QUALCOMM (QCOM) Price Target Raised to $62.00 at Stifel Nicolaus
QUALCOMM (NASDAQ:QCOM) had its price objective upped by stock analysts at Stifel Nicolaus from $58.00 to $62.00 in a report issued on Thursday. The firm currently has a “hold” rating on the wireless technology company’s stock. Stifel Nicolaus’ price objective would suggest a potential downside of 13.94% from the stock’s current price.
Several other research firms also recently weighed in on QCOM. Deutsche Bank boosted their target price on QUALCOMM to $70.00 and gave the company a “hold” rating in a report on Wednesday, September 19th. KeyCorp began coverage on QUALCOMM in a report on Tuesday. They issued a “sector weight” rating for the company. BidaskClub raised QUALCOMM from a “hold” rating to a “buy” rating in a report on Tuesday, September 18th. Canaccord Genuity reduced their target price on QUALCOMM from $88.00 to $86.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Barclays began coverage on QUALCOMM in a report on Thursday, September 13th. They issued an “overweight” rating and a $95.00 target price for the company. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and fourteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $71.12.
Shares of QUALCOMM stock traded up $0.28 on Thursday, hitting $72.04. The stock had a trading volume of 195,022 shares, compared to its average volume of 14,098,418. QUALCOMM has a 52-week low of $48.56 and a 52-week high of $76.50. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.62 and a current ratio of 2.73. The company has a market capitalization of $106.86 billion, a P/E ratio of 19.12, a PEG ratio of 2.15 and a beta of 1.66.
QUALCOMM announced that its board has approved a stock buyback plan on Thursday, July 26th that authorizes the company to buyback $30.00 billion in shares. This buyback authorization authorizes the wireless technology company to purchase up to 34.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
In other QUALCOMM news, EVP Alexander H. Rogers sold 828 shares of the business’s stock in a transaction that occurred on Friday, July 27th. The stock was sold at an average price of $63.40, for a total transaction of $52,495.20. Following the transaction, the executive vice president now owns 7,170 shares in the company, valued at approximately $454,578. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Alexander H. Rogers sold 1,306 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $67.37, for a total value of $87,985.22. The disclosure for this sale can be found here. 0.17% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Telemus Capital LLC grew its holdings in shares of QUALCOMM by 8.7% in the 2nd quarter. Telemus Capital LLC now owns 9,860 shares of the wireless technology company’s stock worth $553,000 after acquiring an additional 787 shares during the period. Ascension Asset Management LLC grew its holdings in shares of QUALCOMM by 3.2% in the 2nd quarter. Ascension Asset Management LLC now owns 25,542 shares of the wireless technology company’s stock worth $1,433,000 after acquiring an additional 800 shares during the period. KCM Investment Advisors LLC grew its holdings in shares of QUALCOMM by 7.8% in the 2nd quarter. KCM Investment Advisors LLC now owns 11,113 shares of the wireless technology company’s stock worth $624,000 after acquiring an additional 808 shares during the period. Bradley Foster & Sargent Inc. CT grew its holdings in shares of QUALCOMM by 2.9% in the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 29,757 shares of the wireless technology company’s stock worth $1,670,000 after acquiring an additional 825 shares during the period. Finally, Securian Asset Management Inc grew its holdings in shares of QUALCOMM by 0.6% in the 2nd quarter. Securian Asset Management Inc now owns 150,716 shares of the wireless technology company’s stock worth $8,458,000 after acquiring an additional 832 shares during the period. Institutional investors own 77.35% of the company’s stock.
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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