QUALCOMM Incorporated (QCOM) Rating Increased to Outperform at Northland Securities
QUALCOMM Incorporated (NASDAQ:QCOM) was upgraded by stock analysts at Northland Securities from a “market perform” rating to an “outperform” rating in a research note issued on Friday, MarketBeat.com reports.
Other research analysts also recently issued reports about the company. Vetr raised QUALCOMM from a “hold” rating to a “buy” rating and set a $60.62 price objective for the company in a research note on Monday, May 29th. Stifel Nicolaus increased their price objective on QUALCOMM from $56.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 26th. Canaccord Genuity reissued a “buy” rating and issued a $70.00 price objective on shares of QUALCOMM in a research note on Wednesday, June 28th. Mizuho reissued a “buy” rating and issued a $65.00 price objective on shares of QUALCOMM in a research note on Friday, July 21st. Finally, Morgan Stanley increased their price objective on QUALCOMM from $55.00 to $60.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 18th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $63.96.
QUALCOMM (NASDAQ:QCOM) traded up 1.38% on Friday, hitting $52.19. 13,177,887 shares of the company were exchanged. The stock has a market capitalization of $77.04 billion, a P/E ratio of 19.99 and a beta of 1.29. QUALCOMM has a 52-week low of $48.92 and a 52-week high of $71.62. The stock’s 50-day moving average price is $52.11 and its 200-day moving average price is $55.07.
QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.02. The business had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.25 billion. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The business’s quarterly revenue was down 11.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.16 EPS. On average, equities research analysts anticipate that QUALCOMM will post $4.16 earnings per share for the current fiscal year.
In other news, President Derek K. Aberle sold 23,104 shares of the firm’s 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 sale, the president now owns 5,855 shares of the company’s stock, valued at approximately $324,249.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michelle M. Sterling sold 4,740 shares of the firm’s 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 in the last three months. Corporate insiders own 0.17% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of QCOM. Round Table Services LLC acquired a new stake in shares of QUALCOMM during the 1st quarter worth about $234,000. Sabal Trust CO raised its position in shares of QUALCOMM by 7,568.7% during the 1st quarter. Sabal Trust CO now owns 377,685 shares of the wireless technology company’s stock worth $21,656,000 after acquiring an additional 372,760 shares in the last quarter. Butensky & Cohen Financial Security Inc. raised its position in shares of QUALCOMM by 3.0% during the 1st quarter. Butensky & Cohen Financial Security Inc. now owns 30,702 shares of the wireless technology company’s stock worth $1,760,000 after acquiring an additional 880 shares in the last quarter. City Holding Co. raised its position in shares of QUALCOMM by 6.0% during the 1st quarter. City Holding Co. now owns 17,090 shares of the wireless technology company’s stock worth $980,000 after acquiring an additional 965 shares in the last quarter. Finally, Rothschild Investment Corp IL raised its position in shares of QUALCOMM by 2.3% during the 1st quarter. Rothschild Investment Corp IL now owns 221,098 shares of the wireless technology company’s stock worth $12,678,000 after acquiring an additional 5,017 shares in the last quarter. 77.03% of the stock is currently owned by institutional investors and hedge funds.
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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