Shares of QUALCOMM, Inc. (NASDAQ:QCOM) have earned an average recommendation of “Hold” from the twenty-five brokerages that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation and thirteen have issued a buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $70.80.
A number of equities analysts have commented on QCOM shares. Canaccord Genuity lifted their target price on QUALCOMM from $81.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, August 23rd. Cowen upgraded QUALCOMM from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $64.00 to $80.00 in a research report on Monday, August 6th. Nomura boosted their price objective on QUALCOMM from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, September 4th. Royal Bank of Canada boosted their price objective on QUALCOMM to $77.00 and gave the stock an “outperform” rating in a research report on Friday, September 7th. Finally, Rosenblatt Securities upgraded QUALCOMM from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $56.00 to $70.00 in a research report on Monday, August 20th.
QCOM stock traded down $1.33 during midday trading on Friday, reaching $56.72. The company had a trading volume of 21,742,067 shares, compared to its average volume of 12,257,364. The company has a quick ratio of 2.62, a current ratio of 2.73 and a debt-to-equity ratio of 0.67. QUALCOMM has a fifty-two week low of $48.56 and a fifty-two week high of $76.50. The company has a market cap of $93.48 billion, a P/E ratio of 17.78, a PEG ratio of 1.98 and a beta of 1.69.
QUALCOMM announced that its Board of Directors has approved a stock buyback program on Thursday, July 26th that permits the company to buyback $30.00 billion in outstanding shares. This buyback authorization permits the wireless technology company to buy up to 34.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.
The company also recently announced 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. The ex-dividend date of this dividend is Wednesday, December 5th. This represents a $2.48 annualized dividend and a yield of 4.37%. QUALCOMM’s payout ratio is 77.74%.
In related news, EVP Alexander H. Rogers sold 853 shares of the business’s stock in a transaction that occurred on Monday, October 29th. The stock was sold at an average price of $63.50, for a total transaction of $54,165.50. Following the sale, the executive vice president now owns 4,344 shares of the company’s stock, valued at $275,844. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Alexander H. Rogers sold 1,306 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $67.37, for a total value of $87,985.22. 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. 0.17% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in QCOM. Bank of New York Mellon Corp increased its holdings in shares of QUALCOMM by 13.4% in the second quarter. Bank of New York Mellon Corp now owns 20,853,688 shares of the wireless technology company’s stock valued at $1,170,308,000 after buying an additional 2,463,511 shares in the last quarter. Parnassus Investments CA increased its holdings in shares of QUALCOMM by 3.6% in the second quarter. Parnassus Investments CA now owns 10,150,000 shares of the wireless technology company’s stock valued at $569,618,000 after buying an additional 350,000 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in shares of QUALCOMM by 3.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 9,687,604 shares of the wireless technology company’s stock valued at $543,669,000 after buying an additional 323,005 shares in the last quarter. Waddell & Reed Financial Inc. increased its holdings in shares of QUALCOMM by 18.8% in the second quarter. Waddell & Reed Financial Inc. now owns 5,029,933 shares of the wireless technology company’s stock valued at $282,280,000 after buying an additional 794,924 shares in the last quarter. Finally, Swiss National Bank increased its holdings in shares of QUALCOMM by 3.5% in the second quarter. Swiss National Bank now owns 4,894,065 shares of the wireless technology company’s stock valued at $274,655,000 after buying an additional 164,400 shares in the last quarter. 76.93% 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.
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