The price target for Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) has been raised by RBC Capital from $9.00 to $11.00 in a research note to investors published on Thursday, June 12th, 2014. The research firm also assigned an Outperform rating to the stock.
Consensus rating of Hold
Many other analysts have also recently provided an opinion on the Finnish firm. Canaccord Genuity analysts assigned a Buy rating to the stock, raising their price target from $10.25 to $11.00 in a research note published Tuesday, May 27th. Separately, Deutsche Bank analysts raised their rating to Buy from Hold in a research note published Wednesday, May 21st and assigned a price target of $10.12. Jefferies analysts upgraded the stock to Buy from Hold in a research note issued Wednesday, May 21st. Overall, Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) has an average rating of Hold and a consensus price target of $12.09.
In its latest reported earnings, Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V)’s earnings per share came in at $0.03 for the quarter, marginally below analysts’ estimate of $0.04. Revenue for the company came in at $2.66 billion in the quarter, which was down 54.5% compared to the same quarter of last year. The average analyst estimate is that Nokia will post $0.31 earnings per share for the current fiscal year.
Recent developments for Nokia
Recently, the company’s management approved a special dividend payable on July 9th. Shareholders of record on Monday, June 23rd will be paid a dividend of $0.3591 per share. This represents a dividend yield of 2.04%. The ex-dividend date is Thursday, June 19th.
Additionally, the Finnish firm has reaffirmed that it will return part of the 5.6 billion Euros from the Microsoft transaction to shareholders. The board will decide about an ordinary and a special dividend on June 17th at an annual general meeting.
Option demand for Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) increased earlier this month, when traders purchased 9,607 put options, which was an increase of 405% compared to the average volume of 1,904 put options.
Yesterday, Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) revealed plans to acquire Medico, a smart data technology Company in Seattle, to enhance digital map creation that can be customized based on user’s needs. Since Microsoft acquired its smartphone business, Nokia is trying to move beyond just a smartphone company and evolve into a software-based enterprose. The CEO of Nokia’s HERE, Michael Halbherr said that although there are number of analytic platform in the market, only a few have gone into predictive analysis.