Market Update (NASDAQ:QCOM): Qualcomm (QCOM) Stock Gains on Chinese Patent License Deal

[at TheStreet] – Qualcomm (QCOM) stock is increasing in pre-market trading on Tuesday after the technology company signed a 3G and 4G Chinese patent license agreement with Tianyu. Read more on this. QUALCOMM Incorporated (QCOM) , valued at $76.48B, began trading this morning at $50.16. During today’s session, QCOM traded between $50.07 to $51.25 and has traded between $45.93 and $75.41 over the past 12 months. QCOM shares are currently priced at 11.88x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 10.87x earnings multiple. And for those looking to make a return holding the stock, the company pays shareholders $1.92 per share annually in dividends, yielding 3.87%. Consensus earnings for the current quarter by the 29 sell-side analysts covering the stock is an estimate of $0.90 per share, which would be $0.44 worse than the year-ago quarter and a $0.20 sequential decrease. Furthermore, our analysis shows the full-year EPS estimate to be $4.17, which would be a $0.49 setback when compared to the last year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $5.68 Billion. If reported, that would be a 20.00% decrease over the year-ago quarter. More recently, JP Morgan upgraded QCOM from Neutral to Overweight (Dec 17, 2015). Previously, Standpoint Research upgraded QCOM from Hold to Buy. Investors should keep in mind is that the average price target is $62.23, which is 24.06% above where the stock opened this morning. See more in (NASDAQ:QCOM) Similar Articles: Market Update: Qualcomm Incorporated (NASDAQ:QCOM) – From Disappointment To Modest Optimism: The Street Is Mixed On Qualcomm Market Update: Qualcomm Incorporated (NASDAQ:QCOM) – Is Qualcomm Stock Suitable for Your IRA or Roth IRA? Stock Update: Qualcomm Incorporated (NASDAQ:QCOM) – Qualcomm (QCOM) Stock Price Target Lowered at Canaccord Genuity