QUALCOMM (QCOM) Price Target Cut to $75.00

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QUALCOMM (NASDAQ:QCOM) had its target price reduced by analysts at Canaccord Genuity from $86.00 to $75.00 in a note issued to investors on Thursday, MarketBeat reports. The firm currently has a “buy” rating on the wireless technology company’s stock. Canaccord Genuity’s price objective suggests a potential upside of 32.23% from the company’s previous close.

Other research analysts have also issued research reports about the company. Rosenblatt Securities raised QUALCOMM from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $56.00 to $70.00 in a report on Monday, August 20th. Cowen upped their price objective on QUALCOMM from $58.00 to $64.00 and gave the stock a “market perform” rating in a report on Thursday, July 26th. BidaskClub raised QUALCOMM from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. Stifel Nicolaus upped their price objective on QUALCOMM from $54.00 to $58.00 and gave the stock a “hold” rating in a report on Thursday, July 26th. Finally, Summit Insights raised QUALCOMM from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $70.86.

QCOM stock traded down $1.33 on Thursday, reaching $56.72. 21,741,417 shares of the company’s stock were exchanged, compared to its average volume of 15,329,802. QUALCOMM has a twelve month low of $48.56 and a twelve month high of $76.50. The firm has a market capitalization of $92.86 billion, a PE ratio of 19.82, a P/E/G ratio of 1.96 and a beta of 1.69. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.73 and a quick ratio of 2.62.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, November 7th. The wireless technology company reported $0.90 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.20. QUALCOMM had a positive return on equity of 19.92% and a negative net margin of 21.40%. The firm had revenue of $5.83 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the prior year, the company posted $0.92 earnings per share. QUALCOMM’s quarterly revenue was down 2.1% on a year-over-year basis. Equities research analysts expect that QUALCOMM will post 2.8 earnings per share for the current fiscal year.

QUALCOMM announced that its board has authorized a stock buyback plan on Thursday, July 26th that permits the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization permits the wireless technology company to reacquire up to 34.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

In other QUALCOMM news, EVP Alexander H. Rogers sold 854 shares of the company’s stock in a transaction on Thursday, September 27th. The stock was sold at an average price of $72.18, for a total value of $61,641.72. Following the sale, the executive vice president now owns 5,197 shares of the company’s stock, valued at $375,119.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Alexander H. Rogers sold 853 shares of the company’s stock in a transaction on Monday, October 29th. The shares were sold at an average price of $63.50, for a total value of $54,165.50. Following the completion of the sale, the executive vice president now directly owns 4,344 shares in the company, valued at approximately $275,844. The disclosure for this sale can be found here. Insiders sold 91,638 shares of company stock worth $6,302,079 in the last three months. 0.17% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of QCOM. Sterling Investment Advisors Ltd. lifted its position in shares of QUALCOMM by 195.0% in the third quarter. Sterling Investment Advisors Ltd. now owns 1,549 shares of the wireless technology company’s stock valued at $112,000 after acquiring an additional 1,024 shares in the last quarter. MinichMacGregor Wealth Management LLC lifted its position in shares of QUALCOMM by 170.9% in the third quarter. MinichMacGregor Wealth Management LLC now owns 1,850 shares of the wireless technology company’s stock valued at $134,000 after acquiring an additional 1,167 shares in the last quarter. Kiley Juergens Wealth Management LLC lifted its position in shares of QUALCOMM by 1,760.0% in the third quarter. Kiley Juergens Wealth Management LLC now owns 1,860 shares of the wireless technology company’s stock valued at $133,000 after acquiring an additional 1,760 shares in the last quarter. Squar Milner Financial Services LLC purchased a new stake in shares of QUALCOMM in the second quarter valued at $106,000. Finally, Enterprise Financial Services Corp lifted its position in shares of QUALCOMM by 151.8% in the third quarter. Enterprise Financial Services Corp now owns 1,992 shares of the wireless technology company’s stock valued at $143,000 after acquiring an additional 1,201 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.

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.

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