QUALCOMM (NASDAQ:QCOM) Releases Quarterly Earnings Results, Beats Estimates By $0.15 EPS

QUALCOMM (NASDAQ:QCOM) announced its quarterly earnings results on Wednesday. The wireless technology company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.15, Briefing.com reports. The company had revenue of $4.89 billion for the quarter, compared to analysts’ expectations of $4.80 billion. QUALCOMM had a net margin of 13.72% and a return on equity of 78.39%. QUALCOMM’s quarterly revenue was down .1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.80 earnings per share. QUALCOMM updated its Q4 2020
After-Hours guidance to 1.05-1.25 EPS and its Q4 guidance to $1.05-1.25 EPS.

Shares of QCOM traded down $1.58 during trading hours on Friday, hitting $105.61. The stock had a trading volume of 16,770,274 shares, compared to its average volume of 8,403,357. The company has a debt-to-equity ratio of 4.67, a current ratio of 1.97 and a quick ratio of 1.39. QUALCOMM has a 12 month low of $58.00 and a 12 month high of $107.75. The firm has a market capitalization of $120.94 billion, a PE ratio of 44.56, a PEG ratio of 1.98 and a beta of 1.34. The stock has a fifty day moving average price of $90.67 and a 200 day moving average price of $82.54.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 3rd will be issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Wednesday, September 2nd. QUALCOMM’s payout ratio is currently 91.55%.

In related news, CAO Erin L. Polek sold 1,646 shares of QUALCOMM stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $79.47, for a total value of $130,807.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Donald J. Rosenberg sold 11,038 shares of QUALCOMM stock in a transaction on Monday, June 29th. The stock was sold at an average price of $87.68, for a total value of $967,811.84. Following the completion of the sale, the executive vice president now directly owns 3,591 shares of the company’s stock, valued at approximately $314,858.88. The disclosure for this sale can be found here. Insiders sold 235,740 shares of company stock valued at $22,024,427 in the last ninety days. 0.12% of the stock is currently owned by corporate insiders.

Several research firms have recently issued reports on QCOM. Charter Equity reiterated a “hold” rating on shares of QUALCOMM in a report on Thursday, April 30th. Rosenblatt Securities raised their price objective on QUALCOMM from $105.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday. KeyCorp raised their price objective on QUALCOMM from $110.00 to $125.00 and gave the company an “overweight” rating in a research report on Thursday. Bank of America raised their price objective on QUALCOMM from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Finally, Cowen raised their price objective on QUALCOMM from $115.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. QUALCOMM has a consensus rating of “Buy” and an average price target of $106.36.

About QUALCOMM

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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Earnings History for QUALCOMM (NASDAQ:QCOM)

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