QUALCOMM (NASDAQ:QCOM) Given Buy Rating at Canaccord Genuity

Canaccord Genuity reissued their buy rating on shares of QUALCOMM (NASDAQ:QCOM) in a research report report published on Thursday morning, AnalystRatings.com reports. The brokerage currently has a $102.00 target price on the wireless technology company’s stock.

Several other brokerages also recently commented on QCOM. BidaskClub raised shares of QUALCOMM from a sell rating to a hold rating in a research note on Saturday, May 9th. Morgan Stanley increased their price objective on shares of QUALCOMM from $78.00 to $83.00 and gave the stock an equal weight rating in a research report on Thursday, April 30th. Charter Equity reissued a hold rating on shares of QUALCOMM in a research report on Thursday, April 30th. JPMorgan Chase & Co. increased their price objective on shares of QUALCOMM from $94.00 to $100.00 and gave the stock an overweight rating in a research report on Thursday, April 30th. Finally, Piper Sandler assumed coverage on shares of QUALCOMM in a research report on Wednesday, March 4th. They set a neutral rating and a $80.00 price objective for the company. Five 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 company. QUALCOMM has a consensus rating of Hold and a consensus price target of $88.57.

NASDAQ:QCOM traded up $0.70 during trading hours on Thursday, hitting $78.70. The stock had a trading volume of 5,527,814 shares, compared to its average volume of 11,298,840. QUALCOMM has a one year low of $58.00 and a one year high of $96.17. The company has a debt-to-equity ratio of 4.42, a quick ratio of 1.39 and a current ratio of 1.57. The company has a market cap of $90.70 billion, a price-to-earnings ratio of 23.28, a P/E/G ratio of 1.42 and a beta of 1.36. The business’s 50 day moving average is $75.19 and its 200-day moving average is $82.06.

QUALCOMM (NASDAQ:QCOM) last issued its earnings results on Wednesday, April 29th. The wireless technology company reported $0.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.79 by $0.09. QUALCOMM had a net margin of 16.36% and a return on equity of 69.92%. The firm had revenue of $5.21 billion during the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter in the prior year, the firm earned $0.77 earnings per share. The business’s quarterly revenue was up 6.6% on a year-over-year basis. On average, sell-side analysts anticipate that QUALCOMM will post 3.08 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 4th will be paid a $0.65 dividend. The ex-dividend date is Wednesday, June 3rd. This represents a $2.60 dividend on an annualized basis and a yield of 3.30%. This is a boost from QUALCOMM’s previous quarterly dividend of $0.62. QUALCOMM’s dividend payout ratio (DPR) is currently 87.32%.

In other QUALCOMM news, CAO Erin L. Polek sold 1,646 shares of the stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $79.47, for a total value of $130,807.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.12% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of QCOM. Norges Bank acquired a new stake in shares of QUALCOMM during the 4th quarter worth about $1,044,613,000. Renaissance Technologies LLC lifted its stake in shares of QUALCOMM by 346.1% during the 4th quarter. Renaissance Technologies LLC now owns 5,756,507 shares of the wireless technology company’s stock worth $507,897,000 after buying an additional 4,466,107 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of QUALCOMM by 238.9% during the 4th quarter. Janus Henderson Group PLC now owns 4,558,447 shares of the wireless technology company’s stock worth $402,193,000 after buying an additional 3,213,243 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of QUALCOMM by 110.4% during the 4th quarter. Alliancebernstein L.P. now owns 5,969,697 shares of the wireless technology company’s stock worth $526,706,000 after buying an additional 3,132,675 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of QUALCOMM by 31.2% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,178,776 shares of the wireless technology company’s stock worth $417,994,000 after buying an additional 1,467,770 shares during the last quarter. Institutional investors own 76.65% of the company’s stock.

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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Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

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