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Qualcomm (QCOM) Sees a More Significant Dip Than Broader Market: Some Facts to Know
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Qualcomm (QCOM - Free Report) closed the latest trading day at $193.35, indicating a -0.83% change from the previous session's end. The stock trailed the S&P 500, which registered a daily loss of 0.16%. Elsewhere, the Dow saw a downswing of 0.14%, while the tech-heavy Nasdaq depreciated by 0.06%.
The the stock of chipmaker has fallen by 2.92% in the past month, lagging the Computer and Technology sector's gain of 0.47% and the S&P 500's gain of 1.96%.
The investment community will be closely monitoring the performance of Qualcomm in its forthcoming earnings report. The company is scheduled to release its earnings on July 31, 2024. It is anticipated that the company will report an EPS of $2.25, marking a 20.32% rise compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $9.19 billion, up 8.74% from the year-ago period.
QCOM's full-year Zacks Consensus Estimates are calling for earnings of $9.89 per share and revenue of $38.16 billion. These results would represent year-over-year changes of +17.32% and +6.56%, respectively.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Currently, Qualcomm is carrying a Zacks Rank of #2 (Buy).
With respect to valuation, Qualcomm is currently being traded at a Forward P/E ratio of 19.71. Its industry sports an average Forward P/E of 18.96, so one might conclude that Qualcomm is trading at a premium comparatively.
Also, we should mention that QCOM has a PEG ratio of 1.88. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. QCOM's industry had an average PEG ratio of 2.54 as of yesterday's close.
The Wireless Equipment industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 49, positioning it in the top 20% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within 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) Sees a More Significant Dip Than Broader Market: Some Facts to Know
Qualcomm (QCOM - Free Report) closed the latest trading day at $193.35, indicating a -0.83% change from the previous session's end. The stock trailed the S&P 500, which registered a daily loss of 0.16%. Elsewhere, the Dow saw a downswing of 0.14%, while the tech-heavy Nasdaq depreciated by 0.06%.
The the stock of chipmaker has fallen by 2.92% in the past month, lagging the Computer and Technology sector's gain of 0.47% and the S&P 500's gain of 1.96%.
The investment community will be closely monitoring the performance of Qualcomm in its forthcoming earnings report. The company is scheduled to release its earnings on July 31, 2024. It is anticipated that the company will report an EPS of $2.25, marking a 20.32% rise compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $9.19 billion, up 8.74% from the year-ago period.
QCOM's full-year Zacks Consensus Estimates are calling for earnings of $9.89 per share and revenue of $38.16 billion. These results would represent year-over-year changes of +17.32% and +6.56%, respectively.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Currently, Qualcomm is carrying a Zacks Rank of #2 (Buy).
With respect to valuation, Qualcomm is currently being traded at a Forward P/E ratio of 19.71. Its industry sports an average Forward P/E of 18.96, so one might conclude that Qualcomm is trading at a premium comparatively.
Also, we should mention that QCOM has a PEG ratio of 1.88. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. QCOM's industry had an average PEG ratio of 2.54 as of yesterday's close.
The Wireless Equipment industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 49, positioning it in the top 20% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within 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.