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Qualcomm (QCOM) Stock Sinks As Market Gains: What You Should Know
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Qualcomm (QCOM - Free Report) closed at $113.92 in the latest trading session, marking a -0.21% move from the prior day. This change lagged the S&P 500's 1.96% gain on the day. Elsewhere, the Dow gained 1.57%, while the tech-heavy Nasdaq lost 3.03%.
Prior to today's trading, shares of the chipmaker had lost 8.74% over the past month. This has lagged the Computer and Technology sector's loss of 0.91% and the S&P 500's gain of 2.19% 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. On that day, Qualcomm is projected to report earnings of $2.16 per share, which would represent a year-over-year decline of 32.71%. Meanwhile, our latest consensus estimate is calling for revenue of $9.08 billion, down 18.67% from the prior-year quarter.
QCOM's full-year Zacks Consensus Estimates are calling for earnings of $9.35 per share and revenue of $37.91 billion. These results would represent year-over-year changes of -25.38% and -14.24%, respectively.
Investors might also notice recent changes to analyst estimates for Qualcomm. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.2% higher. Qualcomm is currently a Zacks Rank #3 (Hold).
Valuation is also important, so investors should note that Qualcomm has a Forward P/E ratio of 12.21 right now. This valuation marks a discount compared to its industry's average Forward P/E of 13.24.
Meanwhile, QCOM's PEG ratio is currently 0.78. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Wireless Equipment industry currently had an average PEG ratio of 2.61 as of yesterday's close.
The Wireless Equipment industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 104, which puts it in the top 42% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Qualcomm (QCOM) Stock Sinks As Market Gains: What You Should Know
Qualcomm (QCOM - Free Report) closed at $113.92 in the latest trading session, marking a -0.21% move from the prior day. This change lagged the S&P 500's 1.96% gain on the day. Elsewhere, the Dow gained 1.57%, while the tech-heavy Nasdaq lost 3.03%.
Prior to today's trading, shares of the chipmaker had lost 8.74% over the past month. This has lagged the Computer and Technology sector's loss of 0.91% and the S&P 500's gain of 2.19% 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. On that day, Qualcomm is projected to report earnings of $2.16 per share, which would represent a year-over-year decline of 32.71%. Meanwhile, our latest consensus estimate is calling for revenue of $9.08 billion, down 18.67% from the prior-year quarter.
QCOM's full-year Zacks Consensus Estimates are calling for earnings of $9.35 per share and revenue of $37.91 billion. These results would represent year-over-year changes of -25.38% and -14.24%, respectively.
Investors might also notice recent changes to analyst estimates for Qualcomm. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.2% higher. Qualcomm is currently a Zacks Rank #3 (Hold).
Valuation is also important, so investors should note that Qualcomm has a Forward P/E ratio of 12.21 right now. This valuation marks a discount compared to its industry's average Forward P/E of 13.24.
Meanwhile, QCOM's PEG ratio is currently 0.78. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Wireless Equipment industry currently had an average PEG ratio of 2.61 as of yesterday's close.
The Wireless Equipment industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 104, which puts it in the top 42% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.