QUALCOMM Incorporated (QCOM) Downgraded by Edward Jones to “Hold”
QUALCOMM Incorporated (NASDAQ:QCOM) was downgraded by analysts at Edward Jones from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
Several other research firms have also recently issued reports on QCOM. UBS AG decreased their price target on QUALCOMM from $58.00 to $53.00 and set a “buy” rating for the company in a research note on Monday. Standpoint Research cut QUALCOMM from a “buy” rating to a “hold” rating in a research note on Monday. Wells Fargo & Company cut QUALCOMM from an “outperform” rating to a “market perform” rating in a research note on Monday. Vetr cut QUALCOMM from a “strong-buy” rating to a “hold” rating and set a $62.71 price target for the company. in a research note on Monday. Finally, BidaskClub raised QUALCOMM from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 16th. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $63.61.
Shares of QUALCOMM (QCOM) traded up $1.33 during midday trading on Tuesday, reaching $63.85. The company’s stock had a trading volume of 17,990,000 shares, compared to its average volume of 12,610,000. QUALCOMM has a 1 year low of $48.92 and a 1 year high of $70.24. The company has a debt-to-equity ratio of 0.63, a current ratio of 4.00 and a quick ratio of 3.81. The firm has a market capitalization of $94,130.00, a price-to-earnings ratio of 16.35, a PEG ratio of 2.00 and a beta of 1.26.
QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings results on Wednesday, November 1st. The wireless technology company reported $0.92 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.22. QUALCOMM had a return on equity of 18.08% and a net margin of 11.06%. The company had revenue of $5.96 billion during the quarter, compared to analysts’ expectations of $5.80 billion. During the same quarter in the prior year, the business posted $1.28 earnings per share. The company’s revenue for the quarter was down 3.5% compared to the same quarter last year. equities research analysts predict that QUALCOMM will post 3.3 earnings per share for the current year.
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In other news, EVP Michelle M. Sterling sold 4,740 shares of the stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $51.88, for a total transaction of $245,911.20. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last three months, insiders have sold 5,837 shares of company stock worth $303,249. 0.24% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of QCOM. Maple Capital Management Inc. grew its holdings in QUALCOMM by 8.4% in the 1st quarter. Maple Capital Management Inc. now owns 89,257 shares of the wireless technology company’s stock valued at $5,118,000 after buying an additional 6,890 shares during the last quarter. Elkfork Partners LLC grew its holdings in QUALCOMM by 24.2% in the 1st quarter. Elkfork Partners LLC now owns 152,558 shares of the wireless technology company’s stock valued at $8,748,000 after buying an additional 29,750 shares during the last quarter. Point View Wealth Management Inc. grew its holdings in QUALCOMM by 31.7% in the 1st quarter. Point View Wealth Management Inc. now owns 18,736 shares of the wireless technology company’s stock valued at $1,074,000 after buying an additional 4,511 shares during the last quarter. Horan Capital Advisors LLC. grew its holdings in QUALCOMM by 4.7% in the 1st quarter. Horan Capital Advisors LLC. now owns 54,877 shares of the wireless technology company’s stock valued at $3,147,000 after buying an additional 2,440 shares during the last quarter. Finally, AMG Funds LLC grew its holdings in QUALCOMM by 1.2% in the 1st quarter. AMG Funds LLC now owns 37,953 shares of the wireless technology company’s stock valued at $2,176,000 after buying an additional 449 shares during the last quarter. 76.85% of the stock is currently owned by institutional investors and hedge funds.
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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