BidaskClub upgraded shares of QUALCOMM (NASDAQ:QCOM) from a sell rating to a hold rating in a report issued on Wednesday morning.
Several other research firms have also recently weighed in on QCOM. Deutsche Bank boosted their price target on QUALCOMM to $70.00 and gave the stock a hold rating in a report on Wednesday, September 19th. KeyCorp assumed coverage on QUALCOMM in a report on Tuesday, September 25th. They set a sector weight rating on the stock. Canaccord Genuity reduced their price target on QUALCOMM from $88.00 to $86.00 and set a buy rating on the stock in a report on Tuesday, September 25th. Tigress Financial restated a buy rating on shares of QUALCOMM in a report on Friday, September 28th. Finally, Stifel Nicolaus boosted their price target on QUALCOMM from $58.00 to $62.00 and gave the stock a hold rating in a report on Thursday, September 27th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have given a buy rating to the stock. QUALCOMM currently has an average rating of Buy and a consensus price target of $71.12.
Shares of NASDAQ:QCOM traded down $0.72 during midday trading on Wednesday, hitting $62.48. 17,043,102 shares of the stock were exchanged, compared to its average volume of 14,904,814. The stock has a market cap of $91.79 billion, a P/E ratio of 16.53, a price-to-earnings-growth ratio of 2.05 and a beta of 1.67. The company has a current ratio of 2.73, a quick ratio of 2.62 and a debt-to-equity ratio of 0.67. QUALCOMM has a 12 month low of $48.56 and a 12 month high of $76.50.
QUALCOMM declared that its Board of Directors has initiated a stock buyback plan on Thursday, July 26th that allows the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization allows the wireless technology company to repurchase up to 34.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The business 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 $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.97%. The ex-dividend date of this dividend is Wednesday, December 5th. QUALCOMM’s payout ratio is presently 65.61%.
In other QUALCOMM news, EVP Alexander H. Rogers sold 854 shares of the business’s stock in a transaction that occurred on Thursday, September 27th. The stock was sold at an average price of $72.18, for a total value of $61,641.72. Following the transaction, the executive vice president now directly owns 5,197 shares of the company’s stock, valued at $375,119.46. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Alexander H. Rogers sold 1,306 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The shares were 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. Over the last three months, insiders sold 90,785 shares of company stock worth $6,247,913. Insiders own 0.17% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of QCOM. Bank of New York Mellon Corp raised its position in shares of QUALCOMM by 13.4% during the second quarter. Bank of New York Mellon Corp now owns 20,853,688 shares of the wireless technology company’s stock worth $1,170,308,000 after purchasing an additional 2,463,511 shares during the period. Parnassus Investments CA raised its position in shares of QUALCOMM by 3.6% during the second quarter. Parnassus Investments CA now owns 10,150,000 shares of the wireless technology company’s stock worth $569,618,000 after purchasing an additional 350,000 shares during the period. Schwab Charles Investment Management Inc. raised its position in shares of QUALCOMM by 3.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 9,687,604 shares of the wireless technology company’s stock worth $543,669,000 after purchasing an additional 323,005 shares during the period. Waddell & Reed Financial Inc. raised its position in shares of QUALCOMM by 18.8% during the second quarter. Waddell & Reed Financial Inc. now owns 5,029,933 shares of the wireless technology company’s stock worth $282,280,000 after purchasing an additional 794,924 shares during the period. Finally, Swiss National Bank raised its position in shares of QUALCOMM by 3.5% during the second quarter. Swiss National Bank now owns 4,894,065 shares of the wireless technology company’s stock worth $274,655,000 after purchasing an additional 164,400 shares during the period. 77.35% 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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