Zacks Investment Research upgraded shares of QUALCOMM Incorporated (NASDAQ:QCOM) from a hold rating to a buy rating in a research note issued to investors on Tuesday. Zacks Investment Research currently has $59.00 target price on the wireless technology company’s stock.
According to Zacks, “Qualcomm achieved a 5G data connection with the Snapdragon X50 5G modem chipset on 28GHz mmWave spectrum. Qualcomm is teaming up with Verizon and Novatel Wireless for 5G NR mmWave technology trial. This marks Qualcomm’s leadership in 5G, chipset market and mobile connectivity. Qualcomm is extending cash tender offer for its pending NXP Semiconductor deal. Qualcomm has launched Mesh Networking Platform and is planning to buy Scyfer B.V. to boost its Artificial Intelligence Research. Qualcomm’s subsidiary unveiled a new chipset — the C-V2X, compatible with 4G and 5G cellular standards. However, the company continues to receive charges for unfair business practices and licensing royalty payments. Aggressive competition in the mobile phone chipset market has also been hurting Qualcomm’s profits. Qualcomm sued Apple in China, seeking iPhone sales’ ban. Over the past three months, the stock underperformed its industry.”
Other research analysts have also recently issued research reports about the stock. Vetr cut shares of QUALCOMM from a strong-buy rating to a buy rating and set a $62.37 price objective for the company. in a research report on Wednesday, June 28th. Canaccord Genuity reiterated a buy rating and set a $70.00 target price on shares of QUALCOMM in a research report on Wednesday, June 28th. Stifel Nicolaus reiterated a buy rating and set a $65.00 target price on shares of QUALCOMM in a research report on Thursday, July 13th. Mizuho reiterated a buy rating and set a $65.00 target price on shares of QUALCOMM in a research report on Friday, July 21st. Finally, Morgan Stanley upped their target price on shares of QUALCOMM from $55.00 to $60.00 and gave the company an equal weight rating in a research report on Tuesday, July 18th. Two equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of Hold and a consensus price target of $63.80.
Shares of QUALCOMM (NASDAQ QCOM) traded down 0.52% during trading on Tuesday, reaching $52.02. The company’s stock had a trading volume of 8,844,998 shares. The company has a market capitalization of $76.78 billion, a P/E ratio of 19.92 and a beta of 1.28. The company’s 50-day moving average is $51.88 and its 200-day moving average is $54.17. QUALCOMM has a 12 month low of $48.92 and a 12 month high of $71.62.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.02. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The firm had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.25 billion. During the same quarter in the previous year, the company posted $1.16 EPS. QUALCOMM’s revenue was down 11.1% on a year-over-year basis. On average, analysts forecast that QUALCOMM will post $4.16 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 29th will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 4.38%. The ex-dividend date of this dividend is Tuesday, November 28th. QUALCOMM’s payout ratio is 87.36%.
In other QUALCOMM news, EVP Michelle M. Sterling sold 4,740 shares of the firm’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $51.88, for a total value of $245,911.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 5,810 shares of company stock valued at $301,596 over the last 90 days. Corporate insiders own 0.17% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. North Star Investment Management Corp. raised its position in QUALCOMM by 20.6% in the first quarter. North Star Investment Management Corp. now owns 9,417 shares of the wireless technology company’s stock worth $540,000 after acquiring an additional 1,609 shares during the period. BB&T Corp raised its position in shares of QUALCOMM by 3.2% in the first quarter. BB&T Corp now owns 674,861 shares of the wireless technology company’s stock valued at $38,697,000 after purchasing an additional 20,875 shares during the period. Linscomb & Williams Inc. raised its position in shares of QUALCOMM by 11.7% in the first quarter. Linscomb & Williams Inc. now owns 53,771 shares of the wireless technology company’s stock valued at $3,083,000 after purchasing an additional 5,625 shares during the period. Canada Pension Plan Investment Board raised its position in shares of QUALCOMM by 12.1% in the first quarter. Canada Pension Plan Investment Board now owns 1,515,092 shares of the wireless technology company’s stock valued at $86,875,000 after purchasing an additional 164,089 shares during the period. Finally, Cadence Bank NA raised its position in shares of QUALCOMM by 17.6% in the first quarter. Cadence Bank NA now owns 7,733 shares of the wireless technology company’s stock valued at $444,000 after purchasing an additional 1,157 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.
QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.
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