QUALCOMM (QCOM) Price Target Cut to $67.00 by Analysts at Bank of America

QUALCOMM (NASDAQ:QCOM) had its price target cut by Bank of America from $70.00 to $67.00 in a research report sent to investors on Thursday, MarketBeat reports. They currently have a neutral rating on the wireless technology company’s stock.

A number of other research firms also recently issued reports on QCOM. Deutsche Bank boosted their target price on shares of QUALCOMM to $70.00 and gave the company a hold rating in a research report on Wednesday, September 19th. KeyCorp assumed coverage on shares of QUALCOMM in a research report on Tuesday, September 25th. They set a sector weight rating on the stock. BidaskClub upgraded shares of QUALCOMM from a hold rating to a buy rating in a research report on Tuesday, September 18th. Canaccord Genuity dropped their target price on shares of QUALCOMM from $88.00 to $86.00 and set a buy rating on the stock in a research report on Tuesday, September 25th. Finally, Tigress Financial reiterated a buy rating on shares of QUALCOMM in a research report on Friday, September 28th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. QUALCOMM currently has an average rating of Hold and a consensus price target of $70.86.

Shares of QUALCOMM stock traded down $1.33 during trading on Thursday, reaching $56.72. 21,742,067 shares of the company traded hands, compared to its average volume of 12,257,364. The company has a quick ratio of 2.62, a current ratio of 2.73 and a debt-to-equity ratio of 0.67. QUALCOMM has a 1-year low of $48.56 and a 1-year high of $76.50. The company has a market capitalization of $93.48 billion, a PE ratio of 17.78, a PEG ratio of 1.98 and a beta of 1.69.

QUALCOMM (NASDAQ:QCOM) last released its earnings results on Wednesday, November 7th. The wireless technology company reported $0.90 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.20. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The company had revenue of $5.83 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the previous year, the company earned $0.92 EPS. QUALCOMM’s quarterly revenue was down 2.1% compared to the same quarter last year. Sell-side analysts expect that QUALCOMM will post 2.8 EPS for the current fiscal year.

QUALCOMM declared that its board has authorized a stock buyback program on Thursday, July 26th that allows the company to buyback $30.00 billion in outstanding shares. This buyback authorization allows the wireless technology company to reacquire up to 34.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Shareholders of record on Thursday, December 6th will be issued a dividend of $0.62 per share. The ex-dividend date is Wednesday, December 5th. This represents a $2.48 annualized dividend and a yield of 4.37%. QUALCOMM’s payout ratio is 77.74%.

In other QUALCOMM news, President Cristiano R. Amon sold 88,625 shares of the company’s stock in a transaction on Wednesday, October 10th. The shares were sold at an average price of $68.81, for a total transaction of $6,098,286.25. Following the transaction, the president now owns 58,045 shares in the company, valued at $3,994,076.45. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 transaction of $61,641.72. Following the transaction, the executive vice president now owns 5,197 shares in the company, valued at approximately $375,119.46. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,638 shares of company stock worth $6,302,079. Corporate insiders own 0.17% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of Hawaii grew its stake in shares of QUALCOMM by 35.7% in the 3rd quarter. Bank of Hawaii now owns 30,396 shares of the wireless technology company’s stock worth $2,189,000 after acquiring an additional 7,991 shares in the last quarter. Gratus Capital LLC grew its stake in shares of QUALCOMM by 2.4% in the 3rd quarter. Gratus Capital LLC now owns 98,500 shares of the wireless technology company’s stock worth $7,095,000 after acquiring an additional 2,280 shares in the last quarter. Sterling Investment Advisors Ltd. grew its stake in shares of QUALCOMM by 195.0% in the 3rd quarter. Sterling Investment Advisors Ltd. now owns 1,549 shares of the wireless technology company’s stock worth $112,000 after acquiring an additional 1,024 shares in the last quarter. American International Group Inc. grew its stake in shares of QUALCOMM by 0.7% in the 3rd quarter. American International Group Inc. now owns 709,827 shares of the wireless technology company’s stock worth $51,129,000 after acquiring an additional 4,684 shares in the last quarter. Finally, All Terrain Financial Advisors LLC bought a new stake in shares of QUALCOMM in the 3rd quarter worth $201,000. Hedge funds and other institutional investors own 76.93% 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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