5 Best Blue Chip Stocks to Buy According to Phill Gross and Robert Atchinson’s Adage Capital

01. Apple Inc. (NASDAQ:AAPL)

Adage Capital Management’s Stake Value: $2,174.211 million

Percentage of Adage Capital Management’s Portfolio: 4.98%

Number of hedge fund holders: 128

According to Insider Monkey’s Q2 data, Apple Inc. (NASDAQ:AAPL) was found in the public stock portfolios of 128 hedge funds, with collective stakes in the company worth $143 billion. This is compared to 131 hedge funds holding a stake in Apple Inc. (NASDAQ:AAPL), worth roughly $182 billion in the previous quarter. Warren Buffett’s Berkshire Hathaway is the largest shareholder of Apple Inc. (NASDAQ:AAPL), holding 894 million of its shares worth $122 billion. As of Q2, 2022, Adage Capital holds 15.9 million shares of Apple Inc. (NASDAQ:AAPL), valued at $2.17 billion. The stake comprises 4.98% of its 13F portfolio.

On September 20, following the company’s study of around 4,000 people indicating their plans to purchase an iPhone, Evercore ISI analyst Amit Daryanani increased his price target on Apple to $190 from $185 and kept an Outperform rating on the shares. According to the poll, demand for high-end models is “notably higher” than it was in previous years, according to Daryanani, who is raising his iPhone revenue projections for the following four quarters in light of the survey’s findings of stronger than anticipated average selling prices. Although he anticipates “modest unit upside” in comparison to low-single digit Street predictions, Daryanani warned that average selling prices “could surprise materially.”

In the second quarter investor letter, Alger Capital discussed Apple Inc. (NASDAQ:AAPL). 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.”

You can also take a look at 10 High-Yield Dividend Stocks for Stable Income and 10 Dividend Stocks to Buy According to Billionaire Cliff Asness.

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