Macquarie Raises QUALCOMM (QCOM) Price Target to $70.00

QUALCOMM (NASDAQ:QCOM) had its target price hoisted by Macquarie from $55.00 to $70.00 in a research note published on Wednesday, MarketBeat reports. They currently have a neutral rating on the wireless technology company’s stock.

A number of other brokerages have also recently commented on QCOM. Canaccord Genuity upped their target price on shares of QUALCOMM from $76.00 to $83.00 and gave the company a buy rating in a report on Monday, November 13th. Zacks Investment Research raised shares of QUALCOMM from a sell rating to a hold rating in a report on Tuesday, October 3rd. Royal Bank of Canada upped their target price on shares of QUALCOMM from $70.00 to $77.00 and gave the company an outperform rating in a report on Tuesday, November 14th. Vetr cut shares of QUALCOMM from a strong-buy rating to a hold rating and set a $62.71 target price for the company. in a report on Monday, November 6th. Finally, ValuEngine cut shares of QUALCOMM from a buy rating to a hold rating in a report on Tuesday. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $67.14.

QUALCOMM (NASDAQ QCOM) traded down $0.01 on Wednesday, hitting $68.04. 8,860,000 shares of the stock traded hands, compared to its average volume of 7,710,000. The company has a debt-to-equity ratio of 0.63, a current ratio of 4.00 and a quick ratio of 3.81. QUALCOMM has a 1 year low of $48.92 and a 1 year high of $69.28. The stock has a market capitalization of $100,290.00, a PE ratio of 41.24, a price-to-earnings-growth ratio of 1.93 and a beta of 1.39.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, November 1st. The wireless technology company reported $0.92 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.22. QUALCOMM had a net margin of 11.06% and a return on equity of 18.08%. The business had revenue of $5.96 billion during the quarter, compared to analysts’ expectations of $5.80 billion. During the same period in the prior year, the company earned $1.28 earnings per share. The firm’s revenue was down 3.5% on a year-over-year basis. equities analysts predict that QUALCOMM will post 3.07 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 21st. Shareholders of record on Wednesday, February 28th will be given a dividend of $0.57 per share. The ex-dividend date is Tuesday, February 27th. This represents a $2.28 annualized dividend and a yield of 3.35%. QUALCOMM’s dividend payout ratio (DPR) is currently 138.18%.

In other news, EVP Matthew S. Grob sold 20,000 shares of the stock in a transaction on Monday, November 6th. The shares were sold at an average price of $60.44, for a total value of $1,208,800.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Michelle M. Sterling sold 7,840 shares of the stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $66.56, for a total transaction of $521,830.40. The disclosure for this sale can be found here. Insiders have sold 72,989 shares of company stock valued at $4,678,794 in the last quarter. 0.17% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Ronald Blue & Co. LLC increased its stake in QUALCOMM by 0.5% in the 2nd quarter. Ronald Blue & Co. LLC now owns 3,760 shares of the wireless technology company’s stock worth $208,000 after buying an additional 18 shares during the period. Hollencrest Securities LLC increased its stake in QUALCOMM by 0.9% in the 2nd quarter. Hollencrest Securities LLC now owns 4,356 shares of the wireless technology company’s stock worth $241,000 after buying an additional 40 shares during the period. FCA Corp TX increased its stake in QUALCOMM by 1.0% in the 2nd quarter. FCA Corp TX now owns 4,866 shares of the wireless technology company’s stock worth $269,000 after buying an additional 49 shares during the period. Meridian Investment Counsel Inc. increased its stake in QUALCOMM by 0.3% in the 2nd quarter. Meridian Investment Counsel Inc. now owns 18,293 shares of the wireless technology company’s stock worth $1,010,000 after buying an additional 50 shares during the period. Finally, Valueworks LLC increased its stake in QUALCOMM by 0.3% in the 2nd quarter. Valueworks LLC now owns 14,976 shares of the wireless technology company’s stock worth $827,000 after buying an additional 50 shares during the period. 76.23% of the stock is currently owned by institutional investors and hedge funds.

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QUALCOMM Company Profile

QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.

Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

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