QUALCOMM (NASDAQ:QCOM) PT Set at $85.00 by Macquarie

Macquarie set a $85.00 price target on QUALCOMM (NASDAQ:QCOM) in a research note published on Wednesday, April 17th, TipRanks reports. The firm currently has a buy rating on the wireless technology company’s stock.

Other equities analysts also recently issued reports about the stock. JPMorgan Chase & Co. began coverage on shares of QUALCOMM in a research note on Wednesday, March 27th. They issued a neutral rating and a $54.00 price target on the stock. Canaccord Genuity reiterated a buy rating and issued a $89.00 price objective (up from $75.00) on shares of QUALCOMM in a report on Wednesday, April 17th. Argus upped their price objective on shares of QUALCOMM to $95.00 and gave the stock a buy rating in a report on Wednesday, April 17th. BidaskClub cut shares of QUALCOMM from a buy rating to a hold rating in a report on Monday, January 7th. Finally, ValuEngine upgraded shares of QUALCOMM from a hold rating to a buy rating in a report on Tuesday, April 16th. Seven research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and an average target price of $83.09.

NASDAQ:QCOM traded up $0.91 during trading hours on Wednesday, hitting $84.69. 7,899,634 shares of the stock traded hands, compared to its average volume of 18,651,889. The company has a quick ratio of 1.39, a current ratio of 1.55 and a debt-to-equity ratio of 3.98. QUALCOMM has a fifty-two week low of $49.10 and a fifty-two week high of $90.34. The company has a market cap of $105.55 billion, a P/E ratio of 26.55, a price-to-earnings-growth ratio of 2.08 and a beta of 1.45.

QUALCOMM (NASDAQ:QCOM) last announced its earnings results on Wednesday, May 1st. The wireless technology company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.07. QUALCOMM had a net margin of 11.57% and a return on equity of 56.69%. The company had revenue of $4.88 billion for the quarter, compared to the consensus estimate of $4.83 billion. During the same period in the previous year, the business earned $0.80 EPS. The company’s revenue was down 5.9% on a year-over-year basis. Equities research analysts anticipate that QUALCOMM will post 3.14 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Thursday, June 6th will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 2.93%. The ex-dividend date is Wednesday, June 5th. QUALCOMM’s payout ratio is presently 77.74%.

In related news, EVP Donald J. Rosenberg sold 11,050 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $84.68, for a total value of $935,714.00. Following the completion of the sale, the executive vice president now owns 7,141 shares in the company, valued at $604,699.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Clark T. Jr. Randt sold 2,000 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $89.58, for a total transaction of $179,160.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 977,131 shares of company stock valued at $38,389,089. 0.11% of the stock is owned by corporate insiders.

A number of large investors have recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund increased its holdings in shares of QUALCOMM by 9,505.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 33,612,696 shares of the wireless technology company’s stock valued at $591,000 after purchasing an additional 33,262,770 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of QUALCOMM by 24.1% in the fourth quarter. Bank of New York Mellon Corp now owns 25,852,938 shares of the wireless technology company’s stock valued at $1,471,289,000 after purchasing an additional 5,022,323 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of QUALCOMM by 0.5% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 20,156,306 shares of the wireless technology company’s stock valued at $1,147,095,000 after purchasing an additional 96,527 shares in the last quarter. Morgan Stanley increased its holdings in shares of QUALCOMM by 163.2% in the third quarter. Morgan Stanley now owns 18,891,278 shares of the wireless technology company’s stock valued at $1,360,740,000 after purchasing an additional 11,713,988 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of QUALCOMM in the fourth quarter valued at approximately $736,806,000. 83.44% of the stock is owned by hedge funds and other institutional investors.

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.

Read More: Intrinsic Value and Stock Selection

Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

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