A number of other research firms also recently issued reports on QCOM. JPMorgan Chase & Co. lifted their target price on QUALCOMM from $180.00 to $200.00 and gave the company an overweight rating in a research report on Thursday, November 4th. Piper Sandler boosted their price objective on shares of QUALCOMM from $190.00 to $225.00 and gave the company an overweight rating in a research report on Wednesday, November 17th. The Goldman Sachs Group upgraded shares of QUALCOMM from a neutral rating to a buy rating and boosted their price objective for the company from $162.00 to $194.00 in a research report on Thursday, November 4th. Jefferies Financial Group started coverage on shares of QUALCOMM in a research report on Friday, October 1st. They set a hold rating and a $137.00 price target on the stock. Finally, Wells Fargo & Company boosted their price target on shares of QUALCOMM from $138.00 to $150.00 and gave the company an equal weight rating in a research report on Thursday, November 4th. Eleven investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, QUALCOMM has a consensus rating of Buy and an average target price of $183.87.
Shares of QCOM stock opened at $188.69 on Wednesday. The company has a current ratio of 1.68, a quick ratio of 1.41 and a debt-to-equity ratio of 1.38. The company has a market capitalization of $211.33 billion, a P/E ratio of 23.98, a P/E/G ratio of 1.25 and a beta of 1.24. QUALCOMM has a 12 month low of $122.17 and a 12 month high of $193.58. The stock has a 50 day moving average of $180.28 and a two-hundred day moving average of $153.56.
QUALCOMM declared that its Board of Directors has initiated a share repurchase plan on Tuesday, October 12th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the wireless technology company to buy up to 7.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other news, insider Alexander H. Rogers sold 21,006 shares of QUALCOMM stock in a transaction dated Tuesday, December 7th. The stock was sold at an average price of $179.94, for a total value of $3,779,819.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Erin L. Polek sold 2,847 shares of the business’s stock in a transaction that occurred on Monday, November 22nd. The stock was sold at an average price of $180.98, for a total value of $515,250.06. The disclosure for this sale can be found here. Insiders sold a total of 44,229 shares of company stock worth $8,058,506 in the last 90 days. 0.14% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Amundi acquired a new position in QUALCOMM during the second quarter worth $1,068,606,000. Alliancebernstein L.P. boosted its position in QUALCOMM by 31.6% during the third quarter. Alliancebernstein L.P. now owns 18,239,945 shares of the wireless technology company’s stock worth $2,352,588,000 after purchasing an additional 4,375,459 shares in the last quarter. Boston Partners purchased a new stake in shares of QUALCOMM in the second quarter valued at $384,470,000. Morgan Stanley lifted its position in shares of QUALCOMM by 25.5% in the second quarter. Morgan Stanley now owns 12,960,679 shares of the wireless technology company’s stock valued at $1,852,471,000 after acquiring an additional 2,630,436 shares in the last quarter. Finally, Nordea Investment Management AB lifted its position in shares of QUALCOMM by 302.5% in the third quarter. Nordea Investment Management AB now owns 3,292,866 shares of the wireless technology company’s stock valued at $429,982,000 after acquiring an additional 2,474,762 shares in the last quarter. Institutional investors own 72.08% of the company’s stock.
QUALCOMM, Inc engages in the development, design, and provision of digital telecommunications products and services. It operates through the following 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 technologies for the use in voice and data communications, networking, application processing, multimedia, and global positioning system products.
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