Zacks Investment Research Upgrades QUALCOMM Incorporated (QCOM) to “Hold”
QUALCOMM Incorporated (NASDAQ:QCOM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Qualcomm continues to lead the global wireless baseband chipset market, along with its Snapdragon processors. Qualcomm is reportedly partnering with Himax Technologies’ to create a 3D camera module. The pending deal of NXP Semiconductor buyout is still under regulatory proceedings. Qualcomm has launched its Mesh Networking Platform. Qualcomm is planning to buy Scyfer B.V. to boost its Artificial Intelligence Research. Qualcomm’s subsidiary has unveiled a new chipset — the C-V2X (Cellular Vehicle-to-Everything), compatible with 4G and budding 5G cellular standards. However, the company continues to receive charges for unfair business practices and licensing royalty payments. Aggressive competition in the mobile phone chipset market has also been hurting Qualcomm’s profits. The $1 billion dispute with Apple is getting uglier. Over the past three months, the stock declined 5.6% as against the industry’s loss of 4.0%.”
Other equities research analysts have also issued reports about the stock. Northland Securities lowered shares of QUALCOMM from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $75.00 to $62.50 in a report on Wednesday, June 28th. Wells Fargo & Company reissued an “outperform” rating on shares of QUALCOMM in a research note on Tuesday, June 27th. ValuEngine lowered shares of QUALCOMM from a “buy” rating to a “hold” rating in a research note on Saturday, June 24th. BMO Capital Markets reissued a “market perform” rating and set a $55.00 target price on shares of QUALCOMM in a research note on Thursday, August 24th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $55.00 target price on shares of QUALCOMM in a research note on Wednesday, July 5th. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $63.60.
QUALCOMM (NASDAQ:QCOM) traded up 0.1261% on Tuesday, reaching $52.0255. The company had a trading volume of 1,342,511 shares. The company has a market capitalization of $76.79 billion, a P/E ratio of 19.9255 and a beta of 1.28. QUALCOMM has a 52 week low of $48.92 and a 52 week high of $71.62. The stock’s 50-day moving average is $51.71 and its 200-day moving average is $54.53.
QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, July 19th. The wireless technology company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.02. QUALCOMM had a return on equity of 19.64% and a net margin of 17.26%. The firm had revenue of $5.37 billion for the quarter, compared to the consensus estimate of $5.25 billion. During the same period in the prior year, the firm earned $1.16 EPS. The firm’s revenue was down 11.1% on a year-over-year basis. Equities research analysts forecast that QUALCOMM will post $4.16 EPS for the current fiscal year.
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In other news, President Derek K. Aberle sold 23,104 shares of QUALCOMM stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $55.38, for a total value of $1,279,499.52. Following the sale, the president now owns 5,855 shares of the company’s stock, valued at $324,249.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michelle M. Sterling sold 4,740 shares of QUALCOMM stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $51.88, for a total transaction of $245,911.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,914 shares of company stock worth $1,581,095. 0.17% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in QCOM. FMR LLC boosted its holdings in QUALCOMM by 16.5% during the second quarter. FMR LLC now owns 80,528,523 shares of the wireless technology company’s stock worth $4,446,786,000 after buying an additional 11,387,347 shares in the last quarter. Veritas Asset Management LLP purchased a new stake in QUALCOMM during the second quarter worth about $440,415,000. Capital International Investors boosted its holdings 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 worth $835,633,000 after buying an additional 5,671,176 shares in the last quarter. Baupost Group LLC MA purchased a new stake in QUALCOMM during the first quarter worth about $299,085,000. Finally, Nordea Investment Management AB boosted its holdings 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 worth $339,007,000 after buying an additional 5,054,642 shares in the last quarter. 76.97% of the stock is currently owned by hedge funds and other institutional investors.
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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