Qualcomm (QCOM) Downgraded to Hold at ValuEngine

ValuEngine cut shares of Qualcomm (NASDAQ:QCOM) from a buy rating to a hold rating in a research note released on Monday morning.

Other research analysts have also issued research reports about the stock. KeyCorp increased their price target on shares of Qualcomm from $68.00 to $73.00 and gave the stock a buy rating in a research report on Thursday, February 1st. Deutsche Bank assumed coverage on shares of Qualcomm in a research report on Thursday, March 15th. They issued a hold rating and a $60.00 price target for the company. Canaccord Genuity increased their price target on shares of Qualcomm from $83.00 to $86.00 and gave the stock a buy rating in a research report on Wednesday, January 17th. Vetr lowered shares of Qualcomm from a strong-buy rating to a buy rating and set a $76.42 price target for the company. in a research report on Thursday, February 1st. Finally, Mizuho reissued a buy rating and issued a $64.00 price target (down previously from $75.00) on shares of Qualcomm in a research report on Wednesday, April 18th. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $65.67.

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NASDAQ:QCOM opened at $50.53 on Monday. Qualcomm has a 12-month low of $48.92 and a 12-month high of $69.28. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.41 and a quick ratio of 3.25. The stock has a market capitalization of $76,149.88, a P/E ratio of 13.37, a price-to-earnings-growth ratio of 1.60 and a beta of 1.44.

Qualcomm (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, January 31st. The wireless technology company reported $0.98 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.07. Qualcomm had a negative net margin of 18.65% and a positive return on equity of 18.10%. The firm had revenue of $6.10 billion during the quarter, compared to analyst estimates of $5.93 billion. During the same quarter in the prior year, the business posted $1.19 earnings per share. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. equities analysts predict that Qualcomm will post 2.8 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 20th. Investors of record on Wednesday, May 30th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Tuesday, May 29th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.91%. This is a positive change from Qualcomm’s previous quarterly dividend of $0.57. Qualcomm’s dividend payout ratio (DPR) is currently 60.32%.

In related news, EVP James H. Thompson sold 50,126 shares of the firm’s stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $62.66, for a total value of $3,140,895.16. Following the completion of the sale, the executive vice president now owns 136,482 shares of the company’s stock, valued at $8,551,962.12. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Alexander H. Rogers sold 713 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $68.20, for a total transaction of $48,626.60. Following the completion of the sale, the executive vice president now directly owns 10,403 shares of the company’s stock, valued at approximately $709,484.60. The disclosure for this sale can be found here. In the last three months, insiders sold 52,682 shares of company stock valued at $3,306,030. 0.24% of the stock is currently owned by company insiders.

Several institutional investors have recently modified their holdings of the stock. Green Square Capital LLC boosted its stake in Qualcomm by 45.5% in the fourth quarter. Green Square Capital LLC now owns 148,180 shares of the wireless technology company’s stock valued at $9,486,000 after acquiring an additional 46,306 shares during the last quarter. D.B. Root & Company LLC bought a new position in Qualcomm in the fourth quarter valued at approximately $659,000. Rehmann Capital Advisory Group boosted its stake in Qualcomm by 8.7% in the fourth quarter. Rehmann Capital Advisory Group now owns 14,559 shares of the wireless technology company’s stock valued at $932,000 after acquiring an additional 1,167 shares during the last quarter. Albion Financial Group UT boosted its stake in Qualcomm by 4.4% in the fourth quarter. Albion Financial Group UT now owns 46,627 shares of the wireless technology company’s stock valued at $2,985,000 after acquiring an additional 1,952 shares during the last quarter. Finally, Xact Kapitalforvaltning AB boosted its stake in Qualcomm by 8.6% in the fourth quarter. Xact Kapitalforvaltning AB now owns 266,902 shares of the wireless technology company’s stock valued at $17,087,000 after acquiring an additional 21,174 shares during the last quarter. 78.20% of the stock is owned by institutional investors and hedge funds.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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