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Was The Smart Money Right About QUALCOMM?

At Insider Monkey, we have filed 887 13F filings for hedge funds and leading investors to file by the SEC. The 13F filings show the portfolio holdings of the funds and investors as of December 31. In this article, we look at what those funds think of QUALCOMM, Incorporated (NASDAQ: QCOM) based on that data.

QUALCOMM, Incorporated (NASDAQ: QCOM) Investors should be aware of a decline in hedge fund sentiment in recent months. QUALCOMM, Incorporated (NASDAQ: QCOM) was in 85 hedge fund portfolios at the end of December. The all-time high for this statistic is 87. There were 87 hedge funds in our database of QCOM holdings at the end of the third quarter. Our calculations also showed that QCOM is not among the 30 most popular stocks among hedge funds (click for Q4 ranking).

Phill Gross Adage Capital Phillip Gross

Phillip Gross of Adage Capital

At Insider Monkey, we leave no stone unturned when looking for the next great investment idea. Auto parts, for example, is a business that cannot withstand recessions, so we’re going to take a closer look at this discount auto parts stock that is growing by 196% on an annual basis. We go through lists such as the 15 best micro cap stocks to buy now to identify the next stock with 10x upside potential. While we recommend positions in only a small fraction of the companies we analyze, we look at stocks as much as possible. We read letters from hedge fund investors and listen to stock presentations at hedge fund conferences. You can subscribe to our free daily newsletter on our website. Now let’s take a look at the latest hedge fund action around QUALCOMM, Incorporated (NASDAQ: QCOM).

Do hedge funds think QCOM is a good stock to buy now?

Heading into the first quarter of 2021, a total of 85 of the hedge funds tracked by Insider Monkey were bullish on this stock, a -2% change from the third quarter of 2020. In comparison, 67 hedge funds held stocks or a bullish call options in QCOM a year ago. So let’s see which hedge funds were among the top holders of the stocks and which hedge funds made big strides.

Story continues

Is QCOM good stock to buy?

The largest stake in QUALCOMM, Incorporated (NASDAQ: QCOM) was held by Matrix Capital Management, which reported that it owned $ 508.4 million worth of stock at the end of December. It was followed by Polar Capital with a position of $ 220.6 million. Other investors who were optimistic about the company included Adage Capital Management, Millennium Management and DE Shaw. In terms of the portfolio weights assigned to each position, Think Investments assigned the greatest weight to QUALCOMM, Incorporated (NASDAQ: QCOM), approximately 6.04% of its 13F portfolio. Tiger Management is also relatively bullish on the stocks, allocating 5.65 percent of its 13F equity portfolio to QCOM.

As QUALCOMM, Incorporated (NASDAQ: QCOM) has experienced bearish sentiment from the smart money, we can see that there is a sect of hedgies who completely dropped their positions towards the end of the fourth quarter. At the top of the stack, Dmitry Balyasny’s Balyasny Asset Management cut the largest “upper crust” investment of funds tracked by Insider Monkey, with an inventory of nearly $ 61.4 million. Brandon Haley’s fund, Holocene Advisors, also cut its stock, to a value of approximately $ 34.1 million. This bearish behavior is intriguing to say the least, as total interest on hedge funds fell by 2 funds by the end of the fourth quarter.

Now let’s look at hedge fund business in other stocks – not necessarily in the same industry as QUALCOMM, Incorporated (NASDAQ: QCOM) but valued in the same way. We’ll take a look at T-Mobile US, Inc. (NYSE: TMUS), Costco Wholesale Corporation (NASDAQ: COST), BHP Group (NYSE: BHP), Novo Nordisk A / S (NYSE: NVO), Chevron Corporation (NYSE: CVX), Eli Lilly and Company (NYSE: LLY ) and McDonald’s Corporation (NYSE: MCD). The market capitalization of all these stocks is closest to the market capitalization of QCOM.

[table] Ticker, Number of HFs with Positions, Total Value of HF Positions (x1000), Change in HF Position TMUS, 103.9117019.9 COST, 61.3613961, -12 BHP, 20.1099946.2 NVO, 23.3161939, 1 CVX, 50.5390278.7 LLY, 50.3028302, -10 MCD, 62.2889876, -3 mean, 52.7.4043046, -0.9 [/table]

If you are having formatting problems, see the table here.

As you can see, these stocks had an average of 52.7 hedge funds with bullish positions and the average amount invested in these stocks was $ 4043 million. That figure was $ 2,728 million in the case of QCOM. T-Mobile US, Inc. (NYSE: TMUS) is the most popular stock in this table. On the other hand, BHP Group (NYSE: BHP) is the least popular with only 20 bullish hedge fund positions. QUALCOMM, Incorporated (NASDAQ: QCOM) is not the most popular stock in this group, but hedge fund yields are still above average. Our overall hedge fund sentiment score for QCOM is 71.5. Stocks with a higher number of hedge fund positions compared to other stocks and relative to their historical range will receive a higher sentiment score. This is a slightly positive sign, but we prefer to spend our time researching stocks that hedge funds are piling on. Our calculations showed that the top 30 most popular stocks among hedge funds returned 81.2% in 2019 and 2020, outperforming the S&P 500 ETF (SPY) by 26 percentage points. These stocks rose 12.3% in 2021 through April 19 and again beat the market by 0.9 percentage points. Unfortunately, QCOM was nowhere near as popular as these 30 stocks, and hedge funds betting on QCOM disappointed as the stock returned -10.8% since late December (to 4/19) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 30 most popular stocks among hedge funds as many of these stocks have already outperformed the market since 2019.

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Disclosure: none. This article was originally published on Insider Monkey.

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