Investors focused on the Computer and Technology space have likely heard of QUALCOMM (QCOM), but is the stock performing well in comparison to the rest of its sector peers? Let's take a closer look at the stock's year-to-date performance to find out.
QUALCOMM is one of 651 companies in the Computer and Technology group. The Computer and Technology group currently sits at #3 within the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. QCOM is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for QCOM's full-year earnings has moved 26.07% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, QCOM has gained about 0.86% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 0.36% on a year-to-date basis. This means that QUALCOMM is performing better than its sector in terms of year-to-date returns.
Looking more specifically, QCOM belongs to the Wireless Equipment industry, which includes 14 individual stocks and currently sits at #17 in the Zacks Industry Rank. Stocks in this group have lost about 0.39% so far this year, so QCOM is performing better this group in terms of year-to-date returns.
QCOM will likely be looking to continue its solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to the company.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.