QUALCOMM (NASDAQ:QCOM) had its price objective upped by investment analysts at Barclays from $180.00 to $185.00 in a research report issued on Wednesday, The Fly reports. Barclays’s price objective would suggest a potential downside of 1.07% from the company’s current price.
Several other research analysts have also recently issued reports on QCOM. DZ Bank raised shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $168.00 target price for the company in a report on Friday, November 5th. Summit Insights downgraded shares of QUALCOMM from a “buy” rating to a “hold” rating in a research note on Wednesday, November 3rd. Jefferies Financial Group assumed coverage on shares of QUALCOMM in a report on Friday, October 1st. They issued a “hold” rating and a $137.00 price target on the stock. Piper Sandler lifted their price objective on shares of QUALCOMM from $190.00 to $225.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 17th. Finally, Zacks Investment Research downgraded shares of QUALCOMM from a “buy” rating to a “hold” rating and set a $135.00 price objective for the company. in a research report on Monday, October 4th. Eleven equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $183.87.
QCOM stock opened at $187.00 on Wednesday. The company has a current ratio of 1.68, a quick ratio of 1.41 and a debt-to-equity ratio of 1.38. The firm has a market capitalization of $209.44 billion, a PE ratio of 23.56, a PEG ratio of 1.25 and a beta of 1.24. QUALCOMM has a 1-year low of $122.17 and a 1-year high of $193.58. The business’s 50 day simple moving average is $178.25 and its 200 day simple moving average is $152.77.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, November 3rd. The wireless technology company reported $2.55 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.49. QUALCOMM had a return on equity of 104.16% and a net margin of 26.94%. The business had revenue of $9.34 billion during the quarter, compared to the consensus estimate of $8.88 billion. During the same period in the prior year, the company earned $1.23 EPS. As a group, sell-side analysts predict that QUALCOMM will post 9.55 EPS for the current fiscal year.
QUALCOMM declared that its Board of Directors has authorized a share repurchase plan on Tuesday, October 12th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the wireless technology company to reacquire up to 7.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
In other QUALCOMM news, insider Alexander H. Rogers sold 21,006 shares of the stock in a transaction that occurred on Tuesday, December 7th. The stock was sold at an average price of $179.94, for a total transaction of $3,779,819.64. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Cristiano R. Amon sold 5,402 shares of the stock in a transaction that occurred on Monday, December 13th. The shares were sold at an average price of $189.50, for a total value of $1,023,679.00. The disclosure for this sale can be found here. Insiders sold 44,229 shares of company stock worth $8,058,506 in the last 90 days. 0.14% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of QUALCOMM by 13.2% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 210,215 shares of the wireless technology company’s stock valued at $30,046,000 after purchasing an additional 24,517 shares during the period. Mid Atlantic Financial Management Inc. ADV grew its holdings in QUALCOMM by 26.9% in the 2nd quarter. Mid Atlantic Financial Management Inc. ADV now owns 5,106 shares of the wireless technology company’s stock valued at $730,000 after buying an additional 1,083 shares in the last quarter. Smith Moore & CO. grew its holdings in QUALCOMM by 5.4% in the 2nd quarter. Smith Moore & CO. now owns 5,329 shares of the wireless technology company’s stock valued at $762,000 after buying an additional 271 shares in the last quarter. Rock Creek Group LP grew its holdings in shares of QUALCOMM by 145.5% during the 2nd quarter. Rock Creek Group LP now owns 680 shares of the wireless technology company’s stock worth $97,000 after purchasing an additional 403 shares in the last quarter. Finally, Nicholas Hoffman & Company LLC. lifted its position in shares of QUALCOMM by 4.2% during the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 3,228 shares of the wireless technology company’s stock worth $461,000 after buying an additional 130 shares during the last quarter. 71.66% of the stock is owned by institutional investors.
About QUALCOMM
QUALCOMM, Inc engages in the development, design, and provision of digital telecommunications products and services. It operates through the following 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 technologies for the use in voice and data communications, networking, application processing, multimedia, and global positioning system products.