In this article, we discuss the top 5 large-cap stock picks from George Soros’ stock portfolio. If you want to see more stocks in this selection, check out George Soros Stock Portfolio: Top 10 Large-Cap Stock Picks.
5. QUALCOMM Incorporated (NASDAQ:QCOM)
Number of Hedge Fund Holders: 71
QUALCOMM Incorporated (NASDAQ:QCOM) is a California-based company specializing in the development and commercialization of foundational technologies for the wireless industry worldwide. As of Q2 2022, the George Soros stock portfolio holds 229,582 shares of QUALCOMM Incorporated (NASDAQ:QCOM) worth $29.3 million. The hedge fund strengthened its hold on the stock by 49% in the June quarter.
On November 2, QUALCOMM Incorporated (NASDAQ:QCOM) reported a FQ4 non-GAAP EPS of $3.13, in line with market consensus. The revenue of $11.4 billion climbed 22.1% year-over-year, outperforming Street estimates by $40 million. There has been an inventory surplus in the semiconductor sector, given a quick deterioration in demand and the easing of supply constraints. The company now expects a Q1 FY2023 revenue of $9.2 billion to $10 billion, versus a consensus revenue estimate of $12.05 billion. QUALCOMM Incorporated (NASDAQ:QCOM) forecasts a Q1 non-GAAP EPS of $2.25-$2.45, compared to a consensus EPS estimate of $3.43.
HSBC analyst Frank Lee on October 24 initiated coverage of QUALCOMM Incorporated (NASDAQ:QCOM) with a Buy rating and a $180 price target. QUALCOMM Incorporated (NASDAQ:QCOM) has “the most complete technology offering of any chip maker,” especially in modems and radio frequency front end connectivity chips, the analyst told investors. He believes this will allow QUALCOMM Incorporated (NASDAQ:QCOM) to enhance its product portfolio beyond the weak smartphone segment into autos and internet-connected devices.
According to Insider Monkey’s Q2 data, 71 hedge funds were bullish on QUALCOMM Incorporated (NASDAQ:QCOM), compared to 73 funds in the prior quarter. Alkeon Capital Management is a prominent position holder in the company, with 4.2 million shares worth over $541 million.
In its Q4 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and QUALCOMM Incorporated (NASDAQ:QCOM) was one of them. Here is what the fund said:
“Market strength continued in the fourth quarter, with only the communication services sector down in the Russell 1000 Value Index. Portfolio returns benefited from the strong performance of semiconductor maker QUALCOMM Incorporated (NASDAQ:QCOM), which has executed exceptionally well in pursuing the transition to 5G, growing both content and share due to its leadership position in cellular technology. The chipmaker recently outlined a number of peripheral growth opportunities outside of mobile markets, including automotive (where it hopes to leverage its strong presence in the automotive infotainment space into advanced driver assistance systems), Internet of Things (including opportunities in the PC market, VR/AR market, and factory automation) and radio frequency (where mmWave adoption globally, including China, would drive substantial upside).”
