BMO Capital Markets Reaffirms Market Perform Rating for QUALCOMM Incorporated (QCOM)

BMO Capital Markets reiterated their market perform rating on shares of QUALCOMM Incorporated (NASDAQ:QCOM) in a report issued on Thursday, August 24th. BMO Capital Markets currently has a $55.00 target price on the wireless technology company’s stock.

A number of other brokerages have also weighed in on QCOM. ValuEngine lowered shares of QUALCOMM from a buy rating to a hold rating in a research note on Tuesday, July 25th. BidaskClub lowered shares of QUALCOMM from a sell rating to a strong sell rating in a research note on Monday, July 24th. Zacks Investment Research lowered shares of QUALCOMM from a hold rating to a strong sell rating in a research note on Tuesday, June 20th. Northland Securities lowered shares of QUALCOMM from an outperform rating to a market perform rating and dropped their price objective for the stock from $75.00 to $62.50 in a research note on Wednesday, June 28th. Finally, Vetr raised shares of QUALCOMM from a buy rating to a strong-buy rating and set a $62.13 price objective for the company in a report on Tuesday, June 27th. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $63.96.

QUALCOMM (NASDAQ:QCOM) traded down 2.332% during midday trading on Thursday, reaching $49.205. The company had a trading volume of 5,488,216 shares. The firm has a 50-day moving average of $52.51 and a 200-day moving average of $55.32. QUALCOMM has a 12 month low of $48.92 and a 12 month high of $71.62. The stock has a market cap of $72.63 billion, a P/E ratio of 18.845 and a beta of 1.29.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.02. The firm had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.25 billion. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The company’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.16 EPS. On average, equities analysts expect that QUALCOMM will post $4.16 EPS for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, August 30th will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 4.53%. The ex-dividend date is Monday, August 28th. QUALCOMM’s dividend payout ratio is presently 87.36%.

In other QUALCOMM news, EVP Michelle M. Sterling sold 4,740 shares of the firm’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $51.88, for a total transaction of $245,911.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Derek K. Aberle sold 23,104 shares of the firm’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $55.38, for a total transaction of $1,279,499.52. Following the transaction, the president now directly owns 5,855 shares in the company, valued at approximately $324,249.90. The disclosure for this sale can be found here. Insiders sold a total of 28,995 shares of company stock worth $1,587,390 in the last ninety days. 0.17% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Intl Fcstone Inc. increased its position in QUALCOMM by 132.9% during the 2nd quarter. Intl Fcstone Inc. now owns 35,695 shares of the wireless technology company’s stock valued at $1,971,000 after purchasing an additional 20,366 shares during the period. Griffin Asset Management Inc. bought a new stake in shares of QUALCOMM in the 2nd quarter valued at about $4,888,000. Gs Investments Inc. bought a new stake in shares of QUALCOMM in the 2nd quarter valued at about $650,000. United Bank VA boosted its holdings in shares of QUALCOMM by 13.9% in the 2nd quarter. United Bank VA now owns 64,846 shares of the wireless technology company’s stock valued at $3,581,000 after buying an additional 7,929 shares in the last quarter. Finally, Paradigm Financial Advisors LLC boosted its holdings in shares of QUALCOMM by 23.1% in the 2nd quarter. Paradigm Financial Advisors LLC now owns 74,976 shares of the wireless technology company’s stock valued at $4,140,000 after buying an additional 14,056 shares in the last quarter. 77.09% of the stock is currently owned by institutional investors and hedge funds.

QUALCOMM Company Profile

QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.

Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

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