QUALCOMM (QCOM) Upgraded to Equal Weight by Morgan Stanley
QUALCOMM (NASDAQ:QCOM) was upgraded by stock analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a note issued to investors on Thursday, The Fly reports.
Other analysts also recently issued reports about the company. Zacks Investment Research upgraded QUALCOMM from a “hold” rating to a “buy” rating and set a $71.00 price objective for the company in a report on Monday, July 30th. Canaccord Genuity increased their price objective on QUALCOMM from $75.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, July 26th. Summit Insights upgraded QUALCOMM from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. ValuEngine upgraded QUALCOMM from a “hold” rating to a “buy” rating in a report on Tuesday, July 24th. Finally, Rosenblatt Securities upgraded QUALCOMM from a “neutral” rating to a “buy” rating and increased their price objective for the company from $56.00 to $70.00 in a report on Monday, August 20th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $70.44.
NASDAQ QCOM traded up $1.45 on Thursday, reaching $55.39. The company had a trading volume of 17,504,596 shares, compared to its average volume of 12,389,034. The company has a market capitalization of $66.05 billion, a price-to-earnings ratio of 17.36, a PEG ratio of 1.69 and a beta of 1.69. QUALCOMM has a fifty-two week low of $48.56 and a fifty-two week high of $76.50. The company has a quick ratio of 1.40, a current ratio of 1.55 and a debt-to-equity ratio of 16.56.
QUALCOMM announced that its Board of Directors has authorized a share buyback program on Thursday, July 26th that allows the company to buyback $30.00 billion in shares. This buyback authorization allows the wireless technology company to purchase up to 34.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
In other QUALCOMM news, President Cristiano R. Amon sold 88,625 shares of the stock in a transaction dated Wednesday, October 10th. The stock was sold at an average price of $68.81, for a total transaction of $6,098,286.25. Following the completion of the sale, the president now directly owns 58,045 shares in the company, valued at approximately $3,994,076.45. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Alexander H. Rogers sold 854 shares of the stock in a transaction dated Thursday, September 27th. The stock was sold at an average price of $72.18, for a total value of $61,641.72. Following the sale, the executive vice president now owns 5,197 shares of the company’s stock, valued at $375,119.46. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 91,638 shares of company stock valued at $6,302,079. Company insiders own 0.24% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp boosted its position in shares of QUALCOMM by 1,897,041.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 20,830,615 shares of the wireless technology company’s stock worth $1,500,428,000 after purchasing an additional 20,829,517 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of QUALCOMM during the 3rd quarter worth about $357,926,000. Capital World Investors boosted its position in shares of QUALCOMM by 33.5% during the 3rd quarter. Capital World Investors now owns 18,580,637 shares of the wireless technology company’s stock worth $1,338,363,000 after purchasing an additional 4,662,437 shares in the last quarter. Millennium Management LLC boosted its position in shares of QUALCOMM by 121.1% during the 2nd quarter. Millennium Management LLC now owns 3,254,918 shares of the wireless technology company’s stock worth $182,666,000 after purchasing an additional 1,782,585 shares in the last quarter. Finally, Putnam Investments LLC boosted its position in shares of QUALCOMM by 128.4% during the 2nd quarter. Putnam Investments LLC now owns 2,506,811 shares of the wireless technology company’s stock worth $140,682,000 after purchasing an additional 1,409,034 shares in the last quarter. Hedge funds and other institutional investors own 76.75% of the company’s stock.
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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