The Vanguard Group, Inc. recently announced the acquisition of new stake in QUALCOMM Incorporated (NASDAQ:QCOM). The institutional investor has increased its shareholding in the Technology company by 6.45% to 98.51 million shares with purchase of 5.97 million shares. This fresh investment now brings its stake to 8.73% valued currently at $10.4 billion. In addition, SSgA Funds Management, Inc. raised its holdings by 0.11 million to 47.44 million shares. And Geode Capital Management LLC has lifted its position by 0.98% or 0.16 million shares – to 16.91 million shares.
With over 9.67 million QUALCOMM Incorporated (QCOM) shares trading Monday and a closing price of $119.10 on the day, the dollar volume was approximately $1.15 billion. The shares have shown a positive weekly performance of 2.75% and its price on 08/31/20 gained nearly 0.76%. Currently, there are 1.13B common shares owned by the public and among those 1.13B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 28 analysts who have offered their price forecasts for QCOM have a consensus price objective of $120.46. The analysts have set the share’s price value over the next 12 months at a high of $166.51 and a low of $74.00 should the stock experience a downside. Incidentally, analysts’ outlook for the QUALCOMM Incorporated stock is 2.20 for the next 12 months. The average price target is 0.13% above its last price level and an upside to the estimated low will see the stock lose -60.95% over that period. But an upside of 28.47% will see the stock hit the forecast high price target while mean target price for the stock is $121.00.
Insiders at the company have transacted a total of 134 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 65 of these insider trades were purchases, accounting for 678,862 shares. Insider sales of the common stock occurred on 69 occasions, with total insider shares sold totaling 734,018 shares.
The top 3 mutual fund holders in QUALCOMM Incorporated are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and Invesco QQQ Trust. Vanguard Total Stock Market Index owns 31.97 million shares of the company’s stock, all valued at over $3.38 billion. The company sold 88454.0 shares recently to bring their total holdings to about 2.83% of the shares outstanding. Vanguard 500 Index Fund sold -0.14 million shares to see its total holdings shrink to 23.2 million shares valued at over $2.45 billion and representing 2.06% of the shares outstanding. Invesco QQQ Trust bought 18942.0 shares to bring its total holdings to over 12.69 million shares at a value of $1.34 billion. Invesco QQQ Trust now owns shares totaling to 1.13% of the shares outstanding.
Shares of QUALCOMM Incorporated (NASDAQ: QCOM) opened at $118.332, up $0.13 from a prior closing price of $118.20. However, the script later closed the day at $119.10, up 0.76%. The company’s stock has a 5-day price change of 2.75% and 40.73% over the past three months. QCOM shares are trading 34.99% year to date (YTD), with the 12-month market performance up to 53.14% higher. It has a 12-month low price of $58.00 and touched a high of $118.26 over the same period. Currently, 9.67 million shares have been traded, compared to an average intraday trading volume of 9.69 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.85%, 18.71%, and 37.69% respectively.
Institutional ownership of QUALCOMM Incorporated (NASDAQ: QCOM) shares accounts for 77.80% of the company’s 1.13B shares outstanding. Mutual fund holders own 32.31%, while other institutional holders and individual stakeholders account for 44.87% and 2.24% respectively.
It has a market capitalization of $131.90B and a beta (3y monthly) value of 1.37. The stock’s trailing 12-month PE ratio is 50.36, while the earnings-per-share (ttm) stands at $2.37. The company has a PEG of 1.88 and a Quick Ratio of 1.70 with the debt-to-equity ratio at 4.82. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.05% over the week and 2.91% over the month.
Analysts forecast that QUALCOMM Incorporated (QCOM) will achieve an EPS of $1.16 for the current quarter, $1.66 for the next quarter and $6.4 for 2021. The lowest estimate earnings-per-share for the quarter is $1.01 while analysts give the company a high EPS estimate of $1.26. Comparatively, EPS for the current quarter was $0.78 a year ago. Earnings per share for the fiscal year are expected to increase by 216.30%, and 62.74% over the next financial year. EPS should grow at an annualized rate of 26.81% over the next five years, compared to -4.00% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 28 brokerage firm advisors rate QUALCOMM Incorporated (QCOM) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 17 Wall Street analysts polled rate the stock as a buy, while 6 of the 28 advise that investors “hold,” and 3 rated it as a “Sell.”
Looking at the support for the QCOM, a number of firms have released research notes about the stock. Bernstein stated their Outperform rating for the stock in a research note on August 03, 2020, with the firm’s price target at $135. Edward Jones coverage for the QUALCOMM Incorporated (QCOM) stock in a research note released on July 31, 2020 offered a Hold rating with a price target of. Cowen was of a view on July 30, 2020 that the stock is Outperform, while Canaccord Genuity gave the stock Buy rating on July 30, 2020, issuing a price target of $115- $137. JP Morgan on their part issued Overweight rating on July 27, 2020.