Citigroup Inc. Increases QUALCOMM Incorporated (QCOM) Price Target to $57.00
QUALCOMM Incorporated (NASDAQ:QCOM) had its target price upped by equities research analysts at Citigroup Inc. from $55.00 to $57.00 in a research report issued on Friday. The firm currently has a “neutral” rating on the wireless technology company’s stock. Citigroup Inc.’s target price indicates a potential upside of 3.75% from the company’s previous close.
Several other research firms also recently commented on QCOM. Canaccord Genuity upped their price objective on shares of QUALCOMM from $70.00 to $76.00 and gave the company a “buy” rating in a report on Thursday. ValuEngine downgraded shares of QUALCOMM from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. BidaskClub downgraded shares of QUALCOMM from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. Zacks Investment Research raised shares of QUALCOMM from a “sell” rating to a “hold” rating in a report on Tuesday, October 3rd. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $54.00 price target on shares of QUALCOMM in a report on Monday, July 10th. Two analysts have rated the stock with a sell rating, eighteen have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. QUALCOMM currently has a consensus rating of “Hold” and a consensus price target of $63.80.
QUALCOMM (NASDAQ:QCOM) traded up $1.48 during midday trading on Friday, reaching $54.94. 3,283,775 shares of the company’s stock traded hands, compared to its average volume of 9,556,495. The firm has a market capitalization of $80.84 billion, a PE ratio of 14.51 and a beta of 1.26.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, November 1st. The wireless technology company reported $0.92 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.22. The business had revenue of $5.96 billion for the quarter, compared to the consensus estimate of $5.80 billion. QUALCOMM had a net margin of 11.06% and a return on equity of 18.08%. The company’s revenue was down 3.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.28 earnings per share. research analysts forecast that QUALCOMM will post 3.3 EPS for the current fiscal year.
In related news, EVP Michelle M. Sterling sold 4,740 shares of the firm’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $51.88, for a total value of $245,911.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 5,837 shares of company stock valued at $303,249 in the last ninety days. 0.17% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the stock. FMR LLC lifted its position in QUALCOMM by 16.5% during the second quarter. FMR LLC now owns 80,528,523 shares of the wireless technology company’s stock valued at $4,446,786,000 after buying an additional 11,387,347 shares during the period. Veritas Asset Management LLP purchased a new position in QUALCOMM during the second quarter valued at $440,415,000. Capital International Investors lifted its position in QUALCOMM by 59.9% during the second quarter. Capital International Investors now owns 15,132,794 shares of the wireless technology company’s stock valued at $835,633,000 after buying an additional 5,671,176 shares during the period. Baupost Group LLC MA purchased a new position in QUALCOMM during the first quarter valued at $299,085,000. Finally, Nordea Investment Management AB lifted its position in QUALCOMM by 589.4% during the first quarter. Nordea Investment Management AB now owns 5,912,226 shares of the wireless technology company’s stock valued at $339,007,000 after buying an additional 5,054,642 shares during the period. 76.77% of the stock is owned by institutional investors.
QUALCOMM Company Profile
QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.
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