QUALCOMM (QCOM) Coverage Initiated at JPMorgan Chase & Co.

Equities researchers at JPMorgan Chase & Co. started coverage on shares of QUALCOMM (NASDAQ:QCOM) in a note issued to investors on Wednesday, March 27th, The Fly reports. The firm set a “neutral” rating and a $54.00 price target on the wireless technology company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 32.41% from the company’s previous close.

Several other brokerages also recently issued reports on QCOM. BidaskClub raised QUALCOMM from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. Bank of America set a $67.00 price objective on QUALCOMM and gave the stock a “hold” rating in a research report on Tuesday, December 11th. Evercore ISI reiterated an “in-line” rating and set a $60.00 price objective (down previously from $68.00) on shares of QUALCOMM in a research report on Monday, January 14th. Zacks Investment Research cut QUALCOMM from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 8th. Finally, Barclays reiterated a “buy” rating and set a $70.00 price objective on shares of QUALCOMM in a research report on Friday, January 18th. Ten investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $76.32.

QUALCOMM stock traded up $0.81 during mid-day trading on Wednesday, hitting $79.89. 41,621,184 shares of the company’s stock traded hands, compared to its average volume of 23,868,188. QUALCOMM has a fifty-two week low of $48.56 and a fifty-two week high of $82.52. The company has a market capitalization of $96.69 billion, a price-to-earnings ratio of 25.04, a P/E/G ratio of 2.59 and a beta of 1.22. The company has a debt-to-equity ratio of 4.25, a current ratio of 1.54 and a quick ratio of 1.38.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, January 30th. The wireless technology company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.11. QUALCOMM had a return on equity of 36.66% and a net margin of 10.03%. The business had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.89 billion. During the same quarter last year, the firm posted $0.98 EPS. The company’s quarterly revenue was down 21.3% on a year-over-year basis. As a group, equities analysts anticipate that QUALCOMM will post 3.14 earnings per share for the current fiscal year.

In related news, EVP James H. Thompson sold 40,000 shares of the firm’s stock in a transaction on Monday, February 11th. The stock was sold at an average price of $50.75, for a total value of $2,030,000.00. Following the transaction, the executive vice president now owns 62,301 shares in the company, valued at $3,161,775.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Cristiano R. Amon sold 13,466 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $60.00, for a total value of $807,960.00. Following the completion of the transaction, the president now owns 37,614 shares in the company, valued at approximately $2,256,840. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in QCOM. Atlas Brown Inc. lifted its stake in shares of QUALCOMM by 3.5% in the first quarter. Atlas Brown Inc. now owns 5,305 shares of the wireless technology company’s stock worth $303,000 after acquiring an additional 179 shares during the period. Boenning & Scattergood Inc. lifted its stake in shares of QUALCOMM by 3.1% in the fourth quarter. Boenning & Scattergood Inc. now owns 6,537 shares of the wireless technology company’s stock worth $372,000 after acquiring an additional 197 shares during the period. Evanson Asset Management LLC lifted its stake in shares of QUALCOMM by 4.9% in the fourth quarter. Evanson Asset Management LLC now owns 4,231 shares of the wireless technology company’s stock worth $241,000 after acquiring an additional 199 shares during the period. Highland Capital Management LLC lifted its stake in shares of QUALCOMM by 0.4% in the fourth quarter. Highland Capital Management LLC now owns 53,274 shares of the wireless technology company’s stock worth $3,032,000 after acquiring an additional 200 shares during the period. Finally, Unison Advisors LLC lifted its stake in shares of QUALCOMM by 1.1% in the first quarter. Unison Advisors LLC now owns 19,346 shares of the wireless technology company’s stock worth $1,103,000 after acquiring an additional 209 shares during the period. Hedge funds and other institutional investors own 83.70% of the company’s stock.

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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