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Qualcomm (QCOM) Outperforms Broader Market: What You Need to Know
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Qualcomm (QCOM - Free Report) closed the most recent trading day at $165.27, moving +1.54% from the previous trading session. The stock outperformed the S&P 500, which registered a daily gain of 0.41%. Meanwhile, the Dow gained 0.69%, and the Nasdaq, a tech-heavy index, added 0.8%.
Shares of the chipmaker witnessed a loss of 3.64% over the previous month, trailing the performance of the Computer and Technology sector with its loss of 0.01% and the S&P 500's loss of 0.97%.
Analysts and investors alike will be keeping a close eye on the performance of Qualcomm in its upcoming earnings disclosure. The company's earnings report is set to go public on November 6, 2024. The company is expected to report EPS of $2.56, up 26.73% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $9.9 billion, up 14.69% from the prior-year quarter.
Investors might also notice recent changes to analyst estimates for Qualcomm. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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. Over the past month, the Zacks Consensus EPS estimate has shifted 0.09% upward. Qualcomm currently has a Zacks Rank of #2 (Buy).
In terms of valuation, Qualcomm is currently trading at a Forward P/E ratio of 14.89. This represents no noticeable deviation compared to its industry's average Forward P/E of 14.89.
We can additionally observe that QCOM currently boasts a PEG ratio of 1.31. 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. As of the close of trade yesterday, the Wireless Equipment industry held an average PEG ratio of 2.4.
The Wireless Equipment industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 171, placing it within the bottom 33% of over 250 industries.
The Zacks Industry Rank gauges the strength of our individual 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.
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) Outperforms Broader Market: What You Need to Know
Qualcomm (QCOM - Free Report) closed the most recent trading day at $165.27, moving +1.54% from the previous trading session. The stock outperformed the S&P 500, which registered a daily gain of 0.41%. Meanwhile, the Dow gained 0.69%, and the Nasdaq, a tech-heavy index, added 0.8%.
Shares of the chipmaker witnessed a loss of 3.64% over the previous month, trailing the performance of the Computer and Technology sector with its loss of 0.01% and the S&P 500's loss of 0.97%.
Analysts and investors alike will be keeping a close eye on the performance of Qualcomm in its upcoming earnings disclosure. The company's earnings report is set to go public on November 6, 2024. The company is expected to report EPS of $2.56, up 26.73% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $9.9 billion, up 14.69% from the prior-year quarter.
Investors might also notice recent changes to analyst estimates for Qualcomm. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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. Over the past month, the Zacks Consensus EPS estimate has shifted 0.09% upward. Qualcomm currently has a Zacks Rank of #2 (Buy).
In terms of valuation, Qualcomm is currently trading at a Forward P/E ratio of 14.89. This represents no noticeable deviation compared to its industry's average Forward P/E of 14.89.
We can additionally observe that QCOM currently boasts a PEG ratio of 1.31. 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. As of the close of trade yesterday, the Wireless Equipment industry held an average PEG ratio of 2.4.
The Wireless Equipment industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 171, placing it within the bottom 33% of over 250 industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.