ValuEngine Downgrades QUALCOMM (QCOM) to Hold

QUALCOMM (NASDAQ:QCOM) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a report issued on Tuesday.

Several other equities research analysts have also issued reports on the company. UBS Group raised their price objective on QUALCOMM from $62.00 to $67.00 and gave the company a “neutral” rating in a research note on Monday. Bank of America lowered QUALCOMM from a “buy” rating to a “neutral” rating and set a $70.00 price objective for the company. in a research note on Wednesday, October 31st. BidaskClub raised QUALCOMM from a “sell” rating to a “hold” rating in a research note on Wednesday, October 24th. Tigress Financial reaffirmed a “buy” rating on shares of QUALCOMM in a research note on Friday, September 28th. Finally, Stifel Nicolaus increased their price target on QUALCOMM from $58.00 to $62.00 and gave the stock a “hold” rating in a report on Thursday, September 27th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $71.32.

Shares of NASDAQ:QCOM traded down $4.50 during trading on Tuesday, hitting $58.71. The company had a trading volume of 15,375,103 shares, compared to its average volume of 15,519,971. The firm has a market capitalization of $93.48 billion, a price-to-earnings ratio of 15.53, a PEG ratio of 1.98 and a beta of 1.69. QUALCOMM has a one year low of $48.56 and a one year high of $76.50. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.73 and a quick ratio of 2.62.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings data on Wednesday, November 7th. The wireless technology company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.20. The business had revenue of $5.83 billion during the quarter, compared to analyst estimates of $5.54 billion. QUALCOMM had a positive return on equity of 19.06% and a negative net margin of 18.41%. The company’s revenue for the quarter was down 2.1% on a year-over-year basis. During the same period last year, the company earned $0.92 EPS. As a group, analysts expect that QUALCOMM will post 3.12 earnings per share for the current fiscal year.

QUALCOMM declared that its board has approved a stock repurchase program on Thursday, July 26th that permits the company to buyback $30.00 billion in outstanding shares. This buyback authorization permits the wireless technology company to purchase up to 34.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

In other news, President Cristiano R. Amon sold 88,625 shares of the firm’s stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $68.81, for a total value of $6,098,286.25. Following the completion of the sale, the president now owns 58,045 shares of the company’s stock, valued at approximately $3,994,076.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Alexander H. Rogers sold 853 shares of the firm’s stock in a transaction on Monday, October 29th. The stock was sold at an average price of $63.50, for a total value of $54,165.50. Following the completion of the sale, the executive vice president now directly owns 4,344 shares of the company’s stock, valued at approximately $275,844. The disclosure for this sale can be found here. Insiders have sold a total of 91,638 shares of company stock worth $6,302,079 over the last 90 days. 0.17% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the company. Moneta Group Investment Advisors LLC lifted its position in QUALCOMM by 9,686.8% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 74,282 shares of the wireless technology company’s stock worth $105,000 after acquiring an additional 73,523 shares during the period. Squar Milner Financial Services LLC acquired a new stake in QUALCOMM during the 2nd quarter worth about $106,000. Kiley Juergens Wealth Management LLC lifted its position in QUALCOMM by 1,760.0% during the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 1,860 shares of the wireless technology company’s stock worth $133,000 after acquiring an additional 1,760 shares during the period. MinichMacGregor Wealth Management LLC lifted its position in QUALCOMM by 170.9% during the 3rd quarter. MinichMacGregor Wealth Management LLC now owns 1,850 shares of the wireless technology company’s stock worth $134,000 after acquiring an additional 1,167 shares during the period. Finally, Enterprise Financial Services Corp lifted its position in QUALCOMM by 151.8% during the 3rd quarter. Enterprise Financial Services Corp now owns 1,992 shares of the wireless technology company’s stock worth $143,000 after acquiring an additional 1,201 shares during the period. 76.93% 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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

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