QUALCOMM’s (QCOM) “Buy” Rating Reaffirmed at Canaccord Genuity

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Canaccord Genuity restated their buy rating on shares of QUALCOMM (NASDAQ:QCOM) in a research note released on Thursday morning, The Fly reports. Canaccord Genuity currently has a $90.00 price target on the wireless technology company’s stock, down from their prior price target of $105.00.

QCOM has been the subject of a number of other reports. BidaskClub downgraded QUALCOMM from a buy rating to a hold rating in a research note on Tuesday, May 21st. Raymond James set a $65.00 price target on QUALCOMM and gave the stock a buy rating in a research note on Saturday, February 2nd. BMO Capital Markets reaffirmed a market perform rating on shares of QUALCOMM in a research note on Thursday, January 31st. Mizuho reaffirmed a buy rating and set a $82.00 price target (up from $62.00) on shares of QUALCOMM in a research note on Wednesday, April 17th. Finally, Barclays raised their price target on QUALCOMM from $70.00 to $100.00 and gave the stock an overweight rating in a research note on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. QUALCOMM has a consensus rating of Buy and an average price target of $80.05.

QCOM opened at $66.21 on Thursday. QUALCOMM has a fifty-two week low of $49.10 and a fifty-two week high of $90.34. The company has a debt-to-equity ratio of 3.98, a current ratio of 1.55 and a quick ratio of 1.39. The stock has a market cap of $80.49 billion, a PE ratio of 20.76, a PEG ratio of 1.71 and a beta of 1.45.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.07. QUALCOMM had a return on equity of 56.69% and a net margin of 11.57%. The company had revenue of $4.88 billion during the quarter, compared to the consensus estimate of $4.83 billion. During the same period last year, the business earned $0.80 EPS. The business’s quarterly revenue was down 5.9% on a year-over-year basis. On average, research analysts forecast that QUALCOMM will post 3.32 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Thursday, June 6th will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date of this dividend is Wednesday, June 5th. QUALCOMM’s dividend payout ratio is 77.74%.

In other QUALCOMM news, Director Clark T. Jr. Randt sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $89.58, for a total value of $179,160.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Michelle M. Sterling sold 5,560 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $86.44, for a total value of $480,606.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 949,832 shares of company stock worth $37,443,538. 0.11% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lavaca Capital LLC acquired a new stake in QUALCOMM in the 4th quarter valued at approximately $25,000. Farmers National Bank acquired a new stake in shares of QUALCOMM during the 1st quarter worth approximately $26,000. Mark Sheptoff Financial Planning LLC acquired a new stake in shares of QUALCOMM during the 1st quarter worth approximately $29,000. Field & Main Bank acquired a new stake in shares of QUALCOMM during the 1st quarter worth approximately $32,000. Finally, Baldwin Brothers Inc. MA acquired a new stake in shares of QUALCOMM during the 1st quarter worth approximately $34,000. 77.95% of the stock is currently owned by hedge funds and other 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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Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

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