5 Cash-Rich Stocks To Buy According To Hedge Funds

In this article, we will take a look at the 5 cash-rich stocks to buy according to hedge funds. If you want to see more stocks in this selection, go to the 10 Cash-Rich Stocks To Buy According To Hedge Funds.

5. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 140

Latest Cash and Short-Term Investments: $48.3 billion

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

Apple Inc. (NASDAQ:AAPL) is also considered amongst the best cash-rich stocks to buy according to hedge funds. The company has allocated $550 billion in the last decade to repurchase its shares. This has enabled Apple Inc. (NASDAQ:AAPL) to report healthier earnings and shift the focus of investors away from weak demand and production-related challenges. In a note issued to investors on December 21, Jim Suva at Citi shared that the regulatory overhang related to the tech giants offering access to TikTok through their app stores has created an attractive entry position for investors. He added that Apple Inc.’s (NASDAQ:AAPL) current stock price does not reflect the impact of new launches. However, this will change following the launch of virtual reality (VR) headsets next year and foldable devices in 2024. The analyst has assigned Apple Inc. (NASDAQ:AAPL) stock a target price of $175 along with a Buy rating.

Here’s what TimesSquare Capital Management said about Apple Inc. (NASDAQ:AAPL) in its Q3 2022 investor letter:

“Apple Inc. (NASDAQ:AAPL) designs and manufactures smartphones, personal computers, tablets, and wearable devices. The company reported better than expected revenues, though that came from a lower-than-expected supply chain impact. Apple called out pockets of weakness in wearables as well as home & accessories. Management referenced macroeconomic uncertainty and sounded somewhat guarded when commenting on fourth quarter expectations. In September, Apple introduced four new iPhones with retail prices kept at last year’s levels. Its shares edged forward by 1% in consideration of these developments. We trimmed the position after evaluating the channel which highlighted some consumer demand choppiness.”