QUALCOMM (QCOM) Rating Increased to Buy at ValuEngine

QUALCOMM (NASDAQ:QCOM) was upgraded by investment analysts at ValuEngine from a “hold” rating to a “buy” rating in a report released on Friday.

QCOM has been the subject of a number of other research reports. J P Morgan Chase & Co reissued an “overweight” rating on shares of QUALCOMM in a research report on Wednesday, September 6th. BMO Capital Markets reissued a “market perform” rating and set a $55.00 target price on shares of QUALCOMM in a research report on Thursday, August 24th. UBS dropped their price objective on shares of QUALCOMM from $58.00 to $53.00 and set a “buy” rating on the stock in a report on Monday, November 6th. Mizuho restated a “buy” rating on shares of QUALCOMM in a report on Friday, October 27th. Finally, Wells Fargo & Company downgraded shares of QUALCOMM from an “outperform” rating to a “market perform” rating in a report on Monday, November 6th. Two investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have given a buy rating to the stock. QUALCOMM presently has an average rating of “Hold” and an average price target of $66.02.

QUALCOMM (QCOM) traded down $0.85 during trading on Friday, reaching $65.49. 15,849,652 shares of the company’s stock were exchanged, compared to its average volume of 20,080,284. The firm has a market cap of $97,796.10, a price-to-earnings ratio of 17.55, a price-to-earnings-growth ratio of 1.86 and a beta of 1.37. The company has a debt-to-equity ratio of 0.63, a quick ratio of 3.81 and a current ratio of 4.00. QUALCOMM has a 52-week low of $48.92 and a 52-week high of $70.24.

QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, November 1st. The wireless technology company reported $0.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.22. The firm had revenue of $5.96 billion during the quarter, compared to analyst estimates of $5.80 billion. QUALCOMM had a net margin of 11.06% and a return on equity of 18.08%. The business’s revenue was down 3.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.28 EPS. analysts forecast that QUALCOMM will post 3.07 earnings per share for the current year.

In related news, EVP Alexander H. Rogers sold 874 shares of the company’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $68.52, for a total value of $59,886.48. Following the sale, the executive vice president now owns 12,035 shares of the company’s stock, valued at $824,638.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Michelle M. Sterling sold 7,840 shares of the company’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $66.56, for a total transaction of $521,830.40. The disclosure for this sale can be found here. In the last three months, insiders sold 29,427 shares of company stock worth $1,827,995. 0.17% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of the business. Ronald Blue & Co. LLC grew its stake in QUALCOMM by 0.5% during the second quarter. Ronald Blue & Co. LLC now owns 3,760 shares of the wireless technology company’s stock worth $208,000 after buying an additional 18 shares during the last quarter. Hollencrest Securities LLC grew its stake in QUALCOMM by 0.9% during the second quarter. Hollencrest Securities LLC now owns 4,356 shares of the wireless technology company’s stock worth $241,000 after buying an additional 40 shares during the last quarter. Farmers Trust Co. grew its stake in QUALCOMM by 0.9% during the second quarter. Farmers Trust Co. now owns 5,214 shares of the wireless technology company’s stock worth $288,000 after buying an additional 48 shares during the last quarter. FCA Corp TX lifted its position in shares of QUALCOMM by 1.0% during the second quarter. FCA Corp TX now owns 4,866 shares of the wireless technology company’s stock worth $269,000 after purchasing an additional 49 shares in the last quarter. Finally, Meridian Investment Counsel Inc. lifted its position in shares of QUALCOMM by 0.3% during the second quarter. Meridian Investment Counsel Inc. now owns 18,293 shares of the wireless technology company’s stock worth $1,010,000 after purchasing an additional 50 shares in the last quarter. 76.66% of the stock is currently owned by hedge funds and other institutional investors.

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About QUALCOMM

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

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