Here’s Why You Should Consider Investing in Apple (AAPL)

Wedgewood Partners, an investment management firm, published its fourth quarter 2022 investor letter – a copy of which can be downloaded here. A quarterly net increase of 5.2% has been recorded by the fund for the fourth quarter of 2022, below the S&P 500 Index’s 7.56% gain for the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

In its Q3 2022 investor letter, Wedgewood Partners mentioned Apple Inc. (NASDAQ:AAPL) and explained its insights for the company. Founded in 1976, Apple Inc. (NASDAQ:AAPL) is a Cupertino, California-based multinational technology company with a $2.1 trillion market capitalization. Apple Inc. (NASDAQ:AAPL) delivered a 4.11% return since the beginning of the year, while its 12-month returns are down by -17.77%. The stock closed at $135.27 per share on January 19, 2023.

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

Apple grew quarterly revenues +14% (foreign exchange adjusted) driven by +16% growth in iPhone revenues (also foreign exchange adjusted). iPhone revenue growth was particularly impressive because The Company is compounding on +47 growth from a year ago. Apple’s installed base is over 1.8 billion devices which helps drive a software and services business, which in turn has generated almost $80 billion of revenue over the past four quarters and is up +60% compared to calendar 2019 (pre-Pandemic). As we have highlighted in the past, Apple’s relentless focus on the development and integration between hardware (especially integrated circuits) and 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.”

AppleApple

Apple

brandon-romanchuk-NOFyRmSQfUQ-unsplash

Our calculations show that Apple Inc. (NASDAQ:AAPL) ranks 9th on our list of the 30 Most Popular Stocks Among Hedge Funds. Apple Inc. (NASDAQ:AAPL) was in 140 hedge fund portfolios at the end of the second quarter of 2022, compared to 128 funds in the previous quarter. Apple Inc. (NASDAQ:AAPL) delivered a -5.66% return in the past 3 months.

In January 2023, we published an article that includes Apple Inc. (NASDAQ:AAPL) in 5 Stocks with the Biggest Buybacks. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q4 2022 page.

Suggested Articles:

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

Leave a Reply

Your email address will not be published. Required fields are marked *