QUALCOMM (NASDAQ:QCOM) Downgraded by KeyCorp to Sector Weight

KeyCorp downgraded shares of QUALCOMM (NASDAQ:QCOM) from an overweight rating to a sector weight rating in a research note released on Tuesday morning, Marketbeat.com reports.

Several other equities research analysts have also recently weighed in on QCOM. Cantor Fitzgerald reissued a neutral rating and set a $215.00 price target on shares of QUALCOMM in a research report on Thursday, August 1st. Tigress Financial increased their target price on shares of QUALCOMM from $238.00 to $270.00 and gave the stock a buy rating in a report on Friday, June 21st. Westpark Capital restated a hold rating on shares of QUALCOMM in a report on Tuesday, July 30th. Rosenblatt Securities increased their price objective on QUALCOMM from $240.00 to $250.00 and gave the stock a buy rating in a report on Thursday, August 1st. Finally, Wells Fargo & Company boosted their target price on QUALCOMM from $140.00 to $170.00 and gave the company an underweight rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, QUALCOMM has an average rating of Moderate Buy and a consensus target price of $209.38.

QUALCOMM Trading Down 0.4 %

NASDAQ QCOM opened at $166.34 on Tuesday. The firm has a market cap of $185.64 billion, a PE ratio of 22.36, a price-to-earnings-growth ratio of 1.69 and a beta of 1.28. QUALCOMM has a 1-year low of $104.33 and a 1-year high of $230.63. The stock has a 50-day moving average of $167.77 and a 200-day moving average of $182.17. The company has a current ratio of 2.39, a quick ratio of 1.78 and a debt-to-equity ratio of 0.53.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 31st. The wireless technology company reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.21. The business had revenue of $9.39 billion for the quarter, compared to analysts’ expectations of $9.23 billion. QUALCOMM had a return on equity of 38.12% and a net margin of 23.32%. As a group, sell-side analysts forecast that QUALCOMM will post 8.02 EPS for the current year.

Insider Transactions at QUALCOMM

In related news, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $160.50, for a total value of $1,284,000.00. Following the completion of the transaction, the chief technology officer now directly owns 229,987 shares in the company, valued at $36,912,913.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Akash J. Palkhiwala sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $165.95, for a total transaction of $497,850.00. Following the sale, the chief financial officer now owns 51,437 shares of the company’s stock, valued at $8,535,970.15. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO James H. Thompson sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $160.50, for a total transaction of $1,284,000.00. Following the transaction, the chief technology officer now directly owns 229,987 shares of the company’s stock, valued at $36,912,913.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,245 shares of company stock worth $3,679,407. Corporate insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On QUALCOMM

Large investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its holdings in shares of QUALCOMM by 8.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,336,496 shares of the wireless technology company’s stock worth $3,664,418,000 after acquiring an additional 1,909,025 shares during the period. Legal & General Group Plc grew its stake in shares of QUALCOMM by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 10,036,779 shares of the wireless technology company’s stock valued at $1,999,114,000 after purchasing an additional 86,195 shares during the period. Matrix Capital Management Company LP purchased a new stake in shares of QUALCOMM during the 1st quarter valued at about $1,171,516,000. Putnam Investments LLC increased its position in shares of QUALCOMM by 4.3% during the 4th quarter. Putnam Investments LLC now owns 6,340,667 shares of the wireless technology company’s stock valued at $917,051,000 after purchasing an additional 263,482 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of QUALCOMM by 34.8% in the 1st quarter. Van ECK Associates Corp now owns 5,890,193 shares of the wireless technology company’s stock worth $997,210,000 after purchasing an additional 1,519,781 shares during the period. Institutional investors own 74.35% of the company’s stock.

About QUALCOMM

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry 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 3G/4G/5G and other technologies for use in wireless voice and data communications, networking, computing, multimedia, and position location products.