5 Best Stocks To Buy For A Weak US Dollar

2. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 128

Apple Inc. (NASDAQ:AAPL) is the world’s largest consumer technology company. It is known for its iconic iPhone smartphone and other products such as MacBooks, iPads, and the Apple Watch. The firm is headquartered in Cupertino, California, the United States.

Apple Inc. (NASDAQ:AAPL)’s fiscal year 2022 reminded everyone again why the firm is the king of technology, if not the entire business world. By the end of its latest fiscal year in September 2022, the company had raked in an eye popping $394 billion in revenue, managing to grow the sales by 8% annually even when consumers spent a good half of the year dealing with painful inflation. Out of this, 57% of revenue came from outside North America as it accounted for a whopping $224 billion in sales.

Apple Inc. (NASDAQ:AAPL) also proved that it is immune to the perils of the advertising industry, as its Services revenue also posted a 5% revenue growth in a year that saw budgets drop once again. 128 out of the 895 hedge funds part of Insider Monkey database had bought the company shares during this year’s second quarter.

Warren Buffett’s Berkshire Hathaway is Apple Inc. (NASDAQ:AAPL)’s largest shareholder. It owns 894 million shares that are worth $122 billion.

Wedgewood Partners mentioned the company in its Q3 2022 investor letter. Here is what the fund said:

“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.”