QUALCOMM (NASDAQ:QCOM) Price Target Raised to $121.00

QUALCOMM (NASDAQ:QCOM) had its price target upped by Morgan Stanley from $102.00 to $121.00 in a report issued on Thursday, The Fly reports. Morgan Stanley currently has an overweight rating on the wireless technology company’s stock.

QCOM has been the subject of a number of other research reports. Wells Fargo & Co began coverage on QUALCOMM in a report on Monday, May 4th. They issued an underweight rating and a $70.00 target price for the company. Goldman Sachs Group cut shares of QUALCOMM from a neutral rating to a sell rating and decreased their price target for the stock from $77.00 to $61.00 in a research report on Friday, April 17th. KeyCorp upped their target price on shares of QUALCOMM from $110.00 to $125.00 and gave the company an overweight rating in a research note on Thursday. JPMorgan Chase & Co. raised their price objective on QUALCOMM from $100.00 to $108.00 and gave the company an overweight rating in a research note on Monday, July 27th. Finally, Charter Equity reissued a hold rating on shares of QUALCOMM in a report on Thursday, April 30th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $106.36.

Shares of NASDAQ:QCOM traded down $1.58 during trading on Thursday, hitting $105.61. 16,770,274 shares of the company were exchanged, compared to its average volume of 8,403,357. The firm’s 50 day moving average price is $90.67 and its 200-day moving average price is $82.54. The stock has a market capitalization of $119.16 billion, a P/E ratio of 44.56, a PEG ratio of 1.95 and a beta of 1.34. QUALCOMM has a 12-month low of $58.00 and a 12-month high of $107.75. The company has a debt-to-equity ratio of 4.67, a current ratio of 1.97 and a quick ratio of 1.39.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, July 29th. The wireless technology company reported $0.86 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.15. The business had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.80 billion. QUALCOMM had a return on equity of 78.39% and a net margin of 13.72%. The company’s revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.80 earnings per share. As a group, equities research analysts anticipate that QUALCOMM will post 3.08 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 3rd will be issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Wednesday, September 2nd. QUALCOMM’s dividend payout ratio (DPR) is 91.55%.

In other QUALCOMM news, CEO Steven M. Mollenkopf sold 219,131 shares of the company’s stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $93.66, for a total value of $20,523,809.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Erin L. Polek sold 1,646 shares of the stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $79.47, for a total value of $130,807.62. The disclosure for this sale can be found here. Insiders sold 235,740 shares of company stock valued at $22,024,427 in the last ninety days. Corporate insiders own 0.12% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Geode Capital Management LLC increased its holdings in shares of QUALCOMM by 1.7% during the first quarter. Geode Capital Management LLC now owns 16,747,551 shares of the wireless technology company’s stock worth $1,131,038,000 after buying an additional 287,438 shares in the last quarter. Capital World Investors raised its position in QUALCOMM by 5.2% in the first quarter. Capital World Investors now owns 15,268,873 shares of the wireless technology company’s stock valued at $1,032,939,000 after purchasing an additional 751,290 shares during the period. Clearbridge Investments LLC raised its position in QUALCOMM by 6.0% in the first quarter. Clearbridge Investments LLC now owns 10,167,014 shares of the wireless technology company’s stock valued at $687,798,000 after purchasing an additional 571,593 shares during the period. Royal Bank of Canada raised its position in QUALCOMM by 1.6% in the first quarter. Royal Bank of Canada now owns 8,278,895 shares of the wireless technology company’s stock valued at $560,068,000 after purchasing an additional 127,006 shares during the period. Finally, Legal & General Group Plc raised its position in QUALCOMM by 0.8% in the first quarter. Legal & General Group Plc now owns 7,646,576 shares of the wireless technology company’s stock valued at $519,692,000 after purchasing an additional 62,298 shares during the period. Hedge funds and other institutional investors own 74.50% of the company’s stock.

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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