Analysts predict that QUALCOMM, Inc. (NASDAQ:QCOM) will post $5.53 billion in sales for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for QUALCOMM’s earnings. The lowest sales estimate is $5.50 billion and the highest is $5.60 billion. QUALCOMM posted sales of $5.91 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 6.4%. The business is expected to report its next earnings results after the market closes on Wednesday, November 7th.
On average, analysts expect that QUALCOMM will report full-year sales of $22.44 billion for the current fiscal year, with estimates ranging from $22.40 billion to $22.50 billion. For the next year, analysts forecast that the business will report sales of $21.49 billion, with estimates ranging from $21.07 billion to $21.80 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for QUALCOMM.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.30. QUALCOMM had a positive return on equity of 19.06% and a negative net margin of 18.41%. The firm had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $5.19 billion. During the same period in the prior year, the firm earned $0.83 EPS. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year.
A number of equities analysts have weighed in on QCOM shares. Canaccord Genuity upped their price objective on shares of QUALCOMM from $81.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, August 23rd. Cowen raised shares of QUALCOMM from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $64.00 to $80.00 in a research report on Monday, August 6th. Nomura upped their price objective on shares of QUALCOMM from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, September 4th. Royal Bank of Canada upped their price objective on shares of QUALCOMM to $77.00 and gave the company an “outperform” rating in a research report on Friday, September 7th. Finally, Rosenblatt Securities raised shares of QUALCOMM from a “neutral” rating to a “buy” rating and upped their price objective for the company from $56.00 to $70.00 in a research report on Monday, August 20th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $71.12.
In related news, EVP Alexander H. Rogers sold 854 shares of the stock in a transaction dated Thursday, September 27th. The shares were sold at an average price of $72.18, for a total transaction of $61,641.72. Following the sale, the executive vice president now owns 5,197 shares in the company, valued at $375,119.46. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Alexander H. Rogers sold 828 shares of the stock in a transaction dated Friday, July 27th. The stock was sold at an average price of $63.40, for a total transaction of $52,495.20. Following the sale, the executive vice president now owns 7,170 shares in the company, valued at approximately $454,578. The disclosure for this sale can be found here. Insiders have sold 91,613 shares of company stock worth $6,300,408 in the last ninety days. Corporate insiders own 0.24% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in QCOM. Bank of New York Mellon Corp raised its stake in 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 acquiring an additional 2,463,511 shares during the period. Millennium Management LLC increased its stake in shares of QUALCOMM by 121.1% in the second quarter. Millennium Management LLC now owns 3,254,918 shares of the wireless technology company’s stock valued at $182,666,000 after purchasing an additional 1,782,585 shares during the period. Putnam Investments LLC increased its stake in shares of QUALCOMM by 128.4% in the second quarter. Putnam Investments LLC now owns 2,506,811 shares of the wireless technology company’s stock valued at $140,682,000 after purchasing an additional 1,409,034 shares during the period. Waddell & Reed Financial Inc. increased its stake in shares of QUALCOMM by 18.8% in the second quarter. Waddell & Reed Financial Inc. now owns 5,029,933 shares of the wireless technology company’s stock valued at $282,280,000 after purchasing an additional 794,924 shares during the period. Finally, Robecosam AG acquired a new stake in shares of QUALCOMM in the first quarter valued at approximately $41,003,000. Hedge funds and other institutional investors own 77.39% of the company’s stock.
NASDAQ:QCOM remained flat at $$64.29 on Friday. 15,656,298 shares of the company’s stock were exchanged, compared to its average volume of 11,885,420. The company has a current ratio of 2.73, a quick ratio of 2.62 and a debt-to-equity ratio of 0.67. The stock has a market cap of $105.82 billion, a PE ratio of 17.01, a P/E/G ratio of 2.12 and a beta of 1.66. QUALCOMM has a one year low of $48.56 and a one year high of $76.50.
QUALCOMM declared that its Board of Directors has approved a stock repurchase program on Thursday, July 26th that authorizes the company to buyback $30.00 billion in outstanding shares. This buyback authorization authorizes the wireless technology company to reacquire up to 34.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
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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