QUALCOMM (NASDAQ:QCOM) had its price objective decreased by Canaccord Genuity from $86.00 to $75.00 in a research report issued on Thursday, Marketbeat reports. The brokerage presently has a “buy” rating on the wireless technology company’s stock. Canaccord Genuity’s target price would indicate a potential upside of 32.23% from the stock’s current price.
Several other equities research analysts have also commented on the company. Bank of America dropped their price target on QUALCOMM from $70.00 to $67.00 and set a “neutral” rating for the company in a research note on Thursday. Cowen lowered their target price on QUALCOMM from $80.00 to $73.00 and set an “outperform” rating for the company in a research note on Thursday. BidaskClub lowered QUALCOMM from a “hold” rating to a “sell” rating in a research note on Thursday. ValuEngine lowered QUALCOMM from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, UBS Group increased their target price on QUALCOMM from $62.00 to $67.00 and gave the company a “neutral” rating in a research note on Monday, November 5th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $70.86.
NASDAQ:QCOM traded down $1.33 on Thursday, hitting $56.72. 21,741,417 shares of the stock were exchanged, compared to its average volume of 15,329,802. The firm has a market capitalization of $92.86 billion, a PE ratio of 19.82, a P/E/G ratio of 1.96 and a beta of 1.69. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.73 and a quick ratio of 2.62. QUALCOMM has a fifty-two week low of $48.56 and a fifty-two week high of $76.50.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, November 7th. The wireless technology company reported $0.90 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.20. The company had revenue of $5.83 billion during the quarter, compared to analyst estimates of $5.54 billion. QUALCOMM had a positive return on equity of 19.92% and a negative net margin of 21.40%. The firm’s revenue was down 2.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.92 earnings per share. As a group, research analysts anticipate that QUALCOMM will post 2.8 earnings per share for the current year.
QUALCOMM announced that its board has initiated a share repurchase plan on Thursday, July 26th that authorizes the company to repurchase $30.00 billion in shares. This repurchase authorization authorizes the wireless technology company to buy up to 34.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
In other QUALCOMM news, President Cristiano R. Amon sold 88,625 shares of the firm’s stock in a transaction that occurred on Wednesday, October 10th. The stock was sold at an average price of $68.81, for a total transaction of $6,098,286.25. Following the completion of the sale, the president now owns 58,045 shares in the company, valued at approximately $3,994,076.45. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Alexander H. Rogers sold 853 shares of the firm’s stock in a transaction that occurred on Monday, October 29th. The shares were sold at an average price of $63.50, for a total value of $54,165.50. Following the sale, the executive vice president now owns 4,344 shares of the company’s stock, valued at approximately $275,844. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,638 shares of company stock valued at $6,302,079. 0.17% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Telemus Capital LLC grew its stake in QUALCOMM by 8.7% during the 2nd quarter. Telemus Capital LLC now owns 9,860 shares of the wireless technology company’s stock valued at $553,000 after purchasing an additional 787 shares in the last quarter. Ascension Asset Management LLC lifted its holdings in QUALCOMM by 3.2% during the 2nd quarter. Ascension Asset Management LLC now owns 25,542 shares of the wireless technology company’s stock worth $1,433,000 after buying an additional 800 shares during the last quarter. Accurate Investment Solutions Inc. lifted its holdings in QUALCOMM by 1.3% during the 3rd quarter. Accurate Investment Solutions Inc. now owns 62,870 shares of the wireless technology company’s stock worth $4,529,000 after buying an additional 804 shares during the last quarter. KCM Investment Advisors LLC lifted its holdings in QUALCOMM by 7.8% during the 2nd quarter. KCM Investment Advisors LLC now owns 11,113 shares of the wireless technology company’s stock worth $624,000 after buying an additional 808 shares during the last quarter. Finally, Bradley Foster & Sargent Inc. CT lifted its holdings in QUALCOMM by 2.9% during the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 29,757 shares of the wireless technology company’s stock worth $1,670,000 after buying an additional 825 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.
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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