Qualcomm’s (QCOM) Buy Rating Reaffirmed at Canaccord Genuity

Canaccord Genuity reissued their buy rating on shares of Qualcomm (NASDAQ:QCOM) in a research note issued to investors on Friday, Marketbeat reports. The brokerage currently has a $79.00 price target on the wireless technology company’s stock, down from their previous price target of $86.00.

Several other research firms also recently commented on QCOM. ValuEngine raised Qualcomm from a hold rating to a buy rating in a research note on Friday, February 2nd. Citigroup began coverage on Qualcomm in a research note on Thursday, April 12th. They issued a neutral rating and a $58.00 price objective on the stock. KeyCorp raised their price objective on Qualcomm from $68.00 to $73.00 and gave the stock a buy rating in a research note on Thursday, February 1st. Morgan Stanley began coverage on Qualcomm in a research note on Monday, March 19th. They issued an underweight rating and a $55.00 price objective on the stock. Finally, Zacks Investment Research downgraded Qualcomm from a hold rating to a sell rating in a research note on Tuesday, February 6th. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twelve have issued a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $65.67.

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QCOM stock opened at $50.53 on Friday. Qualcomm has a fifty-two week low of $48.92 and a fifty-two week high of $69.28. The company has a debt-to-equity ratio of 0.81, a quick ratio of 3.25 and a current ratio of 3.41. The stock has a market capitalization of $76,149.88, a price-to-earnings ratio of 13.37, a PEG ratio of 1.60 and a beta of 1.44.

Qualcomm (NASDAQ:QCOM) last posted its earnings results on Wednesday, January 31st. The wireless technology company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.07. Qualcomm had a positive return on equity of 18.10% and a negative net margin of 18.65%. The company had revenue of $6.10 billion for the quarter, compared to the consensus estimate of $5.93 billion. During the same quarter in the prior year, the company earned $1.19 earnings per share. Qualcomm’s revenue was up 1.7% on a year-over-year basis. equities analysts predict that Qualcomm will post 2.8 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 20th. Investors of record on Wednesday, May 30th will be paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 4.91%. The ex-dividend date of this dividend is Tuesday, May 29th. This is an increase from Qualcomm’s previous quarterly dividend of $0.57. Qualcomm’s dividend payout ratio (DPR) is 60.32%.

In other Qualcomm news, EVP Alexander H. Rogers sold 713 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $68.20, for a total transaction of $48,626.60. Following the completion of the transaction, the executive vice president now owns 10,403 shares in the company, valued at approximately $709,484.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP James H. Thompson sold 50,126 shares of the firm’s stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $62.66, for a total value of $3,140,895.16. Following the transaction, the executive vice president now owns 136,482 shares of the company’s stock, valued at approximately $8,551,962.12. The disclosure for this sale can be found here. Insiders have sold a total of 52,682 shares of company stock worth $3,306,030 in the last three months. 0.24% 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 QCOM. Stock Yards Bank & Trust Co. grew its holdings in Qualcomm by 5.6% during the 3rd quarter. Stock Yards Bank & Trust Co. now owns 40,994 shares of the wireless technology company’s stock valued at $2,125,000 after buying an additional 2,163 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its holdings in Qualcomm by 28.4% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 29,666 shares of the wireless technology company’s stock valued at $1,538,000 after buying an additional 6,556 shares in the last quarter. Raymond James Trust N.A. grew its holdings in Qualcomm by 1.4% during the 3rd quarter. Raymond James Trust N.A. now owns 143,070 shares of the wireless technology company’s stock valued at $7,417,000 after buying an additional 1,926 shares in the last quarter. First Trust Advisors LP grew its holdings in Qualcomm by 5.0% during the 3rd quarter. First Trust Advisors LP now owns 3,387,233 shares of the wireless technology company’s stock valued at $175,594,000 after buying an additional 160,949 shares in the last quarter. Finally, Donald L. Hagan LLC purchased a new position in Qualcomm during the 3rd quarter valued at approximately $1,165,000. Institutional investors and hedge funds own 78.20% of the company’s stock.

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About Qualcomm

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.

Analyst Recommendations for Qualcomm (NASDAQ:QCOM)

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