Cowen Reaffirms “Outperform” Rating for QUALCOMM (NASDAQ:QCOM)

Cowen restated their outperform rating on shares of QUALCOMM (NASDAQ:QCOM) in a research note published on Thursday morning, The Fly reports. They currently have a $100.00 price objective on the wireless technology company’s stock, up from their prior price objective of $80.00.

A number of other analysts have also recently commented on the stock. Canaccord Genuity set a $87.00 target price on shares of QUALCOMM and gave the stock a buy rating in a research note on Wednesday, October 9th. Rosenblatt Securities reissued a buy rating and set a $95.00 target price on shares of QUALCOMM in a research note on Thursday. Royal Bank of Canada reissued a sector perform rating and set a $79.00 target price on shares of QUALCOMM in a research note on Monday, July 22nd. TheStreet raised shares of QUALCOMM from a c+ rating to a b- rating in a research note on Thursday, August 1st. Finally, DZ Bank reissued a sell rating on shares of QUALCOMM in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $85.18.

Shares of NASDAQ:QCOM traded up $4.05 on Thursday, hitting $94.03. 16,371,200 shares of the company were exchanged, compared to its average volume of 14,163,117. QUALCOMM has a 1-year low of $49.10 and a 1-year high of $94.11. The company has a current ratio of 1.77, a quick ratio of 1.61 and a debt-to-equity ratio of 2.46. The stock’s 50 day moving average price is $78.92 and its 200 day moving average price is $76.48. The firm has a market capitalization of $103.89 billion, a P/E ratio of 33.11, a price-to-earnings-growth ratio of 2.03 and a beta of 1.59.

QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, November 6th. The wireless technology company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.07. The business had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.71 billion. QUALCOMM had a net margin of 13.41% and a return on equity of 112.21%. The company’s quarterly revenue was down 17.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.90 earnings per share. On average, equities analysts predict that QUALCOMM will post 3.29 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $2.48 dividend on an annualized basis and a yield of 2.64%. QUALCOMM’s payout ratio is presently 87.32%.

In related news, EVP Michelle M. Sterling sold 10,398 shares of the business’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $75.01, for a total transaction of $779,953.98. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Cristiano R. Amon sold 8,611 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $80.03, for a total transaction of $689,138.33. Following the transaction, the president now owns 50,434 shares in the company, valued at $4,036,233.02. The disclosure for this sale can be found here. Insiders have sold 19,118 shares of company stock worth $1,477,392 over the last 90 days. 0.11% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in QUALCOMM by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 99,900,654 shares of the wireless technology company’s stock valued at $7,599,444,000 after purchasing an additional 2,296,163 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in QUALCOMM by 49.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 35,136,722 shares of the wireless technology company’s stock valued at $2,672,850,000 after purchasing an additional 11,686,131 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in QUALCOMM by 8.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 25,383,855 shares of the wireless technology company’s stock valued at $1,930,950,000 after purchasing an additional 2,035,743 shares during the last quarter. Primecap Management Co. CA boosted its holdings in QUALCOMM by 0.3% in the 2nd quarter. Primecap Management Co. CA now owns 24,716,715 shares of the wireless technology company’s stock valued at $1,880,201,000 after purchasing an additional 83,270 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in QUALCOMM by 1.9% in the 2nd quarter. Northern Trust Corp now owns 15,783,756 shares of the wireless technology company’s stock valued at $1,200,669,000 after purchasing an additional 301,087 shares during the last quarter. Hedge funds and other institutional investors own 78.30% of the company’s stock.

QUALCOMM Company Profile

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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Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

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