5 Stocks That Members of Congress Own

3. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 140     

Apple Inc. (NASDAQ:AAPL) designs, manufactures and markets smartphones, personal computers, tablets, wearables, and accessories. According to the data available publicly, Rep. Rob Wittman bought Apple Inc. (NASDAQ:AAPL) stock worth somewhere between $1,000 and $15,000 in late November this year. 

On December 12, Oppenheimer analyst Marti Yang maintained an Outperform rating on Apple Inc. (NASDAQ:AAPL) stock and lowered the price target to $170 from $190, noting that no further COVID-related production capacity constraints are expected for Apple in 2023.

At the end of the third quarter of 2022, 140 hedge funds in the database of Insider Monkey held stakes worth $144 billion in Apple Inc. (NASDAQ:AAPL), compared to 128 in the previous quarter worth $143 billion.

In its Q2 2022 investor letter, Alger Capital, an asset management firm, highlighted a few stocks and Apple Inc. (NASDAQ:AAPL) was one of them. Here is what the fund said:

“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 the production of apple products, however, the manufacturing facilities have resumed activity.”