Macquarie Boosts QUALCOMM (QCOM) Price Target to $70.00

QUALCOMM (NASDAQ:QCOM) had its price target upped by Macquarie from $55.00 to $70.00 in a report issued on Wednesday, MarketBeat reports. Macquarie currently has a neutral rating on the wireless technology company’s stock.

QCOM has been the topic of a number of other research reports. BMO Capital Markets raised their target price on shares of QUALCOMM from $55.00 to $57.00 and gave the company a market perform rating in a research report on Thursday, November 2nd. UBS Group raised shares of QUALCOMM from a market perform rating to an outperform rating in a research report on Wednesday, November 8th. Royal Bank of Canada raised their target price on shares of QUALCOMM from $70.00 to $77.00 and gave the company an outperform rating in a research report on Tuesday, November 14th. Canaccord Genuity raised their target price on shares of QUALCOMM from $76.00 to $83.00 and gave the company a buy rating in a research report on Monday, November 13th. Finally, Mizuho reissued a buy rating on shares of QUALCOMM in a research report on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $67.14.

QUALCOMM (NASDAQ QCOM) traded down $0.01 during mid-day trading on Wednesday, reaching $68.04. 8,860,000 shares of the company traded hands, compared to its average volume of 7,710,000. The stock has a market cap of $100,290.00, a P/E ratio of 41.24, a PEG ratio of 1.93 and a beta of 1.39. QUALCOMM has a 52 week low of $48.92 and a 52 week high of $69.28. The company has a quick ratio of 3.81, a current ratio of 4.00 and a debt-to-equity ratio of 0.63.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, November 1st. The wireless technology company reported $0.92 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.22. The company had revenue of $5.96 billion for the quarter, compared to the consensus estimate of $5.80 billion. QUALCOMM had a net margin of 11.06% and a return on equity of 18.08%. The firm’s revenue was down 3.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.28 EPS. analysts predict that QUALCOMM will post 3.07 earnings per share for the current fiscal year.

The firm also recently declared 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. This represents a $2.28 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Tuesday, February 27th. QUALCOMM’s dividend payout ratio is presently 138.18%.

In other QUALCOMM news, EVP Alexander H. Rogers sold 919 shares of the firm’s stock in a transaction that occurred on Wednesday, December 27th. The shares were sold at an average price of $64.32, for a total transaction of $59,110.08. Following the completion of the transaction, the executive vice president now directly owns 11,116 shares of the company’s stock, valued at approximately $714,981.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Matthew S. Grob sold 43,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $65.35, for a total transaction of $2,810,050.00. Following the transaction, the executive vice president now directly owns 43,000 shares of the company’s stock, valued at $2,810,050. The disclosure for this sale can be found here. Insiders have sold a total of 72,989 shares of company stock valued at $4,678,794 over the last three months. 0.17% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of QCOM. Perkins Coie Trust Co increased its holdings in shares of QUALCOMM by 4.2% during the 2nd quarter. Perkins Coie Trust Co now owns 36,002 shares of the wireless technology company’s stock valued at $1,988,000 after purchasing an additional 1,460 shares in the last quarter. City Holding Co. increased its holdings in shares of QUALCOMM by 36.9% during the 2nd quarter. City Holding Co. now owns 23,400 shares of the wireless technology company’s stock valued at $1,292,000 after purchasing an additional 6,310 shares in the last quarter. Koshinski Asset Management Inc. increased its holdings in shares of QUALCOMM by 55.6% during the 2nd quarter. Koshinski Asset Management Inc. now owns 13,390 shares of the wireless technology company’s stock valued at $739,000 after purchasing an additional 4,787 shares in the last quarter. Dynamic Advisors Solutions LLC increased its holdings in shares of QUALCOMM by 323.3% during the 2nd quarter. Dynamic Advisors Solutions LLC now owns 46,103 shares of the wireless technology company’s stock valued at $2,546,000 after purchasing an additional 35,211 shares in the last quarter. Finally, ANTIPODES PARTNERS Ltd purchased a new position in shares of QUALCOMM during the 2nd quarter valued at approximately $28,370,000. 76.23% of the stock is owned by hedge funds and other institutional investors.

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About QUALCOMM

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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