More and More Hedge Funds Are Buying QUALCOMM, Inc. (QCOM)

As aggregate interest increased, key hedge funds were leading the bulls’ herd. Jericho Capital Asset Management, managed by Josh Resnick, assembled the most outsized position in QUALCOMM, Inc. (NASDAQ:QCOM). Jericho Capital Asset Management had $107.2 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made a $104.4 million investment in the stock during the quarter. The following funds were also among the new QCOM investors: David Tepper’s Appaloosa Management LP, Zach Schreiber’s Point State Capital, and Steve Cohen’s Point72 Asset Management.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as QUALCOMM, Inc. (NASDAQ:QCOM) but similarly valued. We will take a look at Diageo plc (ADR) (NYSE:DEO), Reynolds American, Inc. (NYSE:RAI), Celgene Corporation (NASDAQ:CELG), and AstraZeneca plc (ADR) (NYSE:AZN). This group of stocks’ market caps match QCOM’s market cap.

As you can see these stocks had an average of 37.25 hedge funds with bullish positions and the average amount invested in these stocks was $1.35 billion. That figure was $4.64 billion in QCOM’s case. Celgene Corporation (NASDAQ:CELG) is the most popular stock in this table. On the other hand Diageo plc (ADR) (NYSE:DEO) is the least popular one with only 16 bullish hedge fund positions. Compared to these stocks QUALCOMM, Inc. (NASDAQ:QCOM) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers and hedge fund sentiment exploded last quarter, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None