QUALCOMM (NASDAQ:QCOM) Issues Q3 2024 Earnings Guidance

QUALCOMM (NASDAQ:QCOM - Get Free Report) updated its third quarter 2024 earnings guidance on Wednesday. The company provided EPS guidance of 2.150-2.350 for the period, compared to the consensus EPS estimate of 2.170. The company issued revenue guidance of $8.8 billion-$9.6 billion, compared to the consensus revenue estimate of $9.1 billion. QUALCOMM also updated its Q3 guidance to $2.15-$2.35 EPS.

QUALCOMM Stock Down 1.0 %

Shares of NASDAQ QCOM traded down $1.74 during mid-day trading on Wednesday, hitting $164.11. The company had a trading volume of 13,056,198 shares, compared to its average volume of 8,535,057. The company has a market capitalization of $183.15 billion, a PE ratio of 23.93, a price-to-earnings-growth ratio of 2.32 and a beta of 1.41. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.56 and a quick ratio of 1.88. QUALCOMM has a 1-year low of $101.47 and a 1-year high of $177.59. The business's 50-day simple moving average is $166.45 and its 200 day simple moving average is $145.75.

QUALCOMM (NASDAQ:QCOM - Get Free Report) last announced its quarterly earnings data on Wednesday, January 31st. The wireless technology company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.43. The business had revenue of $9.94 billion for the quarter, compared to analysts' expectations of $9.50 billion. QUALCOMM had a return on equity of 38.06% and a net margin of 21.39%. On average, analysts predict that QUALCOMM will post 7.64 earnings per share for the current year.

QUALCOMM Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, May 30th will be paid a $0.85 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This is a boost from QUALCOMM's previous quarterly dividend of $0.80. This represents a $3.40 dividend on an annualized basis and a yield of 2.07%. QUALCOMM's dividend payout ratio (DPR) is currently 46.38%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on QCOM. StockNews.com upgraded QUALCOMM from a buy rating to a strong-buy rating in a research note on Tuesday. Benchmark began coverage on QUALCOMM in a research note on Tuesday, April 23rd. They issued a buy rating and a $200.00 price target on the stock. Rosenblatt Securities lifted their target price on QUALCOMM from $160.00 to $170.00 and gave the stock a buy rating in a research report on Thursday, February 1st. TD Cowen lifted their target price on QUALCOMM from $160.00 to $170.00 and gave the stock an outperform rating in a research report on Thursday, February 1st. Finally, Susquehanna lifted their target price on QUALCOMM from $175.00 to $205.00 and gave the stock a positive rating in a research report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $160.68.

Insiders Place Their Bets

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the business's stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $173.49, for a total transaction of $520,470.00. Following the transaction, the chief financial officer now owns 69,343 shares in the company, valued at approximately $12,030,317.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the business's stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $173.49, for a total transaction of $520,470.00. Following the sale, the chief financial officer now owns 69,343 shares of the company's stock, valued at approximately $12,030,317.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Neil Martin sold 371 shares of the business's stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $149.83, for a total value of $55,586.93. Following the sale, the chief accounting officer now directly owns 689 shares in the company, valued at approximately $103,232.87. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 36,260 shares of company stock worth $5,973,728. Company insiders own 0.08% of the company's stock.

QUALCOMM Company Profile

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry 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 3G/4G/5G and other technologies for use in wireless voice and data communications, networking, computing, multimedia, and position location products.

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