5 Blue Chip Stocks to Buy According to Billionaire Jim Simons

3. Apple Inc. (NASDAQ:AAPL)

Renaissance Technologies Stake Value: $844 million

Percentage of Renaissance Technologies’ Portfolio: 1%

Number of Hedge Fund Holders: 128

Apple Inc. (NASDAQ:AAPL) creates, manufactures, and distributes smartphones, personal computers, tablets, wearables, and accessories, in addition to selling a variety of accessories. Additionally, the business provides payment, digital content, cloud, and advertising services.

Wamsi Mohan, an analyst at Bank of America, reported that his monitoring of iPhone ship dates on Apple’s website and several carrier websites reveals that, as of September 12, release dates for the iPhone 14 Pro and Pro Max models are extended compared to this time last year. The analyst noted that the extended lead times are “especially impressive” given that Apple has boosted iPhone prices in several markets to mitigate the impact of the stronger U.S. dollar. The analyst regards the early pre-order data as encouraging for Apple Inc. (NASDAQ:AAPL) and maintains a buy rating and $185 price target on the stock.

Here is what Wedgewood Partners had to say about Apple Inc. (NASDAQ:AAPL) in its second-quarter 2022 investor letter:

“Apple grew revenues +9%, driven by +17% growth in the Services segment. While iPhone revenues grew a modest +5%, it was on an exceptional year ago comparison of +66%. iPhone continues to capture most industry smartphone profits by focusing on high-end price tiers. Apple is taking nearly two-thirds of the revenue share in the premium ($400 and above) smartphone segment. Further, most of the growth was driven by expansion in the “ultra-premium” price tier of $1000 or more per unit.[1] As we have highlighted in the past, Apple’s relentless focus on the development and integration between hardware (especially integrated circuits) and 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.”

At the end of Q2 2022, 128 hedge funds tracked by Insider Monkey owned Apple Inc. (NASDAQ:AAPL). Berkshire Hathaway was the stock’s leading stakeholder in Q2, owning Apple Inc. (NASDAQ:AAPL) shares worth over $122 billion.