QUALCOMM (NASDAQ:QCOM) had its price objective lifted by research analysts at Royal Bank of Canada to $88.00 in a research note issued to investors on Thursday, The Fly reports. The firm currently has a “sector perform” rating on the wireless technology company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 3.98% from the stock’s previous close.
Other research analysts have also issued reports about the company. Bank of America reduced their target price on QUALCOMM from $105.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. TheStreet raised QUALCOMM from a “c+” rating to a “b-” rating in a research note on Thursday, August 1st. Canaccord Genuity set a $87.00 price target on QUALCOMM and gave the company a “buy” rating in a research note on Wednesday, October 9th. ValuEngine downgraded QUALCOMM from a “buy” rating to a “hold” rating in a research note on Monday, October 7th. Finally, Barclays downgraded QUALCOMM from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $90.00 to $75.00 in a research note on Thursday, July 18th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $81.85.
QCOM stock opened at $84.63 on Thursday. The business’s 50-day moving average price is $78.40 and its two-hundred day moving average price is $76.36. The company has a current ratio of 1.77, a quick ratio of 1.61 and a debt-to-equity ratio of 2.46. The firm has a market cap of $103.44 billion, a PE ratio of 26.53, a P/E/G ratio of 2.02 and a beta of 1.59. QUALCOMM has a 1-year low of $49.10 and a 1-year high of $90.34.
QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, November 6th. The wireless technology company reported $0.78 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.07. The firm had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.71 billion. QUALCOMM had a return on equity of 112.21% and a net margin of 13.41%. The company’s revenue for the quarter was down 17.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 earnings per share. On average, analysts forecast that QUALCOMM will post 2.84 earnings per share for the current year.
In related news, EVP Michelle M. Sterling sold 10,398 shares of QUALCOMM stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $75.01, for a total transaction of $779,953.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Cristiano R. Amon sold 8,611 shares of QUALCOMM stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $80.03, for a total value of $689,138.33. Following the transaction, the president now owns 50,434 shares of the company’s stock, valued at approximately $4,036,233.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,118 shares of company stock worth $1,477,392. 0.11% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of the stock. Cetera Investment Advisers grew its holdings in QUALCOMM by 10.8% during the third quarter. Cetera Investment Advisers now owns 7,950 shares of the wireless technology company’s stock worth $614,000 after purchasing an additional 772 shares during the period. First Allied Advisory Services Inc. grew its holdings in QUALCOMM by 25.0% during the third quarter. First Allied Advisory Services Inc. now owns 112,866 shares of the wireless technology company’s stock worth $8,622,000 after purchasing an additional 22,566 shares during the period. Miracle Mile Advisors LLC grew its holdings in QUALCOMM by 1.6% during the third quarter. Miracle Mile Advisors LLC now owns 8,845 shares of the wireless technology company’s stock worth $675,000 after purchasing an additional 137 shares during the period. Trillium Asset Management LLC bought a new position in QUALCOMM during the third quarter worth about $238,000. Finally, Tiedemann Advisors LLC grew its holdings in QUALCOMM by 39.4% during the third quarter. Tiedemann Advisors LLC now owns 4,288 shares of the wireless technology company’s stock worth $326,000 after purchasing an additional 1,212 shares during the period. Institutional investors and hedge funds own 78.30% of the company’s stock.
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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