What Makes Apple (AAPL) a Good Investment Option?

Wedgewood Partners, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, Wedgewood Composite’s Net return was 9.8% compared to the Standard & Poor’s Index’s 7.5%, Russell 1000 Growth Index’s 14.4%, and Russell 1000 Value Index’s 1.0% return for the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Wedgewood Partners highlighted stocks Apple Inc. (NASDAQ:AAPL) in the first quarter 2023 investor letter. Headquartered in Cupertino, California, Apple Inc. (NASDAQ:AAPL) is a multinational technology company that designs and manufactures smartphones, personal computers, tablets, wearables, and accessories. On April 14, 2023, Apple Inc. (NASDAQ:AAPL) stock closed at $165.21 per share. One-month return of Apple Inc. (NASDAQ:AAPL) was 4.96%, and its shares gained 0.08% of their value over the last 52 weeks. Apple Inc. (NASDAQ:AAPL) has a market capitalization of $2.614 trillion.

Wedgewood Partners made the following comment about Apple Inc. (NASDAQ:AAPL) in its Q1 2023 investor letter:

“Apple Inc. (NASDAQ:AAPL) also contributed to performance during the quarter. Apple grew revenues +3% (foreign exchange adjusted) as its various product lines normalized against difficult comparisons. Apple’s installed base continues to grow and is at over 1.8 billion devices and helps drive a software and services business that makes up about a third of the Company’s gross profit dollars. As we have highlighted in the past, Apple’s relentless focus on the development and integration between hardware (especially integrated circuits) as well as software, continues to add significant value for customers of their products and services. We expect this favorable competitive dynamic to continue for the foreseeable future.”

Pixabay/Public Domain

Apple Inc. (NASDAQ:AAPL) is in 9th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 135 hedge fund portfolios held Apple Inc. (NASDAQ:AAPL) at the end of the fourth quarter which was 140 in the previous quarter.

We discussed Apple Inc. (NASDAQ:AAPL) in another article and shared the list of best FAANG stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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