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Qualcomm (QCOM) Stock Sinks As Market Gains: What You Should Know
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In the latest market close, Qualcomm (QCOM - Free Report) reached $207.12, with a -0.37% movement compared to the previous day. This change lagged the S&P 500's 0.07% gain on the day. Meanwhile, the Dow experienced a drop of 0.13%, and the technology-dominated Nasdaq saw an increase of 0.14%.
Heading into today, shares of the chipmaker had lost 0.7% over the past month, lagging the Computer and Technology sector's gain of 8.61% and the S&P 500's gain of 4.34% in that time.
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 July 31, 2024. The company's earnings per share (EPS) are projected to be $2.25, reflecting a 20.32% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $9.19 billion, up 8.74% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $9.90 per share and revenue of $38.16 billion. These totals would mark changes of +17.44% and +6.56%, respectively, from last year.
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. 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. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Qualcomm is currently a Zacks Rank #2 (Buy).
Looking at its valuation, Qualcomm is holding a Forward P/E ratio of 21.01. This valuation marks a premium compared to its industry's average Forward P/E of 16.75.
Investors should also note that QCOM has a PEG ratio of 2 right now. 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. The Wireless Equipment industry currently had an average PEG ratio of 1.62 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 230, putting it in the bottom 9% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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
In the latest market close, Qualcomm (QCOM - Free Report) reached $207.12, with a -0.37% movement compared to the previous day. This change lagged the S&P 500's 0.07% gain on the day. Meanwhile, the Dow experienced a drop of 0.13%, and the technology-dominated Nasdaq saw an increase of 0.14%.
Heading into today, shares of the chipmaker had lost 0.7% over the past month, lagging the Computer and Technology sector's gain of 8.61% and the S&P 500's gain of 4.34% in that time.
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 July 31, 2024. The company's earnings per share (EPS) are projected to be $2.25, reflecting a 20.32% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $9.19 billion, up 8.74% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $9.90 per share and revenue of $38.16 billion. These totals would mark changes of +17.44% and +6.56%, respectively, from last year.
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. 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. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Qualcomm is currently a Zacks Rank #2 (Buy).
Looking at its valuation, Qualcomm is holding a Forward P/E ratio of 21.01. This valuation marks a premium compared to its industry's average Forward P/E of 16.75.
Investors should also note that QCOM has a PEG ratio of 2 right now. 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. The Wireless Equipment industry currently had an average PEG ratio of 1.62 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 230, putting it in the bottom 9% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.