QUALCOMM, Inc. (QCOM) Upgraded to Strong-Buy at Vetr Inc.

Vetr upgraded shares of QUALCOMM, Inc. (NASDAQ:QCOM) from a buy rating to a strong-buy rating in a research note issued to investors on Monday, May 8th. They currently have $61.20 price target on the wireless technology company’s stock.

Several other equities analysts also recently weighed in on the stock. Instinet lowered their price target on shares of QUALCOMM from $65.00 to $60.00 and set a neutral rating on the stock in a report on Monday, May 8th. Sanford C. Bernstein reaffirmed a market perform rating on shares of QUALCOMM in a report on Friday, May 5th. Susquehanna Bancshares Inc reaffirmed a positive rating and set a $61.00 price target (down previously from $63.00) on shares of QUALCOMM in a report on Thursday, May 4th. Canaccord Genuity lowered their price target on shares of QUALCOMM from $75.00 to $70.00 and set a buy rating on the stock in a report on Wednesday, May 3rd. Finally, JPMorgan Chase & Co. lowered their target price on shares of QUALCOMM from $55.00 to $50.00 and set a neutral rating on the stock in a report on Tuesday, May 2nd. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $63.62.

QUALCOMM (NASDAQ:QCOM) traded up 2.76% during mid-day trading on Monday, hitting $57.67. 16,643,755 shares of the company were exchanged. The company’s 50-day moving average is $54.68 and its 200 day moving average is $59.97. The company has a market capitalization of $85.20 billion, a P/E ratio of 19.22 and a beta of 1.31. QUALCOMM has a 12-month low of $50.84 and a 12-month high of $71.62. QUALCOMM also saw unusually large options trading activity on Friday. Traders purchased 51,480 call options on the company. This is an increase of approximately 364% compared to the average volume of 11,084 call options.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, April 19th. The wireless technology company reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.29. The company had revenue of $5.99 billion for the quarter, compared to the consensus estimate of $5.86 billion. QUALCOMM had a net margin of 20.56% and a return on equity of 20.25%. The firm’s revenue was up 8.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.04 earnings per share. Analysts expect that QUALCOMM will post $4.23 EPS for the current year.

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The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 21st. Shareholders of record on Wednesday, May 31st will be given a $0.57 dividend. This is an increase from QUALCOMM’s previous quarterly dividend of $0.53. This represents a $2.28 annualized dividend and a yield of 3.95%. The ex-dividend date of this dividend is Friday, May 26th. QUALCOMM’s payout ratio is currently 64.63%.

In other news, EVP Donald J. Rosenberg sold 10,701 shares of QUALCOMM stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $55.02, for a total value of $588,769.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ann M. Livermore acquired 9,000 shares of the firm’s stock in a transaction dated Thursday, May 11th. The stock was bought at an average price of $54.59 per share, with a total value of $491,310.00. The disclosure for this purchase can be found here. Insiders own 0.24% of the company’s stock.

Several institutional investors have recently made changes to their positions in QCOM. BlackRock Inc. boosted its position in shares of QUALCOMM by 2,987.8% in the first quarter. BlackRock Inc. now owns 102,896,916 shares of the wireless technology company’s stock valued at $5,900,110,000 after buying an additional 99,564,587 shares during the last quarter. Norges Bank bought a new position in shares of QUALCOMM during the fourth quarter valued at about $922,599,000. The Manufacturers Life Insurance Company bought a new position in shares of QUALCOMM during the third quarter valued at about $408,900,000. Nordea Investment Management AB boosted its position in shares of QUALCOMM by 589.4% in the first quarter. Nordea Investment Management AB now owns 5,912,226 shares of the wireless technology company’s stock valued at $339,007,000 after buying an additional 5,054,642 shares during the last quarter. Finally, Capital World Investors boosted its position in shares of QUALCOMM by 57.2% in the third quarter. Capital World Investors now owns 11,400,000 shares of the wireless technology company’s stock valued at $780,900,000 after buying an additional 4,150,000 shares during the last quarter. Institutional investors and hedge funds own 79.28% of the company’s stock.

About QUALCOMM

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.

12 Month Chart for NASDAQ:QCOM

To view Vetr’s full report, visit Vetr’s official website.

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