5 Best Dividend Stocks on Robinhood

2. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 128  

Dividend Yield as of October 20: 0.64%   

Apple Inc. (NASDAQ:AAPL) manufactures and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It is one of the major dividend stocks to invest in. On October 17, Apple stated that it is set to unveil its new model of iPad Pro tablet within days. The new iPad Pro will come in the 11 inch and 12.9 inch versions. On October 17, Apple disclosed that it has paused its plans to use memory chips from China’s Yangtze Memory Technologies in its products.

On October 13, Credit Suisse analyst Shannon Cross maintained an Outperform rating on Apple Inc. (NASDAQ:AAPL) stock and lowered the price target to $190 from $201, noting the weaker consumer backdrop had led to lowered estimates for the firm in 2023 and 2024.

At the end of the second quarter of 2022, 128 hedge funds in the database of Insider Monkey held stakes worth $143 billion in Apple Inc. (NASDAQ:AAPL), compared to 131 in the preceding quarter worth $182 billion. 

In its Q3 2022 investor letter, Wedgewood Partners, an asset management firm, highlighted a few stocks and Apple Inc. (NASDAQ:AAPL) was one of them. Here is what the fund said:

“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 favourable competitive dynamic to continue for the foreseeable future.”