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Qualcomm (QCOM) Dips More Than Broader Markets: What You Should Know
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Qualcomm (QCOM - Free Report) closed at $122.56 in the latest trading session, marking a -0.45% move from the prior day. This change lagged the S&P 500's 0.1% loss on the day. Elsewhere, the Dow gained 0.33%, while the tech-heavy Nasdaq lost 5.8%.
Heading into today, shares of the chipmaker had lost 0.4% over the past month, lagging the Computer and Technology sector's gain of 3.39% and the S&P 500's gain of 3.39% in that time.
Qualcomm will be looking to display strength as it nears its next earnings release, which is expected to be August 2, 2023. The company is expected to report EPS of $1.81, down 38.85% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $8.51 billion, down 22.15% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $8.25 per share and revenue of $35.91 billion, which would represent changes of -34.16% and -18.76%, respectively, from the prior year.
Any recent changes to analyst estimates for Qualcomm should also be noted by investors. 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 0.02% higher. Qualcomm currently has a Zacks Rank of #4 (Sell).
Digging into valuation, Qualcomm currently has a Forward P/E ratio of 14.92. Its industry sports an average Forward P/E of 14.92, so we one might conclude that Qualcomm is trading at a no noticeable deviation comparatively.
It is also worth noting that QCOM currently has a PEG ratio of 0.96. 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 1.81 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 74, putting it in the top 30% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Qualcomm (QCOM) Dips More Than Broader Markets: What You Should Know
Qualcomm (QCOM - Free Report) closed at $122.56 in the latest trading session, marking a -0.45% move from the prior day. This change lagged the S&P 500's 0.1% loss on the day. Elsewhere, the Dow gained 0.33%, while the tech-heavy Nasdaq lost 5.8%.
Heading into today, shares of the chipmaker had lost 0.4% over the past month, lagging the Computer and Technology sector's gain of 3.39% and the S&P 500's gain of 3.39% in that time.
Qualcomm will be looking to display strength as it nears its next earnings release, which is expected to be August 2, 2023. The company is expected to report EPS of $1.81, down 38.85% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $8.51 billion, down 22.15% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $8.25 per share and revenue of $35.91 billion, which would represent changes of -34.16% and -18.76%, respectively, from the prior year.
Any recent changes to analyst estimates for Qualcomm should also be noted by investors. 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 0.02% higher. Qualcomm currently has a Zacks Rank of #4 (Sell).
Digging into valuation, Qualcomm currently has a Forward P/E ratio of 14.92. Its industry sports an average Forward P/E of 14.92, so we one might conclude that Qualcomm is trading at a no noticeable deviation comparatively.
It is also worth noting that QCOM currently has a PEG ratio of 0.96. 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 1.81 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 74, putting it in the top 30% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.