5 Blue Chip Dividend Stocks to Buy After the Market Selloff

4. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 128
Dividend Yield as of September 13: 0.56%

Apple Inc. (NASDAQ:AAPL) is one of the biggest names in Big Tech that specializes in consumer electronics and also offers related services to its consumers. The company has been raising its dividends consistently for the past 9 years. It currently pays a quarterly dividend of $0.23 per share, with a dividend yield of 0.56% as recorded on September 13.

In fiscal Q3 2022, Apple Inc. (NASDAQ:AAPL) reported revenue of roughly $83 billion, which presented a 2% growth from the same period last year. During the quarter, the company generated over $23 billion in operating cash flow and returned $28 billion to shareholders. Moreover, it had over $27.5 billion available in cash and cash equivalents while its total assets at the end of the quarter amounted to over $112.2 billion.

In September, Evercore ISI reiterated its Overweight rating on Apple Inc. (NASDAQ:AAPL) as the company’s newly launched phone showed strong demand across the globe, which would certainly impact its margins.

At the end of Q2 2022, 128 hedge funds in Insider Monkey’s database presented a bullish stance on Apple Inc. (NASDAQ:AAPL), down from 131 in the previous quarter. The stakes owned by these hedge funds are collectively valued at over $143 billion. With stakes worth over $122 billion, Berkshire Hathaway owned the largest position in the company.

Alger Capital mentioned Apple Inc. (NASDAQ:AAPL) in its Q2 2022 investor letter. Here is what the firm has to say:

“Apple Inc. (NASDAQ:AAPL) is a leading technology provider in telecommunications. computing and services. Apple’s iOS operating system is the company’s unique intellectual property and competitive strength. This software drives extremely tight engagement with consumers and enterprises. The engagement is fostering the growing purchase of high-margin services like music, apps, and apple pay. Apple’s shares detracted from performance as management lowered its guidance for the second quarter due to headwinds from the war in Ukraine, adverse foreign currency shifts, and dampened consumer demand associated with the coronavirus in China. Additionally, many investors were concerned that lockdowns implemented to curtail the spread of COVID-19 would impact production of apple products, however the manufacturing facilities have resumed activity.”