QUALCOMM Incorporated (QCOM) Given “Overweight” Rating at J P Morgan Chase & Co
QUALCOMM Incorporated (NASDAQ:QCOM)‘s stock had its “overweight” rating reiterated by equities researchers at J P Morgan Chase & Co in a note issued to investors on Wednesday.
QCOM has been the subject of a number of other reports. BidaskClub raised QUALCOMM from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 16th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $60.00 price objective on shares of QUALCOMM in a research report on Friday, June 30th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $55.00 price objective on shares of QUALCOMM in a research report on Thursday, August 24th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $65.00 price objective on shares of QUALCOMM in a research report on Thursday, July 13th. Finally, Mizuho reaffirmed a “buy” rating and issued a $65.00 price objective on shares of QUALCOMM in a research report on Friday, July 21st. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $63.96.
Shares of QUALCOMM (NASDAQ:QCOM) traded down 1.47% on Wednesday, reaching $49.64. The company’s stock had a trading volume of 12,809,377 shares. The firm has a market cap of $73.27 billion, a price-to-earnings ratio of 19.01 and a beta of 1.29. The company’s 50 day moving average is $52.39 and its 200-day moving average is $55.28. QUALCOMM has a 1-year low of $48.92 and a 1-year high of $71.62.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.02. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The company had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.25 billion. During the same period last year, the firm posted $1.16 earnings per share. The business’s revenue was down 11.1% on a year-over-year basis. Equities research analysts expect that QUALCOMM will post $4.16 EPS 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 of the company’s stock, valued at approximately $324,249.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 have sold a total of 28,995 shares of company stock worth $1,587,390 over the last ninety days. Company insiders own 0.17% of the company’s stock.
Several hedge funds have recently bought and sold shares of QCOM. FMR LLC raised its position in shares of QUALCOMM by 16.5% in the 2nd quarter. FMR LLC now owns 80,528,523 shares of the wireless technology company’s stock worth $4,446,786,000 after acquiring an additional 11,387,347 shares in the last quarter. Veritas Asset Management LLP bought a new position in shares of QUALCOMM in the 2nd quarter worth about $440,415,000. Capital International Investors raised its position in shares of QUALCOMM by 59.9% in the 2nd quarter. Capital International Investors now owns 15,132,794 shares of the wireless technology company’s stock worth $835,633,000 after acquiring an additional 5,671,176 shares in the last quarter. Baupost Group LLC MA bought a new position in shares of QUALCOMM in the 1st quarter worth about $299,085,000. Finally, Nordea Investment Management AB raised its position in shares of QUALCOMM by 589.4% in the 1st quarter. Nordea Investment Management AB now owns 5,912,226 shares of the wireless technology company’s stock worth $339,007,000 after acquiring an additional 5,054,642 shares in the last quarter. 77.09% of the stock is 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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