5 Best Stocks to Buy on the Dip for Long Term

1. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 135

Apple Inc. (NASDAQ:AAPL) shares were declining in September and that’s when Citi said the stock should be bought on the dip for long-term gains. Since then Apple Inc. (NASDAQ:AAPL) has recovered. Over the past one year Apple Inc. (NASDAQ:AAPL) shares have gained about 25% in value.

Apple Inc. (NASDAQ:AAPL) is up to something big in the AI space and could reveal its AI project in 2024, believes Morgan Stanley’s analyst Erik Woodring, who recently said the following in a note:

“We believe Apple will emerge as one of the key winners – or ‘Edge AI Enablers’ – in this race given the unique data from Apple’s 2 billion+ devices and 1.2 billion+ users, Apple’s focus on data privacy, and Apple’s leading hardware, software, silicon and services vertical integration.”

As of the end of the second quarter of 2023, 135 hedge funds tracked by Insider Monkey reported owning stakes in Apple Inc. (NASDAQ:AAPL). The biggest stakeholder of Apple Inc. (NASDAQ:AAPL) was Warren Buffett’s Berkshire Hathaway which had a $178 billion stake in the company.

RiverPark Advisors made the following comment about Apple Inc. (NASDAQ:AAPL) in its Q3 2023 investor letter:

“Apple Inc. (NASDAQ:AAPL): Apple shares were a top detractor in the quarter following reports of the Chinese government banning iPhone use by government employees. Additionally, while the iPhone 15 rollout went generally as expected, the market was underwhelmed by the upgrades in the new phone. Despite these overhangs, early reports from the supply chain seem to indicate demand for the new phone is in line with or better than investor expectations. In August, the company reported a broadly in-line fiscal 3Q23 with $82 billion of revenue and $24 billion of free cash flow. High margin Services Revenue continues to grow faster than the overall business leading to gross and operating margin expansion.

With an installed base of 2 billion active devices and significant growth of the company’s recurring revenue Services segment (now 18% of revenue), we believe that Apple remains one of the most innovative, best positioned and most profitable companies in the mobile technology industry.”

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