Shares of QUALCOMM, Inc. (NASDAQ:QCOM) gapped down before the market opened on Wednesday . The stock had previously closed at $72.95, but opened at $71.24. QUALCOMM shares last traded at $69.59, with a volume of 8510151 shares changing hands.
A number of research firms have recently weighed in on QCOM. Barclays cut their target price on QUALCOMM from $100.00 to $90.00 and set an “overweight” rating for the company in a research report on Thursday, June 6th. Macquarie set a $90.00 target price on QUALCOMM and gave the company a “buy” rating in a research report on Thursday, May 23rd. Bank of America dropped coverage on QUALCOMM in a research report on Thursday, May 23rd. Cfra set a $80.00 target price on QUALCOMM and gave the company a “buy” rating in a research report on Thursday, May 23rd. Finally, Deutsche Bank downgraded QUALCOMM from a “buy” rating to a “hold” rating and cut their target price for the company from $98.00 to $74.00 in a research report on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $79.68.
The company has a debt-to-equity ratio of 3.98, a current ratio of 1.55 and a quick ratio of 1.39. The firm has a market capitalization of $84.60 billion, a PE ratio of 21.82, a PEG ratio of 1.52 and a beta of 1.59.
QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.07. QUALCOMM had a return on equity of 56.69% and a net margin of 11.57%. The business had revenue of $4.88 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter in the prior year, the firm earned $0.80 EPS. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. Equities research analysts predict that QUALCOMM, Inc. will post 3.31 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Thursday, June 6th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $2.48 dividend on an annualized basis and a yield of 3.56%. QUALCOMM’s payout ratio is presently 77.74%.
In other QUALCOMM news, EVP Michelle M. Sterling sold 5,560 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $86.44, for a total value of $480,606.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Inc/De Qualcomm sold 848,877 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $34.20, for a total value of $29,031,593.40. Following the completion of the transaction, the insider now directly owns 848,877 shares of the company’s stock, valued at approximately $29,031,593.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 949,832 shares of company stock valued at $37,443,538. Insiders own 0.11% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of QCOM. Oregon Public Employees Retirement Fund increased its holdings in QUALCOMM by 9,505.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 33,612,696 shares of the wireless technology company’s stock worth $591,000 after purchasing an additional 33,262,770 shares in the last quarter. Norges Bank acquired a new position in QUALCOMM in the 4th quarter worth about $736,806,000. Bank of New York Mellon Corp increased its stake in shares of QUALCOMM by 24.1% in the fourth quarter. Bank of New York Mellon Corp now owns 25,852,938 shares of the wireless technology company’s stock valued at $1,471,289,000 after buying an additional 5,022,323 shares during the period. FIL Ltd increased its stake in shares of QUALCOMM by 179.2% in the first quarter. FIL Ltd now owns 4,770,291 shares of the wireless technology company’s stock valued at $272,050,000 after buying an additional 3,061,598 shares during the period. Finally, OppenheimerFunds Inc. increased its stake in shares of QUALCOMM by 48.5% in the first quarter. OppenheimerFunds Inc. now owns 3,221,596 shares of the wireless technology company’s stock valued at $183,728,000 after buying an additional 1,052,071 shares during the period. 76.38% of the stock is owned by institutional investors and hedge funds.
QUALCOMM Company Profile (NASDAQ:QCOM)
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.