QUALCOMM (NASDAQ:QCOM) PT Lowered to $87.00

QUALCOMM (NASDAQ:QCOM) had its target price decreased by Canaccord Genuity from $90.00 to $87.00 in a report released on Thursday, BenzingaRatingsTable reports. The brokerage presently has a “buy” rating on the wireless technology company’s stock. Canaccord Genuity’s price target would suggest a potential upside of 22.28% from the company’s previous close.

Several other brokerages also recently issued reports on QCOM. Deutsche Bank reduced their price target on shares of QUALCOMM from $80.00 to $75.00 and set an “in-line” rating on the stock in a report on Thursday. ValuEngine raised shares of QUALCOMM from a “hold” rating to a “buy” rating in a report on Tuesday, April 16th. JPMorgan Chase & Co. upped their price target on shares of QUALCOMM from $88.00 to $96.00 and gave the company a “positive” rating in a report on Thursday, May 2nd. Cfra set a $80.00 price target on shares of QUALCOMM and gave the company a “buy” rating in a report on Thursday, May 23rd. Finally, Sanford C. Bernstein set a $60.00 price target on shares of QUALCOMM and gave the company a “hold” rating in a report on Wednesday, April 17th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $79.93.

Shares of NASDAQ QCOM traded down $0.05 on Thursday, hitting $71.15. The company’s stock had a trading volume of 12,648,805 shares, compared to its average volume of 10,592,839. QUALCOMM has a 12-month low of $49.10 and a 12-month high of $90.34. The stock has a market cap of $88.94 billion, a P/E ratio of 22.30, a price-to-earnings-growth ratio of 1.58 and a beta of 1.62. The company has a debt-to-equity ratio of 3.98, a current ratio of 1.55 and a quick ratio of 1.39. The company has a 50 day simple moving average of $74.44.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 31st. The wireless technology company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.02. QUALCOMM had a net margin of 13.41% and a return on equity of 138.82%. The company had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $5.12 billion. During the same quarter in the prior year, the firm earned $1.01 earnings per share. The company’s revenue for the quarter was down 12.7% compared to the same quarter last year. On average, sell-side analysts forecast that QUALCOMM will post 3.31 earnings per share for the current fiscal year.

In related news, President Cristiano R. Amon sold 17,318 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $84.87, for a total transaction of $1,469,778.66. Following the transaction, the president now owns 79,862 shares of the company’s stock, valued at $6,777,887.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Alexander H. Rogers sold 20,862 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $88.43, for a total transaction of $1,844,826.66. The disclosure for this sale can be found here. Insiders have sold 61,931 shares of company stock worth $5,334,769 in the last three months. Insiders own 0.11% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Weaver Consulting Group acquired a new position in QUALCOMM during the first quarter worth approximately $25,000. Ibex Wealth Advisors acquired a new position in QUALCOMM during the second quarter worth approximately $28,000. Hexavest Inc. acquired a new position in QUALCOMM during the second quarter worth approximately $33,000. Lenox Wealth Advisors LLC acquired a new position in QUALCOMM during the second quarter worth approximately $34,000. Finally, Meridian Wealth Management LLC acquired a new position in QUALCOMM during the first quarter worth approximately $26,000. 76.16% 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.

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Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

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