QUALCOMM (QCOM) Cut to Hold at ValuEngine

ValuEngine cut shares of QUALCOMM (NASDAQ:QCOM) from a buy rating to a hold rating in a report released on Tuesday morning.

Several other brokerages also recently weighed in on QCOM. Canaccord Genuity raised their target price on shares of QUALCOMM from $76.00 to $83.00 and gave the company a buy rating in a research note on Monday, November 13th. Zacks Investment Research upgraded shares of QUALCOMM from a sell rating to a hold rating in a research note on Tuesday, October 3rd. Royal Bank of Canada raised their target price on shares of QUALCOMM from $70.00 to $77.00 and gave the company an outperform rating in a research note on Tuesday, November 14th. Vetr downgraded shares of QUALCOMM from a strong-buy rating to a hold rating and set a $62.71 target price for the company. in a research note on Monday, November 6th. Finally, Nomura upgraded shares of QUALCOMM from a neutral rating to a buy rating and raised their target price for the company from $58.00 to $75.00 in a research note on Tuesday. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $67.14.

QUALCOMM (NASDAQ QCOM) traded down $0.01 during midday trading on Tuesday, hitting $68.04. 8,863,162 shares of the stock were exchanged, compared to its average volume of 7,710,000. The company has a current ratio of 4.00, a quick ratio of 3.81 and a debt-to-equity ratio of 0.63. QUALCOMM has a 1 year low of $48.92 and a 1 year high of $69.28. The company has a market capitalization of $100,300.00, a P/E ratio of 41.24, a PEG ratio of 1.93 and a beta of 1.39.

QUALCOMM (NASDAQ:QCOM) last released its quarterly earnings data on Wednesday, November 1st. The wireless technology company reported $0.92 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.22. QUALCOMM had a net margin of 11.06% and a return on equity of 18.08%. The firm had revenue of $5.96 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same period last year, the firm earned $1.28 earnings per share. The company’s quarterly revenue was down 3.5% on a year-over-year basis. equities research analysts expect that QUALCOMM will post 3.07 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 21st. Shareholders of record on Wednesday, February 28th will be issued a $0.57 dividend. The ex-dividend date is Tuesday, February 27th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.35%. QUALCOMM’s dividend payout ratio is currently 138.18%.

In other QUALCOMM news, EVP Matthew S. Grob sold 43,000 shares of the firm’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $65.35, for a total value of $2,810,050.00. Following the completion of the transaction, the executive vice president now owns 43,000 shares of the company’s stock, valued at $2,810,050. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Michelle M. Sterling sold 7,840 shares of the firm’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $66.56, for a total transaction of $521,830.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,989 shares of company stock valued at $4,678,794. Corporate insiders own 0.17% of the company’s stock.

Several institutional investors have recently modified their holdings of QCOM. Farmers Trust Co. raised its holdings in shares of QUALCOMM by 0.9% during the second quarter. Farmers Trust Co. now owns 5,214 shares of the wireless technology company’s stock worth $288,000 after purchasing an additional 48 shares during the last quarter. Berson & Corrado Investment Advisors LLC raised its holdings in shares of QUALCOMM by 0.3% during the second quarter. Berson & Corrado Investment Advisors LLC now owns 60,375 shares of the wireless technology company’s stock worth $3,334,000 after purchasing an additional 168 shares during the last quarter. Perkins Coie Trust Co raised its holdings in shares of QUALCOMM by 4.2% during the second quarter. Perkins Coie Trust Co now owns 36,002 shares of the wireless technology company’s stock worth $1,988,000 after purchasing an additional 1,460 shares during the last quarter. City Holding Co. raised its holdings in shares of QUALCOMM by 36.9% during the second quarter. City Holding Co. now owns 23,400 shares of the wireless technology company’s stock worth $1,292,000 after purchasing an additional 6,310 shares during the last quarter. Finally, Koshinski Asset Management Inc. raised its holdings in shares of QUALCOMM by 55.6% during the second quarter. Koshinski Asset Management Inc. now owns 13,390 shares of the wireless technology company’s stock worth $739,000 after purchasing an additional 4,787 shares during the last quarter. 76.23% of the stock is owned by hedge funds and other institutional investors.

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About QUALCOMM

QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

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