5 Stocks to Sell in 2023 According to Billionaire Steve Cohen

1. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 135

In the first quarter of 2023, Steve Cohen sold all of his shares in Apple Inc. (NASDAQ:AAPL), amounting to $26.5 million. On May 4, Apple Inc. (NASDAQ:AAPL) declared a $0.24 per share quarterly dividend, a 4.3% increase from its prior dividend of $0.23. The dividend will be paid on May 18. The company also unveiled a new initiative to repurchase as much as $90 billion worth of its common stock. 

On May 5, T. Michael Walkley, an analyst at Canaccord, increased the firm’s price target on Apple Inc. (NASDAQ:AAPL) from $180 to $185 while maintaining a Buy rating on the stock. The analyst noted that Apple’s strong financial performance is indicative of its ability to capture a larger market share in the high-end segment, and its resilient consumer base during difficult macroeconomic conditions.

According to Insider Monkey’s fourth quarter database, 135 hedge funds were bullish on Apple Inc. (NASDAQ:AAPL), compared to 140 funds in the prior quarter. Warren Buffett’s Berkshire Hathaway is the biggest stakeholder of the company. 

RiverPark Large Growth Fund made the following comment about Apple Inc. (NASDAQ:AAPL) in its Q1 2023 investor letter:

“Apple Inc. (NASDAQ:AAPL): Apple shares were our final top contributor for the quarter. While the company reported a rare quarterly earnings miss, investors had expected slower sales due to macro headwinds. Services continue to be a bright spot for the company with an all-time high of $21 billion in quarterly revenue, a 6% year-over-year increase, and management expects iPhone revenue growth to re-accelerate in 2Q. Operating Cash Flow was $34 billion for the quarter, and the company returned $23 billion to shareholders in the last three months, including $4 billion in dividends and $19 billion in share repurchases.

With an installed base of 2 billion active devices and significant growth of the company’s recurring revenue Services segment (now 18% of revenue), we believe that Apple remains one of the most innovative, best-positioned and most profitable companies in the mobile technology industry.”

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