Qualcomm (NASDAQ:QCOM) Stock Upgrade
JP Morgan has boosted shares of Qualcomm (NASDAQ:QCOM) stock to a Overweight in a comprehensive report revealed to investors today. QCOM’s past rating was only a Neutral.
From a total of 30 analysts covering Qualcomm Inc. (NASDAQ:QCOM) stock, 21 rate it a ”Buy”, 1 a “Sell”, and 15 a ”Hold”. This means that 57% of the ratings are positive. The highest target price is $78.5 while the lowest target price is $49. The mean of all analyst targets is $62.78 with a 32.82% above today’s ($48.23) stock price. Qualcomm Inc. was the topic of 34 analyst reports since July 23, 2015 according to the firm StockzIntelligence Inc. Topeka Capital Markets maintained shares on December 16 with “Hold” rating. Northland Capital maintained shares with “Market Perform” rating and $62.50 target share price in a report from a November 5. Pacific Crest initiated QCOM stock in a recent report from December 4 with “Overweight” rating. Mizuho maintained the rating on November 5. Mizuho has a “Neutral” rating and a $64 price target on shares. Finally, Stifel Nicolaus maintained the stock with “Buy” rating in a report issued on a November 19.
Approximately 4.77 million shares of stock traded hands. QUALCOMM, Inc. (NASDAQ:QCOM) has declined 31.83% since May 14, 2015 and is downtrending. It has underperformed by 29.57% the S&P500.
The overall sentiment of institutions has decreased to 0.63 in Q2 2015. Its down 0.30, from 0.93 in 2015Q2. The ratio turned negative, as 154 institutions have sold all the shares of QUALCOMM, Inc. that they owned while 677 funds have taken shares off the table. 93 funds have purchased shares for the first time while 428 added to their positions. These institutions now hold 1.06 billion shares or 14.12% less than the 1.24 billion shares they owned in 2015Q2.
The Fund Jana Partners Llc currently is holding shares equating to 17.29% of its total portfolio in QUALCOMM, Inc. representing a total of 28.55 million shares. Another fund,Orbis Investment Management (U.S.) Llc, is holding a total of 213,730 shares equating to 10.41% of their holdings. Additionally, Penn Davis Mcfarland Inc has a 650,023 share stake in QUALCOMM, Inc. which represents 9.19% of their total portfolio. The Fund, Generation Investment Management Llp, based out of United Kingdom, has also built up a stake in the stock, which represents a total of 8.8% of their total portfolio. Finally Spo Advisory Corp, a fund which is based in the state of California reported a total holdings of 9.44 million shares.
Insider activity is a very important aspect to track on any stock. Going back to March 11, 2015, shareholders of QUALCOMM, Inc. have witnessed 1 insider buy, and a total of 4 sales equating to a net activity of approximately $690,853 . Renduchintala Venkata S M sold 2,700 shares worth approximately $150,066. Amon Cristiano R sold 2,737 shares worth approximately $146,621. Vinciquerra Anthony J bought 1,000 shares worth approximately $54,700. Sterling Michelle M sold 4,185 shares worth approximately $248,253. The company insider Aberle Derek K sold 14,794 shares worth $981,465.
Qualcomm Incorporated is engaged in providing third-generation (3G), fourth-generation (4G) and next-generation wireless technologies. The company has a market cap of $71.91 billion. The Company’s products include 2net, AllPlay, Brew, Gobi, Halo, HealthyCircles, Hy-Fi, IPQ, IZat, Pixtronix, Powerline, QChat, QLearn, Small Cells, Snapdragon, Vive, RaptorQ, Vuforia and WiPower. It has 15.06 P/E ratio. AllPlay helps manufacturers create devices and services.
According to Zacks Investment Research, “QUALCOMM Inc. develops and delivers innovative digital wireless communications products and services based on the company’s CDMA digital technology. The company’s business areas include CDMA integrated circuits and system software; technology licensing; the Binary Runtime Environment for Wireless applications development platform; Eudora e-mail software; digital cinema systems; and satellite-based systems including portions of the Globalstar system and wireless fleet management systems, OmniTRACS and OmniExpress. (Company Press Release)”