QUALCOMM (QCOM) Rating Increased to Strong-Buy at Raymond James

Raymond James upgraded shares of QUALCOMM (NASDAQ:QCOM) from an outperform rating to a strong-buy rating in a report issued on Thursday, BenzingaRatingsTable reports. They currently have $115.00 target price on the wireless technology company’s stock, up from their previous target price of $85.00.

QCOM has been the topic of several other research reports. Zacks Investment Research upgraded shares of QUALCOMM from a hold rating to a buy rating and set a $58.00 price target on the stock in a research report on Wednesday, February 13th. Barclays lifted their price objective on shares of QUALCOMM from $70.00 to $100.00 and gave the stock an overweight rating in a research report on Wednesday, April 17th. JPMorgan Chase & Co. began coverage on shares of QUALCOMM in a research report on Wednesday, March 27th. They set a neutral rating and a $54.00 price objective on the stock. BidaskClub cut shares of QUALCOMM from a sell rating to a strong sell rating in a research report on Tuesday, January 29th. Finally, Canaccord Genuity reiterated a buy rating and set a $89.00 price objective (up from $75.00) on shares of QUALCOMM in a research report on Wednesday, April 17th. Seven investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. QUALCOMM has an average rating of Buy and an average target price of $83.09.

QUALCOMM stock opened at $89.29 on Thursday. The company has a current ratio of 1.55, a quick ratio of 1.38 and a debt-to-equity ratio of 3.98. The company has a market capitalization of $108.07 billion, a price-to-earnings ratio of 27.99, a price-to-earnings-growth ratio of 2.20 and a beta of 1.45. QUALCOMM has a 1 year low of $49.10 and a 1 year high of $90.34.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.07. The firm had revenue of $4.88 billion for the quarter, compared to analyst estimates of $4.83 billion. QUALCOMM had a net margin of 11.57% and a return on equity of 56.69%. The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.80 earnings per share. Sell-side analysts predict that QUALCOMM will post 3.14 earnings per share for the current year.

In related news, President Cristiano R. Amon sold 13,466 shares of QUALCOMM stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $60.00, for a total value of $807,960.00. Following the completion of the sale, the president now owns 37,614 shares of the company’s stock, valued at approximately $2,256,840. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Inc/De Qualcomm sold 848,877 shares of QUALCOMM stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $34.20, for a total transaction of $29,031,593.40. Following the completion of the sale, the insider now directly owns 848,877 shares of the company’s stock, valued at approximately $29,031,593.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 902,343 shares of company stock valued at $31,869,553. 0.11% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund lifted its position in QUALCOMM by 9,505.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 33,612,696 shares of the wireless technology company’s stock worth $591,000 after acquiring an additional 33,262,770 shares during the last quarter. Bank of New York Mellon Corp lifted its position in QUALCOMM by 24.1% during the 4th quarter. Bank of New York Mellon Corp now owns 25,852,938 shares of the wireless technology company’s stock worth $1,471,289,000 after acquiring an additional 5,022,323 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its position in QUALCOMM by 0.5% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 20,156,306 shares of the wireless technology company’s stock worth $1,147,095,000 after acquiring an additional 96,527 shares during the last quarter. Morgan Stanley lifted its position in QUALCOMM by 163.2% during the 3rd quarter. Morgan Stanley now owns 18,891,278 shares of the wireless technology company’s stock worth $1,360,740,000 after acquiring an additional 11,713,988 shares during the last quarter. Finally, Norges Bank acquired a new position in QUALCOMM during the 4th quarter worth $736,806,000. 83.46% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

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