BidaskClub Upgrades QUALCOMM (QCOM) to Buy

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QUALCOMM (NASDAQ:QCOM) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, BidAskClub reports.

QCOM has been the subject of several other reports. Zacks Investment Research raised QUALCOMM from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a report on Wednesday, February 13th. Barclays upped their target price on QUALCOMM from $70.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. JPMorgan Chase & Co. began coverage on QUALCOMM in a report on Wednesday, March 27th. They set a “neutral” rating and a $54.00 target price for the company. Raymond James set a $65.00 target price on QUALCOMM and gave the company a “buy” rating in a report on Saturday, February 2nd. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $89.00 target price (up from $75.00) on shares of QUALCOMM in a report on Wednesday, April 17th. Eight research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $77.13.

Shares of NASDAQ QCOM opened at $86.83 on Tuesday. QUALCOMM has a 12 month low of $48.56 and a 12 month high of $88.63. The firm has a market cap of $96.69 billion, a PE ratio of 27.22, a P/E/G ratio of 2.59 and a beta of 1.22. The company has a debt-to-equity ratio of 4.25, a current ratio of 1.54 and a quick ratio of 1.38.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, January 30th. The wireless technology company reported $1.20 EPS for the quarter, beating 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 the consensus estimate of $4.89 billion. During the same period in the prior year, the business posted $0.98 earnings per share. QUALCOMM’s revenue was down 21.3% compared to the same quarter last year. On average, research analysts anticipate that QUALCOMM will post 3.14 earnings per share for the current fiscal year.

In other QUALCOMM news, EVP James H. Thompson sold 40,000 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 62,301 shares of the company’s stock, valued at approximately $3,161,775.75. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, President Cristiano R. Amon sold 13,466 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $60.00, for a total value of $807,960.00. Following the completion of the transaction, the president now directly owns 37,614 shares in the company, valued at $2,256,840. The disclosure for this sale can be found here. Corporate insiders own 0.11% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Atlas Brown Inc. increased its holdings in shares of QUALCOMM by 3.5% during the 1st quarter. Atlas Brown Inc. now owns 5,305 shares of the wireless technology company’s stock valued at $303,000 after acquiring an additional 179 shares during the last quarter. Paulson Wealth Management Inc. increased its holdings in shares of QUALCOMM by 3.3% during the 1st quarter. Paulson Wealth Management Inc. now owns 5,920 shares of the wireless technology company’s stock valued at $338,000 after acquiring an additional 191 shares during the last quarter. Boenning & Scattergood Inc. increased its holdings in shares of QUALCOMM by 3.1% during the 4th quarter. Boenning & Scattergood Inc. now owns 6,537 shares of the wireless technology company’s stock valued at $372,000 after acquiring an additional 197 shares during the last quarter. Evanson Asset Management LLC increased its holdings in shares of QUALCOMM by 4.9% during the 4th quarter. Evanson Asset Management LLC now owns 4,231 shares of the wireless technology company’s stock valued at $241,000 after acquiring an additional 199 shares during the last quarter. Finally, Highland Capital Management LLC increased its holdings in shares of QUALCOMM by 0.4% during the 4th quarter. Highland Capital Management LLC now owns 53,274 shares of the wireless technology company’s stock valued at $3,032,000 after acquiring an additional 200 shares during the last quarter. 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.

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