Will QUALCOMM Incorporated (QCOM) Recover From the Current Scenario?

Madison Funds, managed by Madison Investment Management, released its “Madison Sustainable Equity Fund” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 7% compared to a 7.56% return for the S&P 500 Index. In the quarter, sector allocation was negative while the stock selection was positive. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Madison Funds highlighted stocks like QUALCOMM Incorporated (NASDAQ:QCOM) in its Q4 2022 investor letter. Headquartered in San Diego, California, QUALCOMM Incorporated (NASDAQ:QCOM) is a technology company. On January 13, 2023, QUALCOMM Incorporated (NASDAQ:QCOM) stock closed at $120.24 per share. One-month return of QUALCOMM Incorporated (NASDAQ:QCOM) was 4.99%, and its shares lost 36.28% of their value over the last 52 weeks. QUALCOMM Incorporated (NASDAQ:QCOM) has a market capitalization of $134.789 billion.

Madison Funds made the following comment 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.”

QUALCOMM Incorporated (NASDAQ:QCOM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 80 hedge fund portfolios held QUALCOMM Incorporated (NASDAQ:QCOM) at the end of the third quarter, which was 71 in the previous quarter.

We discussed QUALCOMM Incorporated (NASDAQ:QCOM) in another article and shared the list of cheap semiconductor stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 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.