QUALCOMM (NASDAQ:QCOM) Coverage Initiated at Melius

Research analysts at Melius initiated coverage on shares of QUALCOMM (NASDAQ:QCOM) in a report issued on Monday, Marketbeat.com reports. The brokerage set a “hold” rating and a $180.00 price target on the wireless technology company’s stock. Melius’ price target suggests a potential upside of 15.05% from the stock’s current price.

Several other brokerages have also recently issued reports on QCOM. Citigroup lowered their price objective on shares of QUALCOMM from $200.00 to $185.00 and set a “neutral” rating for the company in a research note on Wednesday, October 16th. Sanford C. Bernstein boosted their price target on shares of QUALCOMM from $200.00 to $215.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. StockNews.com cut QUALCOMM from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, October 2nd. Wolfe Research lowered QUALCOMM from an “outperform” rating to a “peer perform” rating in a report on Monday, August 12th. Finally, Benchmark restated a “buy” rating and set a $240.00 price target on shares of QUALCOMM in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, QUALCOMM currently has an average rating of “Moderate Buy” and an average price target of $208.00.

QUALCOMM Price Performance

QCOM opened at $156.46 on Monday. The stock’s 50-day moving average price is $165.75 and its 200 day moving average price is $179.03. QUALCOMM has a 12-month low of $134.07 and a 12-month high of $230.63. The firm has a market cap of $173.83 billion, a price-to-earnings ratio of 17.40, a PEG ratio of 2.67 and a beta of 1.25. The company has a current ratio of 2.40, a quick ratio of 1.79 and a debt-to-equity ratio of 0.51.

Insider Buying and Selling at QUALCOMM

In related news, CTO James H. Thompson sold 8,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $169.80, for a total transaction of $1,358,400.00. Following the completion of the sale, the chief technology officer now directly owns 213,364 shares of the company’s stock, valued at $36,229,207.20. This trade represents a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Alexander H. Rogers sold 3,245 shares of QUALCOMM stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $166.15, for a total transaction of $539,156.75. Following the completion of the transaction, the insider now owns 32,231 shares in the company, valued at approximately $5,355,180.65. This trade represents a 9.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,450 shares of company stock worth $3,395,926. 0.08% of the stock is owned by company insiders.

Institutional Trading of QUALCOMM

Several hedge funds have recently made changes to their positions in the company. Wedge Capital Management L L P NC boosted its stake in shares of QUALCOMM by 17.1% in the third quarter. Wedge Capital Management L L P NC now owns 354,389 shares of the wireless technology company’s stock valued at $60,264,000 after buying an additional 51,879 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in QUALCOMM by 39.9% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 176,817 shares of the wireless technology company’s stock valued at $30,068,000 after acquiring an additional 50,438 shares during the period. Icon Wealth Advisors LLC boosted its position in shares of QUALCOMM by 123.2% during the 3rd quarter. Icon Wealth Advisors LLC now owns 33,186 shares of the wireless technology company’s stock worth $5,643,000 after purchasing an additional 18,315 shares in the last quarter. Aljian Capital Management LLC acquired a new position in shares of QUALCOMM during the 3rd quarter worth $1,820,000. Finally, Captrust Financial Advisors increased its holdings in shares of QUALCOMM by 4.6% in the 3rd quarter. Captrust Financial Advisors now owns 664,330 shares of the wireless technology company’s stock valued at $112,969,000 after purchasing an additional 29,287 shares in the last quarter. Institutional investors and hedge funds 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.