Is Apple (AAPL) a Good Long-Term Bet?

Wedgewood Partners, an investment management company, released its “Large Cap Focused Growth Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -4.1% net, compared to a -4.9% return for the Standard & Poor’s Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Wedgewood Partners discussed stocks like Apple Inc. (NASDAQ:AAPL) in the Q3 2022 investor letter. Apple Inc. (NASDAQ:AAPL) is a multinational technology company headquartered in Cupertino, California. On October 13, 2022, Apple Inc. (NASDAQ:AAPL) stock closed at $142.99 per share. One-month return of Apple Inc. (NASDAQ:AAPL) was -5.12% and its shares lost 1.28% of their value over the last 52 weeks. Apple Inc. (NASDAQ:AAPL) has a market capitalization of $2.298 trillion.

Here is what Wedgewood Partners specifically said about Apple Inc. (NASDAQ:AAPL) in its Q3 2022 investor letter:

Apple Inc. (NASDAQ:AAPL) grew revenues +5% (foreign exchange adjusted and excluding Russia) driven by record iPhone revenues that were up about +3% on an exceptional year ago comparison of +50%. Apple’s installed base is over 1.8 billion devices which helps drive a software and services business that has generated almost $80 billion of revenue over the past 4 quarters. As we have highlighted in the past, Apple’s relentless focus on the development and integration between hardware (especially ICs) as well as 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.”

Apple

brandon-romanchuk-NOFyRmSQfUQ-unsplash

Apple Inc. (NASDAQ:AAPL) is in 9th position on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Apple Inc. (NASDAQ:AAPL) was held by 128 hedge fund portfolios at the end of the second quarter, which was 131 in the previous quarter.

We discussed Apple Inc. (NASDAQ:AAPL) in another article and shared the best inflation stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

Disclosure: None. This article is originally published at Insider Monkey.