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Qualcomm (QCOM) Outpaces Stock Market Gains: What You Should Know
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Qualcomm (QCOM - Free Report) closed the most recent trading day at $124.29, moving +1.05% from the previous trading session. This change outpaced the S&P 500's 0.1% gain on the day. At the same time, the Dow added 0.3%, and the tech-heavy Nasdaq lost 2.19%.
Prior to today's trading, shares of the chipmaker had gained 6.78% over the past month. This has lagged the Computer and Technology sector's gain of 7.7% and outpaced the S&P 500's gain of 3.13% in that time.
Wall Street will be looking for positivity from Qualcomm as it approaches its next earnings report date. This is expected to be May 3, 2023. The company is expected to report EPS of $2.15, down 33.02% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $9.06 billion, down 18.82% from the prior-year quarter.
QCOM's full-year Zacks Consensus Estimates are calling for earnings of $9.34 per share and revenue of $37.99 billion. These results would represent year-over-year changes of -25.46% and -14.05%, respectively.
Investors should also note any recent changes to analyst estimates for Qualcomm. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Qualcomm is currently a Zacks Rank #3 (Hold).
Investors should also note Qualcomm's current valuation metrics, including its Forward P/E ratio of 13.18. For comparison, its industry has an average Forward P/E of 13.18, which means Qualcomm is trading at a no noticeable deviation to the group.
Meanwhile, QCOM's PEG ratio is currently 0.84. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. QCOM's industry had an average PEG ratio of 2.52 as of yesterday's close.
The Wireless Equipment industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 71, putting it in the top 29% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Qualcomm (QCOM) Outpaces Stock Market Gains: What You Should Know
Qualcomm (QCOM - Free Report) closed the most recent trading day at $124.29, moving +1.05% from the previous trading session. This change outpaced the S&P 500's 0.1% gain on the day. At the same time, the Dow added 0.3%, and the tech-heavy Nasdaq lost 2.19%.
Prior to today's trading, shares of the chipmaker had gained 6.78% over the past month. This has lagged the Computer and Technology sector's gain of 7.7% and outpaced the S&P 500's gain of 3.13% in that time.
Wall Street will be looking for positivity from Qualcomm as it approaches its next earnings report date. This is expected to be May 3, 2023. The company is expected to report EPS of $2.15, down 33.02% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $9.06 billion, down 18.82% from the prior-year quarter.
QCOM's full-year Zacks Consensus Estimates are calling for earnings of $9.34 per share and revenue of $37.99 billion. These results would represent year-over-year changes of -25.46% and -14.05%, respectively.
Investors should also note any recent changes to analyst estimates for Qualcomm. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Qualcomm is currently a Zacks Rank #3 (Hold).
Investors should also note Qualcomm's current valuation metrics, including its Forward P/E ratio of 13.18. For comparison, its industry has an average Forward P/E of 13.18, which means Qualcomm is trading at a no noticeable deviation to the group.
Meanwhile, QCOM's PEG ratio is currently 0.84. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. QCOM's industry had an average PEG ratio of 2.52 as of yesterday's close.
The Wireless Equipment industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 71, putting it in the top 29% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.