QUALCOMM (NASDAQ:QCOM) was upgraded by equities researchers at Macquarie from a “neutral” rating to an “outperform” rating in a note issued to investors on Tuesday, MarketBeat reports. The brokerage currently has a $84.00 price target on the wireless technology company’s stock, up from their prior price target of $65.00. Macquarie’s price target suggests a potential upside of 18.49% from the company’s current price.
QCOM has been the topic of a number of other reports. Cowen upped their price target on shares of QUALCOMM from $58.00 to $64.00 and gave the stock a “market perform” rating in a report on Thursday, July 26th. BidaskClub upgraded shares of QUALCOMM from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. Canaccord Genuity upped their price target on shares of QUALCOMM from $81.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, August 23rd. Deutsche Bank upped their price target on shares of QUALCOMM to $60.00 and gave the stock a “hold” rating in a report on Monday, July 23rd. Finally, Stifel Nicolaus upped their price objective on shares of QUALCOMM from $54.00 to $58.00 and gave the stock a “hold” rating in a research note on Thursday, July 26th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company. QUALCOMM presently has a consensus rating of “Buy” and a consensus price target of $69.13.
NASDAQ QCOM opened at $70.89 on Tuesday. 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 capitalization of $100.94 billion, a PE ratio of 18.75, a P/E/G ratio of 2.03 and a beta of 1.66. QUALCOMM has a 12 month low of $48.56 and a 12 month high of $71.07.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.30. The firm had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.19 billion. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.83 earnings per share. equities research analysts anticipate that QUALCOMM will post 3.11 earnings per share for the current year.
QUALCOMM announced that its board has authorized a share buyback program on Wednesday, May 9th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the wireless technology company to repurchase up to 12.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
In other QUALCOMM news, EVP Alexander H. Rogers sold 828 shares of the stock in a transaction dated Friday, July 27th. The shares were sold at an average price of $63.40, for a total transaction of $52,495.20. Following the completion of the sale, the executive vice president now directly owns 7,170 shares of the company’s stock, valued at $454,578. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Alexander H. Rogers sold 1,306 shares of the stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $67.37, for a total transaction of $87,985.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,923 shares of company stock valued at $185,098. 0.24% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in QCOM. Dupont Capital Management Corp lifted its position in shares of QUALCOMM by 34.7% during the first quarter. Dupont Capital Management Corp now owns 10,815 shares of the wireless technology company’s stock valued at $599,000 after buying an additional 2,788 shares during the last quarter. QUANTRES ASSET MANAGEMENT Ltd lifted its position in shares of QUALCOMM by 260.7% during the first quarter. QUANTRES ASSET MANAGEMENT Ltd now owns 40,400 shares of the wireless technology company’s stock valued at $2,239,000 after buying an additional 29,200 shares during the last quarter. Capco Asset Management LLC lifted its position in shares of QUALCOMM by 1.5% during the first quarter. Capco Asset Management LLC now owns 210,659 shares of the wireless technology company’s stock valued at $11,673,000 after buying an additional 3,130 shares during the last quarter. Essex Financial Services Inc. purchased a new stake in shares of QUALCOMM during the first quarter valued at about $219,000. Finally, Mackay Shields LLC purchased a new stake in shares of QUALCOMM during the first quarter valued at about $18,788,000. 77.42% of the stock is owned by institutional investors and hedge funds.
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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