Reasons to Sell Qualcomm (QCOM)

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed its Russell 1000 Value Index benchmark in the second quarter. The strategy benefited from nine of the 11 sectors in which it was invested for the quarter on an absolute basis, while overall stock selection contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Large Cap Value Strategy highlighted stocks like QUALCOMM Incorporated (NASDAQ:QCOM) in the second quarter 2023 investor letter. Headquartered in San Diego, California, QUALCOMM Incorporated (NASDAQ:QCOM) development and commercialization of foundational technologies for the wireless industry. On September 13, 2023, QUALCOMM Incorporated (NASDAQ:QCOM) stock closed at $112.64 per share. One-month return of QUALCOMM Incorporated (NASDAQ:QCOM) was 2.33%, and its shares lost 9.87% of their value over the last 52 weeks. QUALCOMM Incorporated (NASDAQ:QCOM) has a market capitalization of $125.706 billion.

ClearBridge Large Cap Value Strategy made the following comment about QUALCOMM Incorporated (NASDAQ:QCOM) in its Q2 2023 investor letter:

In the technology sector, in addition to exiting Cisco Systems, we also sold out of our marginal position in QUALCOMM Incorporated (NASDAQ:QCOM), whose business is tied to wireless handsets. With the 5G cycle largely played out and competitive risks in the wireless component space rising, we see less upside for Qualcomm relative to earlier in the cycle.

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QUALCOMM Incorporated (NASDAQ:QCOM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 73 hedge fund portfolios held QUALCOMM Incorporated (NASDAQ:QCOM) at the end of second quarter which was 69 in the previous quarter.

We discussed QUALCOMM Incorporated (NASDAQ:QCOM) in another article and shared the list of most conservative tech companies. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.