5 Best Quality Stocks to Buy Now

3. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 140

Apple Inc. (NASDAQ:AAPL) is a Cupertino, California-based technology giant.

Apple Inc. (NASDAQ:AAPL) is considered amongst the best quality stocks as it has performed considerably well as opposed to its mega-cap rivals, which have lost around 30% to 75% this year. In comparison, Apple Inc. (NASDAQ:AAPL) has lost only 16% of its value YTD. In a research note published on November 22, T. Michael Walkley at Canaccord commented that the demand for the premium-priced iPhone 14 Pro and iPhone 14 Pro Max is hovering around elevated levels. However, the production of these models has come under pressure due to the fresh restrictions in China following the COVID-19 outbreak. This will cause a delay in deliveries and push the sales into the March quarter. However, Apple Inc. (NASDAQ:AAPL) is expected to overcome the supply-chain issues in the near future and continue on its growth trajectory. The analyst has given Apple Inc. (NASDAQ:AAPL) stock a Buy rating with a target price of $200.

Here’s what Wedgewood Partners 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.”