Citigroup Inc. Raises QUALCOMM Incorporated (QCOM) Price Target to $57.00
QUALCOMM Incorporated (NASDAQ:QCOM) had its price target boosted by Citigroup Inc. from $55.00 to $57.00 in a note issued to investors on Friday. The firm presently has a “neutral” rating on the wireless technology company’s stock. Citigroup Inc.’s price objective would indicate a potential upside of 3.75% from the stock’s previous close.
A number of other research firms have also recently issued reports on QCOM. BidaskClub upgraded shares of QUALCOMM from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 16th. BMO Capital Markets lifted their target price on shares of QUALCOMM from $54.00 to $55.00 and gave the company a “market perform” rating in a research note on Thursday, July 20th. Sanford C. Bernstein reiterated a “hold” rating on shares of QUALCOMM in a research note on Wednesday, July 19th. Morgan Stanley boosted their price objective on shares of QUALCOMM from $55.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 18th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $65.00 price objective on shares of QUALCOMM in a research note on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, eighteen have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $63.80.
QUALCOMM (NASDAQ QCOM) traded up $1.48 during midday trading on Friday, reaching $54.94. 3,283,775 shares of the company’s stock were exchanged, compared to its average volume of 9,556,495. The stock has a market capitalization of $80.84 billion, a price-to-earnings ratio of 14.51, a PEG ratio of 1.77 and a beta of 1.26. The company has a debt-to-equity ratio of 0.63, a current ratio of 4.00 and a quick ratio of 2.73.
QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, November 1st. The wireless technology company reported $0.92 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.22. The firm had revenue of $5.96 billion during the quarter, compared to analysts’ expectations of $5.80 billion. QUALCOMM had a net margin of 11.06% and a return on equity of 18.08%. The company’s revenue was down 3.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.28 earnings per share. equities research analysts anticipate that QUALCOMM will post 3.3 earnings per share for the current fiscal year.
In related news, EVP Michelle M. Sterling sold 4,740 shares of the company’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $51.88, for a total transaction of $245,911.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders have sold 5,837 shares of company stock worth $303,249. 0.17% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Ronald Blue & Co. LLC lifted its position in QUALCOMM by 0.5% during the 2nd quarter. Ronald Blue & Co. LLC now owns 3,760 shares of the wireless technology company’s stock valued at $208,000 after purchasing an additional 18 shares during the period. Hollencrest Securities LLC lifted its position in QUALCOMM by 0.9% during the 2nd quarter. Hollencrest Securities LLC now owns 4,356 shares of the wireless technology company’s stock valued at $241,000 after purchasing an additional 40 shares during the period. North Star Investment Management Corp. lifted its position in QUALCOMM by 0.4% during the 2nd quarter. North Star Investment Management Corp. now owns 9,459 shares of the wireless technology company’s stock valued at $522,000 after purchasing an additional 42 shares during the period. FCA Corp TX lifted its position in QUALCOMM by 0.9% during the 1st quarter. FCA Corp TX now owns 4,817 shares of the wireless technology company’s stock valued at $276,000 after purchasing an additional 43 shares during the period. Finally, Farmers Trust Co. lifted its position in QUALCOMM by 0.9% during the 2nd quarter. Farmers Trust Co. now owns 5,214 shares of the wireless technology company’s stock valued at $288,000 after purchasing an additional 48 shares during the period. Institutional investors own 76.77% of the company’s stock.
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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