Raymond James Increases QUALCOMM (QCOM) Price Target to $85.00

QUALCOMM (NASDAQ:QCOM) had its price objective lifted by analysts at Raymond James from $65.00 to $85.00 in a note issued to investors on Wednesday, AnalystRatings.com reports. The brokerage currently has an “outperform” rating on the wireless technology company’s stock. Raymond James’ price objective indicates a potential upside of 8.48% from the stock’s previous close.

Several other equities analysts also recently weighed in on the stock. Cowen raised their price target on shares of QUALCOMM from $70.00 to $91.00 and gave the stock an “outperform” rating in a research note on Wednesday. Canaccord Genuity reissued a “buy” rating and issued a $89.00 price target (up from $75.00) on shares of QUALCOMM in a research note on Wednesday. JPMorgan Chase & Co. raised shares of QUALCOMM from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $54.00 to $88.00 in a research note on Wednesday. Evercore ISI raised shares of QUALCOMM from an “in-line” rating to an “outperform” rating in a research note on Wednesday. Finally, Mizuho reissued a “buy” rating and issued a $82.00 price target (up from $62.00) on shares of QUALCOMM in a research note on Wednesday. Nine research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $74.05.

QCOM traded up $7.90 during midday trading on Wednesday, hitting $78.35. 120,748,759 shares of the company traded hands, compared to its average volume of 11,533,928. The company has a quick ratio of 1.38, a current ratio of 1.54 and a debt-to-equity ratio of 4.25. The company has a market cap of $69.21 billion, a price-to-earnings ratio of 24.56, a PEG ratio of 1.81 and a beta of 1.22. QUALCOMM has a 52-week low of $48.56 and a 52-week high of $76.50.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, January 30th. The wireless technology company reported $1.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.11. The business had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.89 billion. QUALCOMM had a net margin of 10.03% and a return on equity of 36.66%. The company’s revenue was down 21.3% compared to the same quarter last year. During the same period last year, the firm posted $0.98 earnings per share. On average, research analysts forecast that QUALCOMM will post 3.21 EPS for the current year.

In related news, EVP James H. Thompson sold 40,000 shares of the firm’s stock in a transaction dated Monday, February 11th. The shares were sold at an average price of $50.75, for a total transaction of $2,030,000.00. Following the completion of the sale, the executive vice president now directly owns 62,301 shares in the company, valued at $3,161,775.75. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.11% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Lavaca Capital LLC acquired a new stake in shares of QUALCOMM during the fourth quarter valued at about $25,000. Csenge Advisory Group acquired a new stake in shares of QUALCOMM during the third quarter valued at about $28,000. Transamerica Financial Advisors Inc. increased its position in shares of QUALCOMM by 688.5% during the fourth quarter. Transamerica Financial Advisors Inc. now owns 615 shares of the wireless technology company’s stock valued at $35,000 after acquiring an additional 537 shares during the last quarter. Brandywine Global Investment Management LLC acquired a new stake in shares of QUALCOMM during the fourth quarter valued at about $36,000. Finally, Pearl River Capital LLC acquired a new stake in shares of QUALCOMM during the fourth quarter valued at about $40,000. Hedge funds and other institutional investors own 83.70% of the company’s stock.

QUALCOMM Company Profile

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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