5 Best Very Cheap Stocks to Buy Right Now

2. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 82

While QUALCOMM Incorporated (NASDAQ:QCOM) sees a lot of volatility because of the cyclical nature of the semiconductor industry, the stock looks attractive for the long term. In March, Susquehanna upgraded QUALCOMM Incorporated (NASDAQ:QCOM), along with Intel and Skyworks, as the firm believe the semiconductor industry is past its bottom. Susquehanna upgraded QUALCOMM Incorporated (NASDAQ:QCOM) to Positive from Neutral.

In addition to growth catalysts, QUALCOMM Incorporated (NASDAQ:QCOM) is also a decent dividend stock. In March, QUALCOMM Incorporated (NASDAQ:QCOM) announced a 6.7% increase in its quarterly dividend. The increased dividend is payable in June.

A total of 82 hedge funds tracked by Insider Monkey had stakes in QUALCOMM Incorporated (NASDAQ:QCOM) as of the end of the fourth quarter of 2022. The most notable shareholder of QUALCOMM Incorporated (NASDAQ:QCOM) is David Goel and Paul Ferri’s Matrix Capital Management which owns a $367 million stake.

Madison Sustainable Equity Fund made the following comment about QUALCOMM Incorporated (NASDAQ:QCOM) in its Q1 2023 investor letter:

“QUALCOMM Incorporated (NASDAQ:QCOM) stock was volatile during the quarter but moved higher in March. Qualcomm fundamentals have been hurt over the last several quarters due to excess smartphone inventories. Management messaged in their recent conference call that inventory issues peaked in their first fiscal quarter and should begin to moderate. They are also seeing excess inventory in their IoT (Internet of Things) business, which will take a couple of quarters to work through. By our estimates, Qualcomm fundamentals should trough in the June quarter with a second-half recovery. Qualcomm remains well positioned to diversify away from smartphones with long-term growth in Auto and IoT.”