Dow 30 Stocks List: 15 Stocks Ranked By 2022 Hedge Fund Bullishness Index

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03. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders as of Q3, 2022: 140

Apple Inc. (NASDAQ:AAPL) designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories. Apple is one of the biggest companies in the world and has built a brand that billions of people around the world own and know about. The firm has grown revenues even in a macro slowdown and has the confidence of legendary value investors like Warren Buffett.

On November 8, UBS analyst David Vogt maintained a Buy rating on Apple Inc. (NASDAQ:AAPL) stock and lowered the price target to $180 from $185, noting that due to COVID-related complications, delivery dates are seen extending beyond Black Friday, though the impact is still estimated to be in the low single digits. 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.”

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