5 Best DOW Stocks To Buy According To Hedge Funds

3. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 134

Shares of Apple Inc. (NASDAQ:AAPL) have soared 18.31% over the past twelve months as of May 17. Investors are getting handsome returns and are continually making hefty investments in the company. At the end of the fourth quarter of 2021, 134 hedge funds were long Apple Inc. (NASDAQ:AAPL) with stakes worth $186 billion. This is compared to 120 positions in the third quarter of 2021 with stakes of $146 billion. The stock ranks third among the best DOW stocks to buy according to hedge funds.

Apple Inc. (NASDAQ:AAPL) has continuously outperformed the market and posted another strong quarter this April. On April 28, the company released earnings for the fiscal second quarter of 2022. Apple Inc. (NASDAQ:AAPL) reported earnings per share of $1.52, exceeding estimates by $0.09. Moreover, the company’s quarterly revenues came in at $97.28 billion, up 8.59% year over year, and beat the market by $3.29 billion.

Shortly after the company’s earnings release, Evercore ISI analyst Amit Daryanani reiterated his $210 price target and Outperform rating on shares of Apple Inc. (NASDAQ:AAPL). The analyst contended that the company reported a significant upside in its fiscal second-quarter 2022 report.

Berkshire Hathaway is the top shareholder in Apple Inc. (NASDAQ:AAPL) as of the end of this March. The fund owns over 890.9 million shares of stock which amount to a stake value of $155.56 billion.

Here is what ClearBridge Investments had to say about Apple Inc. (NASDAQ:AAPL) in its “Global Growth Strategy” fourth-quarter 2021 investor letter:

“Despite these mixed emerging growth results, the ClearBridge Global Growth Strategy outperformed the benchmark due to resilience among our secular and structural growth holdings. The bulk of these contributions came from U.S. mega-cap growth stocks Apple and Microsoft which continued to uniquely act both offensively and defensively as they have through most of the pandemic.”