5 Best American Stocks To Buy Heading Into 2023

4. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 128

Apple Inc. (NASDAQ:AAPL) is a mega-cap American stock to buy heading into 2023. On November 10, Apple Inc. (NASDAQ:AAPL) announced that it would spend $450 million on U.S. infrastructure as it gets its Emergency SOS texting feature for the iPhone 14 off the ground.

On November 8, Morgan Stanley analyst Erik Woodring maintained an Overweight rating on Apple Inc. (NASDAQ:AAPL) but trimmed the price target on the shares to $175 from $177 after the company announced that COVID-19 restrictions at its China production facility are negatively impacting iPhone 14 Pro and Pro Max production. However, the analyst noted that iPhone demand remains resilient and he views this as an “opportunity to ‘buy the dip’,” but added that tracking the fluid iPhone production situation “remains key.”

Among the hedge funds tracked by Insider Monkey, 128 funds were long Apple Inc. (NASDAQ:AAPL) at the end of Q2 2022, compared to 131 funds in the prior quarter. Warren Buffett’s Berkshire Hathaway held the largest stake in the company, comprising 895 million shares worth $122.3 billion. 

Here is what Wedgewood Partners specifically said about Apple Inc. (NASDAQ:AAPL) in its Q3 2022 investor letter:

“Apple Inc. (NASDAQ:AAPL) grew revenues +5% (foreign exchange adjusted and excluding Russia) driven by record iPhone revenues that were up about +3% on an exceptional year ago comparison of +50%. Apple’s installed base is over 1.8 billion devices which helps drive a software and services business that has generated almost $80 billion of revenue over the past 4 quarters. As we have highlighted in the past, Apple’s relentless focus on the development and integration between hardware (especially ICs) as well as software, continues to add significant value for customers of its products and services. We expect this favorable competitive dynamic to continue for the foreseeable future.”