QUALCOMM (NASDAQ:QCOM) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday.

Other analysts have also issued research reports about the company. Cowen lifted their target price on QUALCOMM from $58.00 to $64.00 and gave the stock a “market perform” rating in a report on Thursday, July 26th. Rosenblatt Securities raised QUALCOMM from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $56.00 to $70.00 in a report on Monday, August 20th. KeyCorp lifted their target price on QUALCOMM from $65.00 to $72.00 and gave the stock an “overweight” rating in a report on Thursday, July 26th. BMO Capital Markets lifted their target price on QUALCOMM to $64.00 and gave the stock a “market perform” rating in a report on Thursday, July 26th. Finally, Summit Insights raised QUALCOMM from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. One analyst has rated the stock with a sell rating, nine have given a hold rating and sixteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $70.52.

Shares of NASDAQ:QCOM opened at $73.24 on Tuesday. The firm has a market cap of $105.41 billion, a price-to-earnings ratio of 19.38, a P/E/G ratio of 2.12 and a beta of 1.66. QUALCOMM has a 12-month low of $48.56 and a 12-month high of $76.04. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.73 and a quick ratio of 2.62.

QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.30. The business had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.19 billion. QUALCOMM had a positive return on equity of 19.06% and a negative net margin of 18.41%. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.83 EPS. research analysts anticipate that QUALCOMM will post 3.11 EPS for the current year.

QUALCOMM announced that its Board of Directors has approved a stock buyback program on Thursday, July 26th that permits the company to repurchase $30.00 billion in shares. This repurchase authorization permits the wireless technology company to reacquire up to 34.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

In related news, EVP Alexander H. Rogers sold 828 shares of QUALCOMM stock in a transaction on Friday, July 27th. The stock was sold at an average price of $63.40, for a total value of $52,495.20. Following the completion of the sale, the executive vice president now owns 7,170 shares of the company’s stock, valued at $454,578. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Alexander H. Rogers sold 789 shares of QUALCOMM stock in a transaction on Wednesday, June 27th. The stock was sold at an average price of $56.55, for a total value of $44,617.95. Following the completion of the sale, the executive vice president now directly owns 7,998 shares of the company’s stock, valued at approximately $452,286.90. The disclosure for this sale can be found here. Insiders sold 2,923 shares of company stock valued at $185,098 in the last ninety days. 0.17% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of QCOM. Asset Dedication LLC grew its holdings in QUALCOMM by 11.3% during the second quarter. Asset Dedication LLC now owns 8,788 shares of the wireless technology company’s stock valued at $493,000 after purchasing an additional 894 shares during the period. Pzena Investment Management LLC grew its holdings in QUALCOMM by 1.5% during the second quarter. Pzena Investment Management LLC now owns 711,742 shares of the wireless technology company’s stock valued at $39,943,000 after purchasing an additional 10,759 shares during the period. Argent Trust Co grew its holdings in QUALCOMM by 264.6% during the second quarter. Argent Trust Co now owns 46,900 shares of the wireless technology company’s stock valued at $2,632,000 after purchasing an additional 34,036 shares during the period. OppenheimerFunds Inc. grew its holdings in QUALCOMM by 44.2% during the second quarter. OppenheimerFunds Inc. now owns 1,235,734 shares of the wireless technology company’s stock valued at $69,349,000 after purchasing an additional 378,811 shares during the period. Finally, Signition LP bought a new stake in QUALCOMM during the second quarter valued at about $208,000. 77.42% of the stock is owned by institutional investors.

About QUALCOMM

QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.

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Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

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