QUALCOMM (QCOM) Raised to “Outperform” at Evercore ISI

QUALCOMM (NASDAQ:QCOM) was upgraded by analysts at Evercore ISI to an “outperform” rating in a research note issued to investors on Wednesday, The Fly reports.

Other analysts have also recently issued reports about the company. BidaskClub upgraded QUALCOMM from a “hold” rating to a “buy” rating in a research note on Thursday, December 20th. Zacks Investment Research cut QUALCOMM from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 8th. Barclays restated a “buy” rating and issued a $70.00 price target on shares of QUALCOMM in a research note on Friday, January 18th. Cowen restated an “outperform” rating and issued a $70.00 price target (down from $73.00) on shares of QUALCOMM in a research note on Thursday, January 31st. Finally, Mizuho cut their price target on QUALCOMM from $66.00 to $62.00 and set a “buy” rating on the stock in a research note on Thursday, January 31st. Nine research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. QUALCOMM presently has an average rating of “Buy” and a consensus price target of $68.70.

Shares of QUALCOMM stock opened at $70.45 on Wednesday. The company has a market capitalization of $69.21 billion, a P/E ratio of 22.08, a price-to-earnings-growth ratio of 1.81 and a beta of 1.22. 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 1.38, a current ratio of 1.54 and a debt-to-equity ratio of 4.25.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, January 30th. The wireless technology company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.09 by $0.11. QUALCOMM had a return on equity of 36.66% and a net margin of 10.03%. The business had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.89 billion. During the same period last year, the business posted $0.98 earnings per share. The company’s quarterly revenue was down 21.3% on a year-over-year basis. Equities research analysts predict that QUALCOMM will post 3.21 EPS for the current year.

In other QUALCOMM news, EVP James H. Thompson sold 40,000 shares of QUALCOMM stock in a transaction that occurred on Monday, February 11th. The stock was sold at an average price of $50.75, for a total value of $2,030,000.00. Following the sale, the executive vice president now owns 62,301 shares of the company’s stock, valued at approximately $3,161,775.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.11% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Berkshire Asset Management LLC PA lifted its position in shares of QUALCOMM by 1.1% during the 1st quarter. Berkshire Asset Management LLC PA now owns 225,020 shares of the wireless technology company’s stock valued at $12,833,000 after acquiring an additional 2,381 shares during the period. Edmp Inc. lifted its position in shares of QUALCOMM by 12.9% during the 1st quarter. Edmp Inc. now owns 57,021 shares of the wireless technology company’s stock valued at $3,252,000 after acquiring an additional 6,526 shares during the period. Macnealy Hoover Investment Management Inc. lifted its position in shares of QUALCOMM by 6.5% during the 1st quarter. Macnealy Hoover Investment Management Inc. now owns 20,072 shares of the wireless technology company’s stock valued at $1,145,000 after acquiring an additional 1,221 shares during the period. American Research & Management Co. lifted its position in shares of QUALCOMM by 21.0% during the 1st quarter. American Research & Management Co. now owns 2,884 shares of the wireless technology company’s stock valued at $164,000 after acquiring an additional 500 shares during the period. Finally, Jolley Asset Management LLC lifted its position in shares of QUALCOMM by 5.0% during the 1st quarter. Jolley Asset Management LLC now owns 79,766 shares of the wireless technology company’s stock valued at $4,549,000 after acquiring an additional 3,812 shares during the period. 83.70% of the stock is currently owned by institutional investors.

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.

Further Reading: Balance Sheet

The Fly

Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

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