QUALCOMM (NASDAQ:QCOM) Raised to “Buy” at BidaskClub

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BidaskClub upgraded shares of QUALCOMM (NASDAQ:QCOM) from a hold rating to a buy rating in a research note issued to investors on Friday, BidAskClub reports.

Several other brokerages have also recently commented on QCOM. Cfra set a $80.00 price objective on shares of QUALCOMM and gave the company a buy rating in a research note on Thursday, May 23rd. JPMorgan Chase & Co. lifted their price objective on shares of QUALCOMM from $88.00 to $96.00 and gave the company a positive rating in a research note on Thursday, May 2nd. Morgan Stanley upgraded shares of QUALCOMM from an equal weight rating to an overweight rating and lifted their price objective for the company from $55.00 to $95.00 in a research note on Tuesday, April 23rd. Goldman Sachs Group initiated coverage on shares of QUALCOMM in a research note on Thursday, May 23rd. They set a neutral rating and a $73.00 price objective for the company. Finally, Edward Jones cut shares of QUALCOMM from a hold rating to a sell rating and set a $69.31 price objective for the company. in a research note on Thursday, May 23rd. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $79.93.

Shares of NASDAQ QCOM opened at $73.28 on Friday. The company has a current ratio of 1.77, a quick ratio of 1.61 and a debt-to-equity ratio of 2.46. QUALCOMM has a 12 month low of $49.10 and a 12 month high of $90.34. The company has a 50 day simple moving average of $74.13 and a two-hundred day simple moving average of $67.44. The stock has a market cap of $86.51 billion, a price-to-earnings ratio of 22.97, a PEG ratio of 1.93 and a beta of 1.62.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, July 31st. The wireless technology company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.62 by $0.02. QUALCOMM had a net margin of 13.41% and a return on equity of 112.21%. The business had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $5.12 billion. During the same period in the previous year, the business posted $1.01 EPS. The business’s quarterly revenue was down 12.7% compared to the same quarter last year. Analysts forecast that QUALCOMM will post 2.88 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 3.38%. The ex-dividend date is Wednesday, September 11th. QUALCOMM’s dividend payout ratio (DPR) is 77.74%.

In other news, SVP Erin L. Polek sold 1,478 shares of QUALCOMM stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $70.36, for a total transaction of $103,992.08. Following the completion of the transaction, the senior vice president now directly owns 1,386 shares of the company’s stock, valued at approximately $97,518.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.11% of the stock is owned by insiders.

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in QUALCOMM by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 99,900,654 shares of the wireless technology company’s stock worth $7,599,444,000 after acquiring an additional 2,296,163 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in QUALCOMM by 49.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 35,136,722 shares of the wireless technology company’s stock worth $2,672,850,000 after acquiring an additional 11,686,131 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in QUALCOMM by 8.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 25,383,855 shares of the wireless technology company’s stock worth $1,930,950,000 after acquiring an additional 2,035,743 shares in the last quarter. Primecap Management Co. CA increased its holdings in QUALCOMM by 0.3% in the 2nd quarter. Primecap Management Co. CA now owns 24,716,715 shares of the wireless technology company’s stock worth $1,880,201,000 after acquiring an additional 83,270 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in QUALCOMM by 1.9% in the 2nd quarter. Northern Trust Corp now owns 15,783,756 shares of the wireless technology company’s stock worth $1,200,669,000 after acquiring an additional 301,087 shares in the last quarter. 77.19% of the stock is owned by hedge funds and other institutional investors.

About QUALCOMM

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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