Qualcomm (NASDAQ:QCOM) Stock Rating Raised to “Hold” at Zacks Research

Zacks Research upgraded shares of Qualcomm (NASDAQ:QCOM) from a strong sell rating to a hold rating in a report issued on Wednesday morning,Zacks reports.

Other research analysts have also issued reports about the stock. Robert W. Baird set a $320.00 target price on shares of Qualcomm in a research note on Thursday, November 5th. Morgan Stanley dropped their price target on shares of Qualcomm from $231.00 to $220.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 30th. Evercore set a $159.00 price target on Qualcomm in a report on Thursday, July 30th. Piper Sandler reaffirmed a “neutral” rating on shares of Qualcomm in a report on Thursday, November 5th. Finally, Oppenheimer set a $200.00 price objective on Qualcomm in a research report on Monday, July 27th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, twenty-two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $197.13.

Qualcomm Trading Up 0.3%

Shares of NASDAQ QCOM opened at $177.14 on Wednesday. Qualcomm has a 12-month low of $121.99 and a 12-month high of $259.92. The company has a market cap of $189.54 billion, a price-to-earnings ratio of 13.95, a price-to-earnings-growth ratio of 2.07 and a beta of 1.70. The company has a current ratio of 1.86, a quick ratio of 1.14 and a debt-to-equity ratio of 0.42. The stock’s 50 day simple moving average is $178.65 and its 200 day simple moving average is $169.90.

Qualcomm (NASDAQ:QCOM) last issued its quarterly earnings data on Wednesday, November 4th. The wireless technology company reported $2.17 EPS for the quarter, topping analysts’ consensus estimates of $2.16 by $0.01. The firm had revenue of $10.44 billion during the quarter, compared to the consensus estimate of $10.12 billion. Qualcomm had a return on equity of 30.62% and a net margin of 31.60%. The firm’s revenue was down 8.4% on a year-over-year basis. During the same period in the prior year, the business earned $3.00 EPS. Equities research analysts expect that Qualcomm will post 6.75 EPS for the current year.

Qualcomm Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, December 3rd will be given a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Thursday, December 3rd. Qualcomm’s dividend payout ratio is currently 28.98%.

Insider Activity

In other news, EVP Ann C. Chaplin sold 1,827 shares of the company’s stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $174.75, for a total value of $319,268.25. Following the completion of the sale, the executive vice president directly owned 25,770 shares of the company’s stock, valued at approximately $4,503,307.50. This represents a 6.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Heather S. Ace sold 3,200 shares of the stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $165.42, for a total transaction of $529,344.00. Following the completion of the transaction, the executive vice president owned 39,379 shares of the company’s stock, valued at $6,514,074.18. This trade represents a 7.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 32,520 shares of company stock worth $6,101,411 in the last 90 days. 0.05% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Qualcomm

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ABS Investment Management LLC bought a new position in shares of Qualcomm during the 2nd quarter valued at about $34,000. ABS Direct Equity Fund LLC bought a new stake in shares of Qualcomm in the 2nd quarter worth approximately $34,000. Mizuho Securities Co. Ltd. acquired a new stake in Qualcomm during the third quarter valued at approximately $35,000. Team Financial Group LLC acquired a new stake in Qualcomm during the third quarter valued at approximately $38,000. Finally, Burk Holdings LLC lifted its stake in Qualcomm by 191.7% during the second quarter. Burk Holdings LLC now owns 210 shares of the wireless technology company’s stock valued at $39,000 after purchasing an additional 138 shares during the last quarter. Institutional investors own 74.35% of the company’s stock.

Qualcomm News Roundup

These are some of the QCOM news items that stood out recently:

• Positive Sentiment: Qualcomm’s 5G partnership with SpaceX could create a new opportunity in network equipment. Amon called it a partnership that could drive innovation, though its commercial impact is not yet clear. Qualcomm CEO on SpaceX deal
• Neutral Sentiment: The SpaceX opportunity faces execution and competitive hurdles: one analysis warns that building a challenger to major mobile carriers could be difficult, and a possible Boost Mobile acquisition remains speculative. SpaceX deal and carrier challenges
• Negative Sentiment: Despite a quarterly earnings beat, reports cited handset weakness and uncertainty around data-center growth in explaining a sharp recent selloff. Investors are also weighing customer concentration, investment needs and potential margin pressure as Qualcomm ramps its data-center business. Qualcomm selloff and uncertainty

Qualcomm Company Profile

Qualcomm Incorporated is a technology company that develops wireless communications technologies and semiconductor products. Its chips and related systems are used in smartphones and other connected devices, with products spanning mobile processors, modem-radio frequency systems, and connectivity solutions. The Snapdragon brand includes platforms for mobile devices as well as computing, automotive, and extended-reality applications. Qualcomm also develops technology for automotive systems and the Internet of Things, including connectivity and processing solutions for vehicles, industrial equipment, and consumer devices.