Top 5 Dividend Stocks To Buy According To Hedge Funds

4. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 140

Apple Inc. (NASDAQ:AAPL) was a part of 140 hedge fund portfolios in Q3 2022, growing from 128 in the previous quarter. The collective value of stakes owned by these hedge funds is over $144 billion.

In fiscal Q4 2022, Apple Inc. (NASDAQ:AAPL) reported revenue of $90.1 billion, which showed an 8.1% growth from the same period last year. The company’s cash flow also remained strong during the quarter as it paid $29 billion to shareholders in dividends and share repurchases. It had over $23.6 billion available in cash and cash equivalents at the end of the quarter.

On October 27, Apple Inc. (NASDAQ:AAPL) declared a quarterly dividend of $0.23 per share, which fell in line with its previous dividend. The company is one of the best dividend stocks on our list as it has raised its payouts consistently for the past nine years. The stock’s dividend yield on November 29 came in at 0.65%.

Evercore ISI lifted its price target on Apple Inc. (NASDAQ:AAPL) to $190 in November with an Outperform rating on the shares. The firm expects strong iPhone 14 revenues due to the company’s consistent customer base.

Wedgewood Partners mentioned Apple Inc. (NASDAQ:AAPL) in its Q3 2022 investor letter. Here is what the firm has to say:

“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.”