QUALCOMM Incorporated (NASDAQ:QCOM) was upgraded by analysts at Northland Securities from a “market perform” rating to an “outperform” rating in a report issued on Friday. The brokerage presently has a $62.50 target price on the wireless technology company’s stock. Northland Securities’ price target points to a potential upside of 19.75% from the company’s previous close.
Several other research firms also recently weighed in on QCOM. BMO Capital Markets reissued a “market perform” rating on shares of QUALCOMM in a report on Sunday, May 21st. J P Morgan Chase & Co upgraded QUALCOMM from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $50.00 to $68.00 in a research report on Monday, May 22nd. Vetr cut QUALCOMM from a “buy” rating to a “hold” rating and set a $60.62 price objective for the company. in a research report on Monday, May 22nd. Stifel Nicolaus increased their price objective on QUALCOMM from $56.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, May 26th. Finally, Susquehanna Bancshares Inc restated a “positive” rating and issued a $67.00 price target (up previously from $61.00) on shares of QUALCOMM in a research report on Sunday, June 18th. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $63.96.
QUALCOMM (QCOM) opened at 52.19 on Friday. QUALCOMM has a 52-week low of $48.92 and a 52-week high of $71.62. The stock has a market cap of $77.04 billion, a P/E ratio of 19.99 and a beta of 1.29. The firm’s 50-day moving average is $52.11 and its 200-day moving average is $55.07.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.02. The company had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.25 billion. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. The firm’s revenue was down 11.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.16 earnings per share. Equities research analysts predict that QUALCOMM will post $4.16 earnings per share for the current year.
In other QUALCOMM news, President Derek K. Aberle sold 23,104 shares of QUALCOMM stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $55.38, for a total transaction of $1,279,499.52. Following the transaction, the president now directly owns 5,855 shares in the company, valued at $324,249.90. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Michelle M. Sterling sold 4,740 shares of QUALCOMM stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $51.88, for a total value of $245,911.20. The disclosure for this sale can be found here. Insiders sold a total of 28,995 shares of company stock worth $1,587,390 over the last 90 days. 0.17% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. WealthTrust Axiom LLC raised its stake in shares of QUALCOMM by 0.3% in the 1st quarter. WealthTrust Axiom LLC now owns 5,804 shares of the wireless technology company’s stock valued at $332,000 after purchasing an additional 15 shares during the period. Ronald Blue & Co. LLC increased its position in shares of QUALCOMM by 0.5% in the second quarter. Ronald Blue & Co. LLC now owns 3,760 shares of the wireless technology company’s stock valued at $208,000 after acquiring an additional 18 shares during the last quarter. Excalibur Management Corp increased its position in shares of QUALCOMM by 0.7% in the first quarter. Excalibur Management Corp now owns 4,384 shares of the wireless technology company’s stock valued at $251,000 after acquiring an additional 31 shares during the last quarter. Hollencrest Securities LLC increased its position in shares of QUALCOMM by 0.9% in the second quarter. Hollencrest Securities LLC now owns 4,356 shares of the wireless technology company’s stock valued at $241,000 after acquiring an additional 40 shares during the last quarter. Finally, North Star Investment Management Corp. increased its position in shares of QUALCOMM by 0.4% in the second quarter. North Star Investment Management Corp. now owns 9,459 shares of the wireless technology company’s stock valued at $522,000 after acquiring an additional 42 shares during the last quarter. 77.03% of the stock is currently owned by hedge funds and other institutional investors.
QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.
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