QUALCOMM (NASDAQ:QCOM) Lifted to “Outperform” at BNP Paribas

BNP Paribas upgraded shares of QUALCOMM (NASDAQ:QCOM) from an underperform rating to an outperform rating in a research note issued to investors on Friday morning, Briefing.com reports. The firm currently has $140.00 target price on the wireless technology company’s stock.

Other analysts have also issued reports about the stock. Royal Bank of Canada increased their price objective on shares of QUALCOMM from $81.00 to $106.00 and gave the stock a sector perform rating in a research report on Thursday, July 30th. They noted that the move was a valuation call. Morgan Stanley increased their price objective on shares of QUALCOMM from $102.00 to $121.00 and gave the stock an overweight rating in a research report on Thursday, July 30th. Wells Fargo & Company raised shares of QUALCOMM from an underweight rating to an equal weight rating and raised their target price for the stock from $90.00 to $120.00 in a research report on Tuesday, September 1st. Edward Jones raised shares of QUALCOMM from a sell rating to a hold rating in a research report on Friday, July 31st. Finally, Raymond James raised their target price on shares of QUALCOMM from $110.00 to $120.00 and gave the stock a strong-buy rating in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. QUALCOMM has a consensus rating of Buy and an average target price of $116.33.

Shares of NASDAQ QCOM opened at $114.50 on Friday. The firm’s 50-day moving average price is $113.65 and its 200-day moving average price is $89.69. The company has a current ratio of 1.97, a quick ratio of 1.67 and a debt-to-equity ratio of 4.67. The stock has a market capitalization of $129.19 billion, a price-to-earnings ratio of 48.31, a P/E/G ratio of 1.79 and a beta of 1.36. QUALCOMM has a 12-month low of $58.00 and a 12-month high of $123.93.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 29th. The wireless technology company reported $0.86 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.15. QUALCOMM had a net margin of 13.72% and a return on equity of 78.39%. The company had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period in the prior year, the company posted $0.80 EPS. The firm’s revenue for the quarter was down .1% on a year-over-year basis. On average, equities analysts predict that QUALCOMM will post 3.2 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, September 24th. Shareholders of record on Thursday, September 3rd were paid a $0.65 dividend. The ex-dividend date was Wednesday, September 2nd. This represents a $2.60 annualized dividend and a yield of 2.27%. QUALCOMM’s dividend payout ratio (DPR) is 91.55%.

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,925 shares of the firm’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $102.42, for a total value of $401,998.50. Following the completion of the transaction, the chief financial officer now owns 17,790 shares of the company’s stock, valued at $1,822,051.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Steven M. Mollenkopf sold 219,131 shares of the firm’s stock in a transaction on Monday, July 13th. The stock was sold at an average price of $93.66, for a total transaction of $20,523,809.46. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 223,110 shares of company stock valued at $20,931,609. 0.12% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Legato Capital Management LLC purchased a new position in shares of QUALCOMM in the second quarter worth $2,326,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of QUALCOMM during the second quarter worth $2,524,000. Principal Financial Group Inc. raised its holdings in shares of QUALCOMM by 2.0% during the first quarter. Principal Financial Group Inc. now owns 1,677,408 shares of the wireless technology company’s stock worth $113,476,000 after purchasing an additional 32,214 shares during the last quarter. Sawtooth Solutions LLC raised its holdings in shares of QUALCOMM by 11.5% during the second quarter. Sawtooth Solutions LLC now owns 55,650 shares of the wireless technology company’s stock worth $5,076,000 after purchasing an additional 5,750 shares during the last quarter. Finally, Carnegie Capital Asset Management LLC raised its holdings in shares of QUALCOMM by 53.2% during the second quarter. Carnegie Capital Asset Management LLC now owns 45,140 shares of the wireless technology company’s stock worth $4,103,000 after purchasing an additional 15,676 shares during the last quarter. 74.79% of the stock is owned by institutional investors and hedge funds.

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.

Further Reading: What sectors are represented in the Nikkei Index?

Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

Receive News & Ratings for QUALCOMM Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for QUALCOMM and related companies with MarketBeat.com's FREE daily email newsletter.