Canaccord Genuity Analysts Give QUALCOMM (NASDAQ:QCOM) a $87.00 Price Target

Canaccord Genuity set a $87.00 price target on QUALCOMM (NASDAQ:QCOM) in a report issued on Wednesday, TipRanks reports. The firm currently has a buy rating on the wireless technology company’s stock.

QCOM has been the subject of a number of other research reports. Morgan Stanley set a $89.00 price target on QUALCOMM and gave the stock a buy rating in a research report on Wednesday, August 21st. Daiwa Capital Markets started coverage on QUALCOMM in a research report on Thursday, July 18th. They set a neutral rating for the company. TheStreet upgraded QUALCOMM from a c+ rating to a b- rating in a research report on Thursday, August 1st. BidaskClub upgraded QUALCOMM from a buy rating to a strong-buy rating in a research report on Saturday, September 7th. Finally, Barclays downgraded QUALCOMM from an overweight rating to an equal weight rating and dropped their price objective for the stock from $90.00 to $75.00 in a research note on Thursday, July 18th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $79.68.

Shares of QCOM stock opened at $76.70 on Wednesday. The company has a debt-to-equity ratio of 2.46, a quick ratio of 1.61 and a current ratio of 1.77. QUALCOMM has a 1 year low of $49.10 and a 1 year high of $90.34. The stock has a fifty day moving average of $76.78 and a two-hundred day moving average of $73.67. The firm has a market capitalization of $90.38 billion, a PE ratio of 24.38, a price-to-earnings-growth ratio of 1.77 and a beta of 1.59.

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, topping the Zacks’ consensus estimate of $0.62 by $0.02. QUALCOMM had a return on equity of 112.21% and a net margin of 13.41%. The company had revenue of $4.89 billion during the quarter, compared to analyst estimates of $5.12 billion. During the same quarter in the previous year, the firm posted $1.01 EPS. The firm’s quarterly revenue was down 12.7% on a year-over-year basis. Equities research analysts predict that QUALCOMM will post 2.84 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th were paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date was Wednesday, September 11th. QUALCOMM’s dividend payout ratio is presently 77.74%.

In related news, Director Mark D. Mclaughlin bought 2,705 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were bought at an average cost of $73.84 per share, with a total value of $199,737.20. Following the completion of the transaction, the director now directly owns 5,220 shares of the company’s stock, valued at $385,444.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michelle M. Sterling sold 10,398 shares of the business’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $75.01, for a total value of $779,953.98. The disclosure for this sale can be found here. Insiders sold a total of 11,985 shares of company stock worth $892,245 in the last three months. Company insiders own 0.11% of the company’s stock.

Several institutional investors have recently made changes to their positions in QCOM. First Trust Advisors LP raised its position in shares of QUALCOMM by 18.5% during the first quarter. First Trust Advisors LP now owns 2,659,746 shares of the wireless technology company’s stock worth $151,685,000 after purchasing an additional 416,097 shares during the period. Fiera Capital Corp raised its position in shares of QUALCOMM by 5.9% during the first quarter. Fiera Capital Corp now owns 12,914 shares of the wireless technology company’s stock worth $737,000 after purchasing an additional 722 shares during the period. Impala Asset Management LLC acquired a new stake in shares of QUALCOMM during the first quarter worth $9,553,000. Meitav Dash Investments Ltd. raised its position in shares of QUALCOMM by 13.9% during the first quarter. Meitav Dash Investments Ltd. now owns 56,943 shares of the wireless technology company’s stock worth $3,220,000 after purchasing an additional 6,947 shares during the period. Finally, State of Wisconsin Investment Board raised its position in shares of QUALCOMM by 10.3% during the first quarter. State of Wisconsin Investment Board now owns 1,339,476 shares of the wireless technology company’s stock worth $76,390,000 after purchasing an additional 125,427 shares during the period. 78.45% of the stock is currently owned by 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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