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Qualcomm (QCOM) Beats Stock Market Upswing: What Investors Need to Know
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Qualcomm (QCOM - Free Report) closed at $152.87 in the latest trading session, marking a +0.6% move from the prior day. The stock outperformed the S&P 500, which registered a daily gain of 0.22%. Meanwhile, the Dow experienced a rise of 0.36%, and the technology-dominated Nasdaq saw an increase of 0.32%.
Shares of the chipmaker witnessed a gain of 5.9% over the previous month, beating the performance of the Computer and Technology sector with its gain of 3.64% and the S&P 500's gain of 1.61%.
The investment community will be paying close attention to the earnings performance of Qualcomm in its upcoming release. The company is slated to reveal its earnings on January 31, 2024. The company's earnings per share (EPS) are projected to be $2.38, reflecting a 0.42% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $9.51 billion, up 0.52% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $9.16 per share and revenue of $37.57 billion. These totals would mark changes of +8.66% and +4.9%, respectively, from last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Qualcomm. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.75% increase. At present, Qualcomm boasts a Zacks Rank of #3 (Hold).
Looking at valuation, Qualcomm is presently trading at a Forward P/E ratio of 16.58. For comparison, its industry has an average Forward P/E of 14.38, which means Qualcomm is trading at a premium to the group.
One should further note that QCOM currently holds a PEG ratio of 1.32. 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 was holding an average PEG ratio of 1.47 at yesterday's closing price.
The Wireless Equipment industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 159, finds itself in the bottom 37% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow QCOM in the coming trading sessions, be sure to utilize Zacks.com.
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Qualcomm (QCOM) Beats Stock Market Upswing: What Investors Need to Know
Qualcomm (QCOM - Free Report) closed at $152.87 in the latest trading session, marking a +0.6% move from the prior day. The stock outperformed the S&P 500, which registered a daily gain of 0.22%. Meanwhile, the Dow experienced a rise of 0.36%, and the technology-dominated Nasdaq saw an increase of 0.32%.
Shares of the chipmaker witnessed a gain of 5.9% over the previous month, beating the performance of the Computer and Technology sector with its gain of 3.64% and the S&P 500's gain of 1.61%.
The investment community will be paying close attention to the earnings performance of Qualcomm in its upcoming release. The company is slated to reveal its earnings on January 31, 2024. The company's earnings per share (EPS) are projected to be $2.38, reflecting a 0.42% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $9.51 billion, up 0.52% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $9.16 per share and revenue of $37.57 billion. These totals would mark changes of +8.66% and +4.9%, respectively, from last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Qualcomm. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.75% increase. At present, Qualcomm boasts a Zacks Rank of #3 (Hold).
Looking at valuation, Qualcomm is presently trading at a Forward P/E ratio of 16.58. For comparison, its industry has an average Forward P/E of 14.38, which means Qualcomm is trading at a premium to the group.
One should further note that QCOM currently holds a PEG ratio of 1.32. 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 was holding an average PEG ratio of 1.47 at yesterday's closing price.
The Wireless Equipment industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 159, finds itself in the bottom 37% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow QCOM in the coming trading sessions, be sure to utilize Zacks.com.