valued at $3,994,076.45. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Alexander H. Rogers sold 853 shares of the firm’s stock in a transaction dated Monday, October 29th. The stock was sold at an average price of $63.50, for a total value of $54,165.50. Following the transaction, the executive vice president now directly owns 4,344 shares in the company, valued at approximately $275,844. The disclosure for this sale can be found here. In the last three months, insiders have sold 91,638 shares of company stock worth $6,302,079. Corporate insiders own 0.17% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in QCOM. First Financial Bank Trust Division lifted its position in shares of QUALCOMM by 33.4% during the 2nd quarter. First Financial Bank Trust Division now owns 10,787 shares of the wireless technology company’s stock valued at $605,000 after acquiring an additional 2,703 shares during the period. Gulf International Bank UK Ltd lifted its position in shares of QUALCOMM by 3.4% during the 2nd quarter. Gulf International Bank UK Ltd now owns 482,295 shares of the wireless technology company’s stock valued at $27,066,000 after acquiring an additional 15,637 shares during the period. DnB Asset Management AS lifted its position in shares of QUALCOMM by 16.2% during the 2nd quarter. DnB Asset Management AS now owns 831,154 shares of the wireless technology company’s stock valued at $46,644,000 after acquiring an additional 115,938 shares during the period. Stonebridge Capital Management Inc. lifted its position in shares of QUALCOMM by 2.2% during the 2nd quarter. Stonebridge Capital Management Inc. now owns 95,604 shares of the wireless technology company’s stock valued at $5,486,000 after acquiring an additional 2,086 shares during the period. Finally, Vision Capital Management Inc. lifted its position in shares of QUALCOMM by 9.0% during the 2nd quarter. Vision Capital Management Inc. now owns 13,721 shares of the wireless technology company’s stock valued at $770,000 after acquiring an additional 1,135 shares during the period. 77.33% 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.
Further Reading: Ex-Dividend
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