QUALCOMM Incorporated (QCOM) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of QUALCOMM Incorporated (NASDAQ:QCOM) from a hold rating to a buy rating in a research report released on Tuesday, October 17th. They currently have $59.00 target price on the wireless technology company’s stock.

According to Zacks, “Qualcomm achieved a 5G data connection with the Snapdragon X50 5G modem chipset on 28GHz mmWave spectrum. Qualcomm is teaming up with Verizon and Novatel Wireless for 5G NR mmWave technology trial. This marks Qualcomm’s leadership in 5G, chipset market and mobile connectivity. Qualcomm is extending cash tender offer for its pending NXP Semiconductor deal. Qualcomm has launched Mesh Networking Platform and is planning to buy Scyfer B.V. to boost its Artificial Intelligence Research. Qualcomm’s subsidiary unveiled a new chipset — the C-V2X, compatible with 4G and 5G cellular standards. However, the company continues to receive charges for unfair business practices and licensing royalty payments. Aggressive competition in the mobile phone chipset market has also been hurting Qualcomm’s profits. Qualcomm sued Apple in China, seeking iPhone sales’ ban. Over the past three months, the stock underperformed its industry.”

Other equities analysts have also recently issued research reports about the company. Northland Securities cut QUALCOMM from an outperform rating to a market perform rating and dropped their target price for the stock from $75.00 to $62.50 in a report on Wednesday, June 28th. Wells Fargo & Company reissued an outperform rating on shares of QUALCOMM in a research note on Tuesday, June 27th. ValuEngine lowered QUALCOMM from a buy rating to a hold rating in a research note on Saturday, June 24th. BMO Capital Markets reissued a market perform rating and set a $55.00 price target on shares of QUALCOMM in a research note on Thursday, August 24th. Finally, Royal Bank Of Canada reissued a sector perform rating and set a $55.00 price target on shares of QUALCOMM in a research note on Wednesday, July 5th. Two equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of Hold and an average price target of $63.80.

Shares of QUALCOMM (NASDAQ:QCOM) opened at 54.57 on Tuesday. The company has a market cap of $80.55 billion, a P/E ratio of 20.90 and a beta of 1.28. The firm has a 50-day moving average price of $52.09 and a 200 day moving average price of $54.10. QUALCOMM has a 12 month low of $48.92 and a 12 month high of $71.62.

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The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 29th will be paid a dividend of $0.57 per share. The ex-dividend date is Tuesday, November 28th. This represents a $2.28 annualized dividend and a yield of 4.18%. QUALCOMM’s payout ratio is presently 87.36%.

In other QUALCOMM news, EVP Michelle M. Sterling sold 4,740 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $51.88, for a total transaction of $245,911.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have sold 5,481 shares of company stock worth $284,132. Company insiders own 0.17% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. United Asset Strategies Inc. purchased a new stake in QUALCOMM during the 2nd quarter valued at about $5,249,000. Stifel Financial Corp lifted its holdings in shares of QUALCOMM by 47.4% in the 1st quarter. Stifel Financial Corp now owns 2,932,964 shares of the wireless technology company’s stock valued at $168,002,000 after buying an additional 943,026 shares during the period. Private Asset Management Inc. lifted its holdings in shares of QUALCOMM by 0.5% in the 2nd quarter. Private Asset Management Inc. now owns 736,973 shares of the wireless technology company’s stock valued at $40,696,000 after buying an additional 4,028 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of QUALCOMM by 18.1% in the 1st quarter. Pacer Advisors Inc. now owns 67,369 shares of the wireless technology company’s stock valued at $3,863,000 after buying an additional 10,336 shares during the period. Finally, First Foundation Advisors lifted its holdings in shares of QUALCOMM by 0.6% in the 1st quarter. First Foundation Advisors now owns 269,214 shares of the wireless technology company’s stock valued at $15,437,000 after buying an additional 1,503 shares during the period. Institutional investors and hedge funds own 76.99% of the company’s stock.

About QUALCOMM

QUALCOMM Incorporated is engaged in the development and commercialization of a digital communication technology called code division multiple access (CDMA). The Company is engaged in the development and commercialization of the orthogonal frequency division multiple access (OFDMA) family of technologies, including long-term evolution (LTE), which is an Orthogonal Frequency Division Multiplexing (OFDM)-based standard that uses OFDMA and single-carrier Frequency Division Multiple Access (FDMA), for cellular wireless communication applications.

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Analyst Recommendations for QUALCOMM (NASDAQ:QCOM)

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