Evercore ISI Initiates Coverage on QUALCOMM (NASDAQ:QCOM)

Evercore ISI assumed coverage on shares of QUALCOMM (NASDAQ:QCOM) in a research report sent to investors on Tuesday, MarketBeat Ratings reports. The firm issued an in-line rating and a $177.00 target price on the wireless technology company’s stock.

Several other analysts also recently weighed in on the company. Susquehanna boosted their price target on QUALCOMM from $175.00 to $205.00 and gave the company a positive rating in a research note on Wednesday, April 10th. Canaccord Genuity Group boosted their price objective on QUALCOMM from $152.00 to $175.00 and gave the company a buy rating in a report on Friday, January 19th. KeyCorp boosted their price objective on QUALCOMM from $180.00 to $205.00 and gave the company an overweight rating in a report on Monday, April 8th. StockNews.com cut QUALCOMM from a strong-buy rating to a buy rating in a report on Thursday, March 7th. Finally, Mizuho boosted their price objective on QUALCOMM from $155.00 to $160.00 and gave the company a buy rating in a report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $156.90.

QUALCOMM Stock Down 2.4 %

QUALCOMM stock opened at $157.63 on Tuesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.88 and a current ratio of 2.56. The business’s 50-day simple moving average is $164.87 and its two-hundred day simple moving average is $142.66. The company has a market cap of $175.92 billion, a PE ratio of 22.84, a PEG ratio of 2.24 and a beta of 1.41. QUALCOMM has a fifty-two week low of $101.47 and a fifty-two week high of $177.59.

QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, January 31st. The wireless technology company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.43. The business had revenue of $9.94 billion for the quarter, compared to the consensus estimate of $9.50 billion. QUALCOMM had a return on equity of 38.06% and a net margin of 21.39%. Equities analysts anticipate that QUALCOMM will post 7.69 EPS for the current year.

QUALCOMM Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Thursday, May 30th will be issued a $0.85 dividend. This is a boost from QUALCOMM’s previous quarterly dividend of $0.80. The ex-dividend date is Thursday, May 30th. This represents a $3.40 dividend on an annualized basis and a yield of 2.16%. QUALCOMM’s dividend payout ratio is presently 46.38%.

Insider Buying and Selling

In other QUALCOMM news, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $173.49, for a total transaction of $520,470.00. Following the completion of the transaction, the chief financial officer now owns 69,343 shares of the company’s stock, valued at $12,030,317.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other QUALCOMM news, CTO James H. Thompson sold 8,000 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $159.39, for a total transaction of $1,275,120.00. Following the completion of the transaction, the chief technology officer now owns 269,893 shares of the company’s stock, valued at $43,018,245.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Akash J. Palkhiwala sold 3,000 shares of the stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $173.49, for a total value of $520,470.00. Following the transaction, the chief financial officer now directly owns 69,343 shares of the company’s stock, valued at approximately $12,030,317.07. The disclosure for this sale can be found here. In the last 90 days, insiders sold 36,260 shares of company stock valued at $5,973,728. 0.08% of the stock is owned by company insiders.

Hedge Funds Weigh In On QUALCOMM

A number of hedge funds have recently made changes to their positions in QCOM. Maryland State Retirement & Pension System grew its position in shares of QUALCOMM by 0.7% in the first quarter. Maryland State Retirement & Pension System now owns 87,499 shares of the wireless technology company’s stock valued at $14,397,000 after purchasing an additional 642 shares in the last quarter. Mezzasalma Advisors LLC purchased a new stake in shares of QUALCOMM in the first quarter valued at approximately $222,000. FORVIS Wealth Advisors LLC grew its position in shares of QUALCOMM by 7.4% in the first quarter. FORVIS Wealth Advisors LLC now owns 2,883 shares of the wireless technology company’s stock valued at $488,000 after purchasing an additional 199 shares in the last quarter. Everett Harris & Co. CA grew its position in shares of QUALCOMM by 0.7% in the first quarter. Everett Harris & Co. CA now owns 34,744 shares of the wireless technology company’s stock valued at $5,882,000 after purchasing an additional 252 shares in the last quarter. Finally, Veracity Capital LLC grew its position in shares of QUALCOMM by 9.0% in the first quarter. Veracity Capital LLC now owns 2,834 shares of the wireless technology company’s stock valued at $480,000 after purchasing an additional 234 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.