5 Cheap Global Stocks to Buy

2. QUALCOMM, Incorporated (NASDAQ:QCOM)

PE Ratio (TTM) as of March 30: 11.98

Number of Hedge Fund Holders: 82

On February 2, QUALCOMM, Incorporated (NASDAQ:QCOM) posted market-beating earnings for the first quarter of fiscal 2023. The company reported an EPS of $2.37 and outperformed EPS estimates by $0.02. QUALCOMM, Incorporated (NASDAQ:QCOM) has returned 8.46% to investors over the past 6 months, as of March 30, and has a TTM PE ratio of 11.98. The stock is one of the best cheap global stocks to buy now according to hedge funds.

On February 5, Citi maintained a Neutral rating on QUALCOMM, Incorporated (NASDAQ:QCOM) and raised its price target on the stock to $132 from $105.

82 hedge funds held stakes in QUALCOMM, Incorporated (NASDAQ:QCOM) at the end of Q4 2022. The total value of these stakes amounted to $2.39 billion.

As of December 31, Matrix Capital Management is the most prominent shareholder in QUALCOMM, Incorporated (NASDAQ:QCOM) and has a stake worth $366.9 million.

Here is what Madison Funds had to say about QUALCOMM Incorporated (NASDAQ:QCOM) in its fourth-quarter 2022 investor letter:

QUALCOMM Incorporated (NASDAQ:QCOM) continues to be challenged by headwinds in the smartphone supply chain with an expected decline in units for 2022. Despite solid gains in the Internet of Things and Auto segments, Qualcomm’s dominant business remains the smartphone market. We expect to see stabilization of the smartphone market in 2023, including a recovery in China.”

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