QUALCOMM (QCOM) Downgraded by ValuEngine to “Hold”

ValuEngine downgraded shares of QUALCOMM (NASDAQ:QCOM) from a buy rating to a hold rating in a research note released on Tuesday morning.

A number of other equities research analysts have also issued reports on QCOM. Deutsche Bank raised their price target on shares of QUALCOMM to $60.00 and gave the stock a hold rating in a report on Monday, July 23rd. Cowen raised their price target on shares of QUALCOMM from $58.00 to $64.00 and gave the stock a market perform rating in a report on Thursday, July 26th. Stifel Nicolaus raised their price target on shares of QUALCOMM from $54.00 to $58.00 and gave the stock a hold rating in a report on Thursday, July 26th. BMO Capital Markets raised their price target on shares of QUALCOMM to $64.00 and gave the stock a market perform rating in a report on Thursday, July 26th. Finally, Summit Insights raised shares of QUALCOMM from a hold rating to a buy rating in a report on Thursday, July 26th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company’s stock. QUALCOMM presently has an average rating of Hold and an average target price of $70.86.

QUALCOMM stock traded down $1.40 during trading hours on Tuesday, reaching $56.65. The stock had a trading volume of 1,074,024 shares, compared to its average volume of 15,519,971. The firm has a market cap of $93.48 billion, a PE ratio of 17.80, a price-to-earnings-growth ratio of 1.98 and a beta of 1.69. QUALCOMM has a 52 week low of $48.56 and a 52 week high of $76.50. The company has a quick ratio of 2.62, a current ratio of 2.73 and a debt-to-equity ratio of 0.67.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, November 7th. The wireless technology company reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.20. The business had revenue of $5.83 billion for the quarter, compared to analyst estimates of $5.54 billion. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The company’s revenue was down 2.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.92 EPS. As a group, sell-side analysts expect that QUALCOMM will post 2.8 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th will be paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.38%. The ex-dividend date of this dividend is Wednesday, December 5th. QUALCOMM’s payout ratio is 77.74%.

QUALCOMM announced that its Board of Directors has authorized a share repurchase plan on Thursday, July 26th that authorizes the company to buyback $30.00 billion in outstanding shares. This buyback authorization authorizes the wireless technology company to reacquire up to 34.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

In related news, President Cristiano R. Amon sold 88,625 shares of QUALCOMM stock in a transaction dated Wednesday, October 10th. The shares were sold at an average price of $68.81, for a total transaction of $6,098,286.25. Following the completion of the transaction, the president now directly owns 58,045 shares of the company’s stock, valued at approximately $3,994,076.45. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Alexander H. Rogers sold 1,306 shares of QUALCOMM stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $67.37, for a total transaction of $87,985.22. The disclosure for this sale can be found here. Insiders have sold a total of 91,638 shares of company stock worth $6,302,079 in the last ninety days. Insiders own 0.17% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Moneta Group Investment Advisors LLC lifted its position in QUALCOMM by 9,686.8% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 74,282 shares of the wireless technology company’s stock valued at $105,000 after acquiring an additional 73,523 shares during the period. Squar Milner Financial Services LLC purchased a new position in QUALCOMM during the 2nd quarter valued at about $106,000. Kiley Juergens Wealth Management LLC lifted its position in QUALCOMM by 1,760.0% during the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 1,860 shares of the wireless technology company’s stock valued at $133,000 after acquiring an additional 1,760 shares during the period. MinichMacGregor Wealth Management LLC lifted its position in QUALCOMM by 170.9% during the 3rd quarter. MinichMacGregor Wealth Management LLC now owns 1,850 shares of the wireless technology company’s stock valued at $134,000 after acquiring an additional 1,167 shares during the period. Finally, Enterprise Financial Services Corp lifted its position in QUALCOMM by 151.8% during the 3rd quarter. Enterprise Financial Services Corp now owns 1,992 shares of the wireless technology company’s stock valued at $143,000 after acquiring an additional 1,201 shares during the period. 76.93% of the stock is 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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Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

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