QUALCOMM Incorporated (QCOM) Rating Increased to Hold at Zacks Investment Research
QUALCOMM Incorporated (NASDAQ:QCOM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Qualcomm continues to lead the global wireless baseband chipset market. Qualcomm gained the Taiwan Fair Trade Commission’s regulatory approval for the NXP Semiconductor buyout, but the deal is under thorough investigation by the European Commission. Qualcomm has launched its Mesh Networking Platform and seeks FCC's Approval for Antenna Pattern Testing. Qualcomm’s Snapdragon processor is known for its Internet of Things applications. Patent license network deals, tie-up with AT&T and Ericsson for 5G network trials bode well for Qualcomm’s prospects. Over the past three months, the stock price lags its industry’s performance. Further, competitive mobile phone chipset market, stringent regulatory norms along with anti-competitive and unfair business practices charges act as risks. The $1 billion dispute with Apple is getting uglier, with Apple getting the support of Silicon Valley biggies and its suppliers.”
QCOM has been the topic of several other research reports. Vetr raised shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $60.45 target price on the stock in a research report on Wednesday, June 7th. Susquehanna Bancshares Inc reissued a “positive” rating and set a $61.00 target price (down previously from $63.00) on shares of QUALCOMM in a research report on Thursday, May 4th. Wells Fargo & Company reissued an “outperform” rating and set a $75.00 target price on shares of QUALCOMM in a research report on Saturday, April 22nd. Stifel Nicolaus reissued a “buy” rating and set a $64.00 target price on shares of QUALCOMM in a research report on Monday, April 17th. Finally, Sanford C. Bernstein reissued a “market perform” rating on shares of QUALCOMM in a research report on Friday, May 5th. Two analysts have rated the stock with a sell rating, nineteen have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $63.96.
Shares of QUALCOMM (NASDAQ QCOM) traded up 0.7592% during midday trading on Tuesday, reaching $53.1001. 2,996,799 shares of the company traded hands. The company has a 50 day moving average price of $55.44 and a 200 day moving average price of $56.02. QUALCOMM has a 1-year low of $51.05 and a 1-year high of $71.62. The company has a market capitalization of $78.38 billion, a PE ratio of 20.3371 and a beta of 1.29. QUALCOMM also saw unusually large options trading activity on Monday. Stock traders acquired 21,472 put options on the stock. This is an increase of approximately 152% compared to the average volume of 8,513 put options.
QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.02. The company had revenue of $5.37 billion for the quarter, compared to the consensus estimate of $5.25 billion. QUALCOMM had a net margin of 17.26% and a return on equity of 19.64%. QUALCOMM’s revenue was down 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.16 EPS. On average, analysts expect that QUALCOMM will post $4.16 earnings per share for the current year.
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In related news, President Derek K. Aberle sold 23,104 shares of the company’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $55.38, for a total value of $1,279,499.52. Following the completion of the sale, the president now owns 5,855 shares of the company’s stock, valued at $324,249.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ann M. Livermore acquired 9,000 shares of the company’s stock in a transaction that occurred on Thursday, May 11th. The stock was purchased at an average cost of $54.59 per share, with a total value of $491,310.00. The disclosure for this purchase can be found here. Insiders sold 62,802 shares of company stock valued at $3,544,381 over the last quarter. Company insiders own 0.24% of the company’s stock.
Several large investors have recently made changes to their positions in QCOM. M Holdings Securities Inc. raised its stake in shares of QUALCOMM by 23.5% in the fourth quarter. M Holdings Securities Inc. now owns 9,296 shares of the wireless technology company’s stock worth $606,000 after buying an additional 1,766 shares in the last quarter. USA Financial Portformulas Corp purchased a new stake in shares of QUALCOMM during the fourth quarter worth about $9,350,000. Perigon Wealth Management LLC raised its stake in shares of QUALCOMM by 14.7% in the fourth quarter. Perigon Wealth Management LLC now owns 25,579 shares of the wireless technology company’s stock worth $1,457,000 after buying an additional 3,280 shares in the last quarter. Wealthfront Inc. raised its stake in shares of QUALCOMM by 3.2% in the fourth quarter. Wealthfront Inc. now owns 47,992 shares of the wireless technology company’s stock worth $3,129,000 after buying an additional 1,509 shares in the last quarter. Finally, Baltimore Washington Financial Advisors Inc. raised its stake in shares of QUALCOMM by 1.9% in the fourth quarter. Baltimore Washington Financial Advisors Inc. now owns 52,682 shares of the wireless technology company’s stock worth $3,434,000 after buying an additional 985 shares in the last quarter. 76.61% of the stock is owned by hedge funds and other institutional investors.
QUALCOMM Company Profile
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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